Fortress Funds Highlight the Value of Retirement Planning

Fortress Fund Managers Limited (Fortress) is proving its commitment to educating this island’s population about the value and importance of planning for their retirement at all ages.

Recently, this manager of mutual funds participated in the annual Butterfield sponsored 50+ Expo held at the Lloyd Erskine Sandiford Centre (ex-Sherbourne) when Fortress agents provided advice on saving and investing for retirement, as well as give insight into the range of products offered by Fortress.

Diana Boyce (left) collects her prize of a Bds$500 Fortress account from Roger Cave, Investment Director with Fortress Fund Managers Limited.

Patrons of the 50+ Expo were also given a chance to win a Bds $500 investment account with Fortress by completing an entry form requiring them to correctly answer a skill-testing question about investments. This was won by Diana Boyce, who was chosen out of a number of entries received throughout the duration of the Expo.

Roger Cave, Investment Director with Fortress Fund Managers Limited, said there needs to be more education of Barbadians from an early age about the importance of financial planning for retirement:

We believe people need to be taught essential information about the importance of planning and saving for retirement, the need to start early, stick to a disciplined program, and invest in a diversity of products…simply holding money in the bank is not usually the best option for the long term.”

Since Government’s recent removal of the Mutual Fund tax allowance, which encouraged a number of Barbadians to invest in such products, individuals have looked towards Registered Retirement Savings Plans (RRSP) as a means of maintaining these tax benefits, with contributions of up to $10,000 per year earning a tax allowance.

An RRSP is simply a government registered “umbrella” account designed to hold mutual fund investments now and provide a regular income after retirement. Fortress operates a well-managed RRSP, with investments spread across instruments such as the Fortress Caribbean Growth Fund and Fortress Caribbean High Interest Fund, which have generated annual compound returns of 11.3% and 6.1% since inception in 1996 and 2002 respectively. Persons are encouraged to make regular monthly contributions to their RRSP thus allowing them to maximize their investing potential.

Fortress is currently running a promotion highlighting the benefits of this product, where individuals making a contribution to a Fortress RRSP before June 30th will be entered in a draw to win a $5,000 Fortress investment.

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