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From:TheBahamasWeekly.com New Providence
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’ future needs.
“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.” “We 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.” Royal Fidelity 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.
“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 Anderson. “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. “People buying 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 returns.”
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. (598 )
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