Do you know what an Approved Retirement Scheme (ARS) is?
An Approved Retirement Scheme (ARS) is a personal retirement plan that allows individuals to benefit from the same tax-free opportunities as group pension schemes. This product is best for contract workers, self-employed individuals, and employees who are not in pensionable positions. An ARS allows you to remain afloat after retirement and it is an important area in which you should seek advice as you may be sacrificing a guaranteed income for life.
Who is Eligible?
To qualify for an ARS, you must:
Be a Jamaican resident.
Be at least 18 years old.
Be employed, self-employed, or a contract worker.
Not be contributing to any other Approved Retirement Scheme or an approved superannuation fund (a company pension plan).
How does an Approved Retirement Scheme (ARS) work?
You give a contribution of your salary each pay cycle for a period (not exceeding 20%). Your contributions accumulate until retirement and the accumulated funds will be used to provide lifetime income to take care of yourself and to make purchases after you retire.
Are you financially prepared for your retirement? Are you laying the grounds to be prepared?
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