Sagicor Lifestyle is an Approved Retirement Scheme, wherein each participant’s contributions accumulate (subject to the prevailing income tax limits) until retirement. The accumulated funds will be used to provide lifetime income e.g. purchase an ann...
About this product
Sagicor Lifestyle is an Approved Retirement Scheme, wherein each participant’s contributions accumulate (subject to the prevailing income tax limits) until retirement. The accumulated funds will be used to provide lifetime income e.g. purchase an annuity that pays a monthly income at the specified retirement age or at the point of permanent disability, if earlier.
In addition, you should not be and contributing to any other Approved Superannuation Fund or Retirement Scheme. If you are no longer an active member of an Approved Superannuation Fund or Retirement Scheme, you may transfer your accumulated balance to Sagicor Lifestyle.
How to Participate:
Once you have met the eligibility requirements, you can participate in the scheme through:
contributions of a maximum of 20% of your annual gross taxable income or emoluments, subject to the prevailing income tax limit.
transfers of balances from an existing Approved Retirement Schemes for Superannuation Funds. You are required to contribute to the scheme at least once per year.
In the event that the member ceases to be eligible to make contributions to the scheme, the following options are available:
Accumulated balance is used by the trustees to purchase a deferred annuity payable at retirement
Accumulated balance is transferred to another Superannuation Fund/Approved Retirement Scheme
Accumulated balance remains in the scheme, accumulating interest until retirement
Upon attaining the retirement age (i.e. between 50 years and 65 years), as determined by the member, a portion of the accumulated balance can be paid as a cash lump sum (tax-free) subject to the maximum limit permitted under the Income Tax Act or any other relevant Act. The remainder of the fund is converted to a stream of income through the purchase of an annuity or similar product.
In the event that you are deemed permanently disabled prior to retirement, your pension benefit will be paid under the terms set out in the contract/trust deed and rules.
In the event that you die before retirement, a refund of the total amount of contributions to the scheme, together with interest, is payable to the named beneficiary.