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Registered Retirement Savings Plan

"Retire with peace of mind"

Registered Retirement Savings Plan

The Royal Fidelity Registered Retirement Savings Plan encourages you to invest in your retirement, with the choice of a wide range of investments. Additionally, for persons transitioning from one job to another who must reinvest pension funds, our Registered Retirement Savings Plan is an approved option. Retire comfortably with peace of mind!

Key Features

  • You can contribute a of minimum of $100 per month or $1200 per annum"
  • You can contribute in lump sum payments or on a predetermined scheduled.
  • Contributions are allowed up until the end of the year in which you turn sixty-five (65) years old. The earliest age at which you may retire is fifty-five (55) years old.
  • You are allowed to withdraw the lesser of 10% or $25000 towards the purchase of your first home.

 

Things to think about...

How much will I need when I retire?
There is no magic number for the amount you should have available for retirement since each individual’s priorities and needs are unique. However, it is estimated that you will need at least 70% of your pre-retirement earnings.
E.g. If your yearly income at present is $30 000, you would need at least $21 000 per year after retirement, in order to maintain your lifestyle.
Can I rely solely on my National Insurance pension?
Your National Insurance pension will likely only meet a small portion of your retirement requirements so your employer and/or personal pension investments will form the core of your retirement assets. If you’re thinking about maintaining your lifestyle at retirement, you’ll need to take matters into your own hands.
How soon should I start saving for retirement?
Believe it or not, the early bird really does catch the worm. The earlier you can contribute savings towards your retirement, the more time they will have to grow. When it comes to preparing for a comfortable retirement, time can be your biggest ally. An extra 1% can be the difference between retiring on your terms or someone else's.
 
 

Potential for growth

Benefits of a Royal Fidelity Personal Pension Plan

  • Strong Investment Performance
    Select from a range of investment portfolios and decide which combination best meets your requirements.
  • Flexible Structure
    Invest the amount you want, when you want.
  • Efficient Administration
    Regular reporting and online access.
  • Competitive Fees
    Low annual administration fees.

 

Investment choices that reflect your reality...

Where are my funds invested?

As you go through each stage in life, it’s critical that your investments are adjusted to suit your timeline and risk tolerance. Royal Fidelity has multiple investment options to help you achieve your personal goals.

  Premium Income Fund Select Balanced Fund Strategic Growth Fund
Description Invests in fixed income securities including Government and corporate bonds, preference shares. Invests in fixed income securities and Barbadian equities. Invests in Barbadian equity, preference shares and private placements
Type Fixed Income Balanced Equity
Level of Risk Low Moderate High
This fund is for you if... You are approaching retirement (within a five year period) and seeking to safeguard and maximize on your accumulated assets. Retirement is within ten- twenty years and you are looking for a mixture of safety and modest capital appreciation. You are ahead of the pack and retirement is within the next twenty-forty years and meanwhile you are seeking aggressive growth.

* A Royal Fidelity advisor can help you determine a good mix for your objectives and risk tolerance. Also, your investment choice is not locked in-you can switch your money between any of the funds at no additional charge.

Your options at a glance...

What can I expect at retirement?

You can take an income from your pension fund in the following ways:

  • Tax free lump sum
    You are allowed to take up to 25% of your pension fund as a tax free lump, minus any previous withdrawals.
  • Annuity
    Your accumulated funds can be used to purchase a lifetime annuity, giving you a regular income for the rest of your life. Additionally, you can choose an annuity that continues to provide an income for your beneficiaries.
  • Drawdown Pension
    This allows you to take an income from your pension fund while leaving it invested within the predetermined guidelines.
  • Small Funds
    If you have reached retirement age, and only you only have a small amount accumulated (below a predetermined amount), you may be eligible to take it as a cash lump sum, 25% of which will be tax free.


Let your money work for you

How do I know how well my Personal Pension Plan is performing?

Royal Fidelity will ensure that you are in the know via quarterly investment reports. You are also able to access your pension statement online at any time. Additionally, our qualified pension professionals are available for one-on-one appointments and telephone assistance upon request.

The best time to start protecting your future is now

How do I sign up?

Take the first step by calling a Royal Fidelity advisor today. Along with the completion of Royal Fidelity documentation, the following documents are required:

  • Two (2) valid forms of photo ID such as Barbados ID card, current passport or driver’s license.
  • One (1) proof of address such as a bank or credit union statement or utility bill (no older than 3 months).

Personal Pension Plan

Royal Fidelity Personal Pension Plan When we talk about retirement, we’re talking about the longest holiday of your life! Your pension is an essential part of your financial planning. Each Royal Fidelity Personal Pension plan is used as mea...

Not sure where to start? One of our experts can help you!

  • Make An Appointment
  • Schedule A Call
  • Give Us A Call At (246) 435 1955

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