Transfer your savings and earn more!
As an approved, tax-free option to reinvest your pension funds, we take the guesswork out of transferring your pension savings while providing you with competitive returns to help you retire your way!
Key Features
- Easy & cost-effective transfer
- Minimum contribution: $100 per month or $1,200 per annum
- Option to contribute in lump sums or on a predetermined schedule
- Contributions are allowed up until the end of the year of your 65th birthday.
- Option to withdraw the lesser of 10% or $25000 towards the purchase of a first home.
Benefits of an 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 |
| 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 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. |
What can I expect at retirement?
You can take an income from your pension fund in the following ways:
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.
This allows you to take an income from your pension fund while leaving it invested within the predetermined guidelines.
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.
How do I know how well my 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.
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).