Royal Fidelity’s pension experts designed this account for new and existing retirees with lump sums of $100,000 or more wanting to safeguard or grow their money. The Account is a flexible term investment product, providing an attractive alternative to an annuity; however, it may not be suitable for all investors.
Introducing the most flexible retirement solution
With its advanced technology platform, experienced, professional investment managers and efficient and reliable administration, the Royal Fidelity Personal Retirement Account is the most flexible retirement solution available today. We are able to customize each Account to meet your needs, including providing:
- A wide range of attractive investment options with the flexibility to change investments;
- The flexibility to choose when, how much and how frequently to receive your pension payments;
- The flexibility to add and withdraw funds to and from the account as you wish;
- Prompt transfer of the balance of your account to your beneficiaries in the event of your death.
Unlike annuities and other pension payment options, you can take regular monthly, quarterly, semi-annual or annual payments, one-off payments or leave your money invested without taking any income. There is no limit to the amount of additional funds you can add, your ability to change your investment allocation or the level of income you can take from your pension investments. This flexibility allows you to tailor the Account to your specific needs as and when they arise.
Starting your own Royal Fidelity Personal Retirement Account is as simple as calling one of Royal Fidelity’s qualified financial advisors and requesting a meeting to have them help you customize a solution that meets your needs.
There are risks associated with investing in the Investment Funds, as the value of your investment can go down as well as up and it is not guaranteed.
Chart is for Illustrative purposes only
* This estimate is based on a number of quotes but actual rates may differ depending on gender and health of the purchaser.
Questions and answers
Do I have to withdraw funds?
No, you do not have to take an income. You can leave your pension savings invested until you need them.
Is there a minimum initial investment amount?
Yes, $100,000 and the minimum amount you can hold in your Account before it is terminated is $10,000.
How much income can I take?
There are no restrictions on the amount of income you can take. Please note that if you take high levels of income, you risk depleting your pension savings too early.
How is my income paid?
Income can be paid monthly, quarterly, semi-annually, annually or on an ad-hoc basis and is paid directly to your chosen bank.
Can I pass on my Account after I die?
Yes, you can. When you set up your Account, you will be asked to indicate a beneficiary or beneficiaries who will receive your remaining pension savings when you die. You can nominate more than one beneficiary and you can change your beneficiaries at any time.
Where are my savings invested?
As a Bahamian or temporary resident in The Bahamas, you can invest in one or a combination of up to four Investment Funds out of the six available Investment Funds. We regularly monitor and review the portfolios of the Investment Funds on your behalf to ensure they continue to meet their investment objectives.
Additionally, if you would like some further guidance on funding your Retirement, one of our Retirement Specialists will be happy to speak with you.
Click here to learn more about a Royal Fidelity Personal Retirement Account brochure for Barbados.