Overall Description

We all ask these questions: When should I retire? What level of income do I need to be comfortable in retirement? Will my resources be adequate to keep up with inflation and increased medical costs?

The Living Reward Series offers an executive retirement plan designed to afford significantly higher tax savings for an organisation’s executives and key staff. This flexible premium annuity is designed to provide you with tax sheltered growth and an enhanced income in the golden years.

Benefits

  • This plan is transferrable between employer/ company, thereby promoting portability for today’s mobile executives and key staff.
  • This plan is approved by the Board of Inland Revenue (BIR) for tax purposes.
  • The policy is owned and contributions are made by the employer / company. Contributions made to the plan are an allowable expense for tax purposes.
  • It is a deferred benefit to the employee.

While your income and benefits as an executive and key staff may be above average, saving and investing wisely for retirement is always a challenge.

Retirement Date

Retirement date can be elected from age 50 to age 70.

Retirement Benefit

Death Benefit
In the event of death prior to the maturity date, the accumulation is paid to the employee’s beneficiary.

Retirement Benefit:

  • Monthly income from your retirement for life with a guaranteed option of 5, 10 or 15 years.
  • A full pension or tax-free lump sum of 25% of the accumulation and a reduced pension.

Advantages to the Employer

Contributions made to this plan by the employer/company are an allowable expense under Section 134(6) of the Income Tax Act of Trinidad and Tobago. Subject to limitations.

The plan facilitates improved benefits for executives and key staff at no additional cost to the employer/company.

Advantages to the Employee

This plan can supplement the executive’s and key staff’s existing retirement and pension provisions. Provides the employee / key staff a pre – tax savings solution which enjoys tax sheltered growth.

 

*Conditions apply