The JMMB Retirement Solution (“JMMB RS”) is an approved tax advantaged retirement plan as defined under the Income Tax Act and the Pensions (Superannuation Funds and Retirement Schemes) Act 2004. Contributions made to the Plan are tax deductible from salary, and the earnings of the Plan do not attract withholding tax.

"Tax Deductible " is an amount that an individual can subtract from their gross income. It reduces income and therefore the amount of income tax owed.

Jamaica Money Market Brokers Limited (“JMMB”) is the sponsor of the retirement plan. As a licensed Administrator and Investment Manager by the Financial Services Commission, JMMB has the responsibility to administer and invest the assets of the plan.

The Sponsor has selected Trustees who are responsible for the scheme’s operations. In addition, employees of the Sponsor act as Agents of the trustees. They will be directly involved in the administration and management of the JMMB Retirement Solutions' operations. There are also member elected Trustees for the Retirement Scheme.

• The JMMB RS is open to all Jamaican workers between the ages of 18 and 69 years.
• All individuals who are self-employed or employed in non-pensionable positions and who do not currently contribute to an approved superannuation fund or another approved retirement scheme are eligible to join the JMMB Retirement Solution.
• Upon change of employment, potential members are entitled to transfer their pension benefits from an approved Superannuation Fund or Retirement Scheme to the JMMB Retirement Solution.

You determine your monthly contributions, you can maximize/increase the amount as you work towards achieving your retirement goal.

No, current Jamaican legislation prohibits this. However, active members have the option of transferring pension benefits from another Approved Retirement Scheme or Superannuation Fund to the JMMB Retirement Solution in the event of resignation or termination from employment.

There is no set minimum contribution amount but it should be determined by your expected income needs at retirement.

Contributions can be made either by:

• Salary deduction and the amount remitted to JMMB
• Bank cheque
• Transfer from an existing JMMB account
• Wire transfer

Benefits of the JMMB Retirement Solution

• Up to 20% of your annual income can be placed (before taxes) into your retirement account.
• Choose between fund strategies that are conservative, moderate or aggressive (you can switch annually) at no cost.
• Investment is tax-deductible.
• In the case of death, a lump sum death benefit is payable to your beneficiaries based on allocations and the accumulated value of your retirement portfolio.
• View contributions made by employees, as well as the contributions made by the company.
• We also offer fund management of segregated pension arrangements and pooled funds.