GWU Partners with APS Bank to Launch Pension Schemes for Members

The General Workers' Union (GWU) in Malta has partnered with APS Bank to launch personal and occupational pension schemes for its members. This initiative aims to address the retirement planning needs of GWU members and bridge the critical gap between employment income and state pension income.

The partnership, launched in October 2023, comes as a response to the government's efforts since 2004 to incentivize voluntary private pensions. Malta introduced the voluntary personal private pension in 2015 and the voluntary occupational retirement pension in 2017. Recognizing the importance of these schemes, the GWU has broadened its mandate to ensure its members can maintain their quality of life upon retirement.

A survey conducted by the GWU revealed that members trusted a pension service provider with a strategic relationship with the union. Based on this feedback, the GWU selected APS Bank to offer advantageous terms to members and employers with collective agreements.

Why this matters: The GWU-APS Bank partnership sets a precedent for other trade unions in Malta to address the changing needs of the workforce. By proactively addressing retirement planning, the GWU is contributing to a more resilient and supportive societal framework for Malta's aging population.

Josef Bugeja, Secretary General of the GWU, emphasized the union's forward-thinking approach to labor welfare, stating, "The GWU recognizes the critical role of retirement planning in ensuring the long-term well-being of our members. By partnering with APS Bank, we are providing our members with access to trusted and advantageous pension schemes that will help them secure their financial future."

The personal and occupational pension schemes offered through this partnership are designed to complement the state pension and provide GWU members with additional financial security in their retirement years. The GWU encourages its members to take advantage of these schemes and start planning for their retirement early.

Key Takeaways

• GWU partners with APS Bank to offer personal and occupational pension schemes.
• Partnership aims to address retirement planning needs and bridge income gap.
• Follows Malta's efforts since 2004 to incentivize voluntary private pensions.
• GWU survey shows members trust a pension provider with union relationship.
• Partnership sets precedent for unions to address changing workforce needs.