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Antonio Spence, Senior Vice President at NCBIA and Fund Managers
NCB Insurance Agency has launched a new pensions portal.
The facility allows signing up for a pension plan online.
Antonio Spence, Senior Vice President at NCBIA and Fund Managers, says it will allow for both businesses and individuals to create plans.
"We have persons, for example, who always wanted to get a pension plan set up; they may not have known how to go about it, it may have felt very imposing, very intimidating. We provided a space for them to be able to go online to get that process started. You have another set of individuals who either own businesses in Jamaica or who are employed, and in that business place there is no structured pension arrangement," he outlined.
Mr. Spence said only four key documents are needed: a Taxpayer Registration Number (TRN), proof of address, identification and proof of income.
All documents may also be verified online and once approved, clients are able to track their pensions and how much they will take home at retirement.
Mr. Spence added that an NCB account is not required, and people close to retirement may also sign up.
"Individuals may become members provided that they are between the ages of 18 and 69 and also provided that they are not contributing to another approved scheme. So once they are residents of Jamaica, they are eligible to enter. You may have someone who may be contributing to another scheme and they want to switch. Those persons are also eligible," he said.
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