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Personal Pension Plan

The Jubilee Personal Pension Plan is a specially designed savings plan for you to make provisions for your retirement and is characterized by the following features:

 

 

 

 

  • Individuals that are not in group schemes can save for retirement
  • Flexible contributions (may stop, suspend or defer depending on financial circumstances)
  • The Employer can contribute on behalf of the member
  • Normal Retirement age is 60 years (early/late retirement possible)
  • Funds are invested in a Guaranteed Fund such that:
  1. Capital and past investment income guaranteed
  2. Return to the fund guaranteed not to be less than the minimum guaranteed rate
  • Members can withdraw from the Plan before retirement age subject to legislation
  • Individuals can purchase a pension/annuity at retirement

The Personal Pension Plan is:

  1. Registered with the Retirement Benefits Authority (RBA) which monitors schemes and service providers
  2. Administered by Jubilee, and
  3. Registered with the Income Tax Authority for:
  • Tax free allowance on contributions
  • Investment income not taxed
  • Tax free allowances at time of withdrawal
  • Tax free allowance on pension

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