Registered Retirement Savings Plan
The RF 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!
You can contribute a minimum of $100 per month or $1200 per annum"
You can contribute in lump sum payments or on a predetermined schedule.
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
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.
Potential for growth
Benefits of a RF 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.
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. RF 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|
|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 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.|
* An RF 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.
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?
RF 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 an RF advisor today. Along with the completion of RF 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).