• You and your employer pay a set level of contributions (money) into your Pension Account while you are a Member of the Plan.
• These contributions are collected directly from your pay and are tax-free.
• The money in your Pension Account is invested wisely and grows over time. The growth on these investments is also tax-free.
• Periodically bonuses may be added to your account from surpluses arising from members who leave service early.
• When you reach retirement age, the value of your account, including contributions from you and your employer, plus any bonuses and
  investment returns, is used to provide you with a tax-free cash sum and a pension.
• The pension is payable to you for the remainder of your life.

If you leave employment before your retirement age then other benefit payments apply. Please see the Leaving Service section of this website for details.

What are my choices for taking a pension at retirement?

1. Pension for life, guaranteed for a period of 5 years. This means if you die before receiving 60 monthly payments, your named beneficiary will continue to receive the balance of the remaining 60 payments. If you die after receiving 60 monthly payments, no further payments will be made. 
2. Pension for life, guaranteed for a period fo 10 years. This means that if you die before receiving 120 monthly payments, your named beneficiary will continue to receive the balance of the remaining 120 payments. If you die after receiving 120 monthly payments, no further payments will be made. 
3. A survivor pension, which is a pension whilst you are alive, and on your death, a pension for life for a spouse which you have named at retirement. If your spouse should die before you, you will continue to receive monthly pension for life; no benefit will be paid to anyone else. However, if you should die before your named spouse, he/she will receive a monthly pension for their life.

In all three options stated above, you may chose to take a lump-sum portion upfront, followed by a reduced monthly pension. The lump-sum amount is limited to an amount allowed under the Income Tax Act of Jamaica.

Do I have to join the Scheme?

Yes, you have to join the Scheme once:

a) you have completed at least three (3) months’ service with your Employer and have been confirmed as a permanent employee, and

b) you are at least 18 years old but less than 50.

How do I benefit by joining the Scheme?

Participation in a pension scheme is a good and tax-efficient way to save for retirement. As a member of the Scheme, you benefit from the Company’s contributions paid on your behalf, should you be vested and retire with the Company. In addition, the contributions that you pay are taken from your gross earnings before tax. Finally, the investment income of the Scheme and the interest credited to your account are tax-free.