New Flexible Retirement Plan from Royal Fidelity Pension Services
By Serena Williams
Jul 10, 2018 - 1:35:52 PM
Royal Fidelity president Michael Anderson with Beverly Saunders Vice President -Human Resources Cable Bahamas, Senator Jennifer Isaacs-Dotson and Director of Labour John Pinder during recent launch of the Royal Fidelity Personal Retirement Account.
Nassau, Bahamas - With the long running forecasts that question the National Insurance
Board’s ability to meet its obligations to retirees, Royal Fidelity
Merchant Bank & Trust (Bahamas) Limited has launched a new
retirement account to help retirees fund their retirement – the Royal
Fidelity Personal Retirement Account.
Royal Fidelity’s pension
specialists investigated and assessed pensioners' needs and formulated
the product for new and existing retirees with a minimum of $100,000
wanting to generate attractive returns on their pension funds. In the
absence of a salary or living on a reduced one, this personalized,
flexible term investment account can be a life saver, and an excellent
alternative to the inflexible annuity.
At their recent
well-attended pension information and product launch, Cleora
Farquharson, Assistant Vice President, Pension Services introduced it as
one of the most progressive and innovative solutions to meet retirees’
Cleora Farquharson, AVP, Pension Services at Royal Fidelity captured the attention of 200 plus attendees as she explained the flexible nature of the new Royal Fidelity Personal Retirement Account. “It’s created to take the place of annuities and designed to be flexible to suit a person’s changing needs. The product is innovative as it provides retirees with a steady source of income whilst continuing to generate excellent returns.”
“It’s a sophisticated product created
to take the place of annuities and has been designed to be flexible
enough to suit a person’s changing needs. The product is innovative as
it provides retirees with a steady source of income whilst continuing to
generate excellent returns on their investment in one or more of Royal
Fidelity investment funds. Additionally, beneficiaries are named and
listed when the account is opened as an added ‘peace of mind’ benefit.”
assess the financial needs with each client, noting their monthly bills
and likely expenses, then set up an income schedule. Their lump sum is
invested, put to work in one of our six Royal Fidelity funds, providing
the opportunity to grow the lump sum in retirement and not just deplete
it - this helps counter inflation and gives the client a sense of
well-being about their financial position.”
has been in the investment and pension business for over 20 years and
President Michael Anderson said they are currently managing pension
assets in excess of $200 million for a large number of institutional and
individual pension clients.
Most people like to think about retirement but are slow to plan for it experts told young and not so young attendees at the launch and mini seminar of their new Royal Fidelity Personal Retirement Account.
“This is our 20 year
anniversary and we’re marking the milestone with this brand new product
which we believe will help to fuel our growth for the next 20,” said
“We’re attracting new clients with the new Personal
Retirement Account as it appeals to people who’ve already managed to
accumulate pension savings over the years and are struggling to find an
opportunity to continue generating attractive returns whilst taking an
income,” explained, the Royal Fidelity president.
annuities at the moment are tying themselves to very low rates of return
for the period of their annuity and with banks typically paying less
than 1%, people are looking for alternatives. The Personal Retirement
Account offers a really flexible and attractive-return alternative for
them. And retirees can continue to add funds from any source into this
retirement plan to help build their retirement fund and earn decent
A Starbucks Coffee break was enjoyed by attendees at the Baha Mar Convention Centre during the breakfast launch and information session for the Royal Fidelity Personal Retirement Account.
Mr. Anderson said that Royal Fidelity was
proud of its many accomplishments over the last 20 years including
having raised over $1.6 Billion of Bahamas based businesses which not
only provided the capital for these businesses to expand but also
created investment opportunities for investors looking for better
returns on their funds. He also noted that Royal Fidelity Bahamas
currently managed in excess of $700 million in assets and had assets
under administration over $1.6 Billion.
”We’re gratified that
Royal Fidelity has been able to play such a major role in the
development of the Bahamian capital markets over the last 20 years and
I’m optimistic for the future of capital markets in The Bahamas and the
other areas in the Caribbean region where Royal Fidelity operates.
Breakfast and mini seminar on a new flexible-term pension plan, the Royal Fidelity Personal Retirement Account, drew attendees of all ages to the Baha Mar Convention Centre.
With the long running forecasts that question the National Insurance Board’s ability to meet its obligations to retirees, the breakfast launch and introduction of the new Royal Fidelity Personal Retirement Account drew a crowd anxious to learn of ways to remain financially viable at retirement.
Greeting attendees at the pension-themed breakfast launch of the Royal Fidelity Personal Retirement Account: Royal Fidelity president Michael Anderson with at left, Jackie Cleare, office manager-Royal Fidelity and Diane Garnick, University of Chicago Booth School of Business, a presenter on Behavioral Economics, a subject that explains why people under-save for retirement.
Team Royal Fidelity following the successful breakfast and mini seminar to launch the new Royal Fidelity Personal Retirement Account recently at Baha Mar. L-R Joseph Euteneuer Vice President, Mutual Funds and Pensions; David Slatter AVP Investment Services, Diane Garnick Chief Strategist TiAA, USA, Michael Anderson President, Jerome Franks Portfolio Manager, Belinda Payne, Brokerage Manager, Jackie Clear Office Manager, Amanda Ferguson Manager Trusts & Estates, Jim Wilson VP Corporate Finance.
Royal Fidelity’s financial lifestyle experts showed us how to reach manageable retirement by investing in a fund that keeps your money at work, even after you stop whilst producing a monthly income. The panel introduced and explained an annuity rival, the flexible term investment account called the Royal Fidelity Personal Retirement Account. Royal Fidelity’s David Slatter, AVP Investment Services, and Cleora Farquharson, AVP Pension Services; Diane Garnick, MD & Chief Strategist, TIAA-USA; Royal Fidelity president, Michael A. Anderson.
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