PILLAR 2: Private Pensions
The good news is that whether an employer offers an employer-backed plan or not, all working Jamaicans between the ages of 18-69 now have an equal opportunity to benefit from retirement savings plan either through an approved superannuation fund or approved retirement scheme.
This means that you can save up to 20% of your GROSS INCOME in a tax-advantaged investment vehicle. In so doing, you can benefit from a monthly reduction in taxes and from the accumulation of wealth in an expertly managed fund.
But those are not the only benefits to saving for retirement. Among others, it is one of the most rewarding savings plan options available. You’ll enjoy the compounding interest, and, in the event of your death, your savings can be transferred to you designated beneficiaries.