Pension Plans

[Solachica]

Wht options are there in Trini?
Wht allyuh using or planning to use?

[greall]

Pension plan at work from CLICO and two others privately at RBL and CLICO.

Greg

[Solachica]

I go look into rbl.
Some people from guardian life were around but them more talk abt insurance.

[Double Trouble]

What about the government pension? When does that kick in, how much does it pay out and who's entitled to ah lil piece?

[Solachica]

Govt pension is a percentage of yuh salary when yuh retire at 60. They you get some mths salary as lumpsum which wud be taxed 25%
You wud get pension+nis. Right now nis is abt $800
I far from retiring so don't kno to much details.

[Solachica]

When yuh get pension every mth they wud tax it?yuh pay tax until yuh dead?

[vaio]

Greall yuh pension jumping up and down in CLICO?

I think that once ur income exceeds the threshold, you need to pay tax on the difference. Which reminds me, i need to fill out my taxes by 30th April...i may be owing the gov't :\

[greall]

Vaio:

Sadly,most pensions plans in TT are held by CLICO...bleh

Greg

[Solachica]

So like nobody else have pension plans.

[Redman]

All LIFE insurance cos have pension plans-Sagicor, Gaurdian Life Tatil etc

Look around but I would limit the contribution to the tax deductable limit.
You can do alot of the same by investing into the market yourself or using UTC


Later

[Solachica]

Its tax deductable and then its taxed after when it matures or so I have heard. So you still end up paying taxes.

I don't like dealing with insurance agents I find them pushy and irritating. Like they can't understand I not intrested in life insurance.

[Flaggs]

With the demise of the market and the current instability in the real estate sector, I would be very interested to know where the insurance companies managing retirement funds has those funds invested. And, do you have the option to allocate it to different sectors or is that all left up to the employer or insurance company.

[Solachica]

Was told tht Guardian life do their investments on the local exchange so they are considered 'safe'

Well I found out today tht with the Govt pension you get 1/3 of your salary per mth as your pension. The lumpsum is not taxed up to $300K after tht it wud be taxed.
So if you depend on only govt pension you wud get 1/3 salary +nis$800
But pensioners are taxed also if your 1/3 is over $5K/mth.

[greall]

Its tax deductable and then its taxed after when it matures or so I have heard. So you still end up paying taxes.

I don't like dealing with insurance agents I find them pushy and irritating. Like they can't understand I not intrested in life insurance.

You insult me... :o

Jokes aside,there's a lot of cross-selling these days with the lines being somewhat unclear as to who sells/does what....

A lot of the pension fund managers invest some of the funds on the stock exchanges while nvestments, on a whole, are not yet in the tank but they're getting close to it with the local stock exchange still in need of some 'milk of magnesia' in my opinion...

My mom continues to sing the song that this is an 'extreme market correction'...

Greg

[Redman]

Flaggs
The insurance cos do the same thing everybody does- they use brokers-local and international,on local and international markets.

There are no options re how the funds are invested.


Chica,

The person that told you that is an idiot or being less than honest.
Either way I would conclude discussions with them.

One can lose money in the local market.
If your rate of return is less than the rate of inflation over the same period of time-youve lost money

Pension funds need to diversify their portfolios-and if the issue (for the last 10 years) is that the local market does not have enough investment vehicles then it is safe to say that the funds have to diversify-out of the country
I would not want an pension fund that is total local.


Later

[Solachica]

Was one of my lecturer who said abt GLOC lol

Greall, ah didn't know you was one of dem lol

[greall]

Flaggs
The insurance cos do the same thing everybody does- they use brokers-local and international,on local and international markets.

There are no options re how the funds are invested.


Chica,

The person that told you that is an idiot or being less than honest.
Either way I would conclude discussions with them.

One can lose money in the local market.
If your rate of return is less than the rate of inflation over the same period of time-youve lost money

Pension funds need to diversify their portfolios-and if the issue (for the last 10 years) is that the local market does not have enough investment vehicles then it is safe to say that the funds have to diversify-out of the country
I would not want an pension fund that is total local.


Later

It's like putting all of your eggs in one basket and a very small one at that...

Greg

[Solachica]

I wud check utc

[Redman]

Sola- he remains ignorant of the real world.

That myopia is common in academia

LAter

[Solachica]

Is ah she. & I was believing and am not a business student but now I know better.

[greall]

Is ah she. & I was believing and am not a business student but now I know better.

Common sense more than often trumps 'book sense',Sola...

Greg

[Flaggs]

Flaggs
The insurance cos do the same thing everybody does- they use brokers-local and international,on local and international markets.

There are no options re how the funds are invested.


Chica,

The person that told you that is an idiot or being less than honest.
Either way I would conclude discussions with them.

One can lose money in the local market.
If your rate of return is less than the rate of inflation over the same period of time-youve lost money

Pension funds need to diversify their portfolios-and if the issue (for the last 10 years) is that the local market does not have enough investment vehicles then it is safe to say that the funds have to diversify-out of the country
I would not want an pension fund that is total local.


Later

I was taken aback when Sola said that, I found it to be so incredible that that would be the case. I had a conversation with my cousin, a teacher for the longest while. I asked her how is her pension allocated, where is it invested, how is it invested, the last quarter returns and she could not answer, and Im talking about a woman with alphabets after her name. I mean, unless your pension is a Defined Benefit it doesnt matter, but if it isnt, mannnn, how would it be possible for someone to have no control over their pension as far as allocation, charges, fees etc???

[Redman]

Flaggs,
There is a remarkable duplicity in the financial services sector-EXCESS capital-and I mean EXCESS and aged laws that are no longer applicable to the situation.

Also the managers need the status quo to remain.

1 example-multinational co- discovered that a local banks trust co- the pension fund managers had 70% of the funds assets in Bankers Acceptances-of the same bank-ie the Pension Fund was financing the bank.

Of course the fund underperformed the market and the fund owners wanted to move the fund but there is a shortage of choices.

So we are governed by static oversight in the most dynamic industry in the world.

So its not that the people like your cousin are ignorant WITH ALL DUE RESPECT, they are just under served and have few alternatives.


Later

[ebony02]

I thought NIS was 2k/month?