Retirement Planning for Barbadians Made Easy by Fortress Funds

Nicola Berry (left) receiving her $5,000 investment voucher from Rene Delmas, Pension Director at Fortress Fund Managers Limited.

For most individuals the thought of planning for retirement is often seen as a daunting one, however, Fortress Fund Managers Limited (Fortress), Barbados’ leading manager of mutual funds, is taking the hassle out of this process with its Fortress Retirement Savings Plan (RSP).

An innovative Registered Retirement Savings Plan (RRSP), the Fortress RSP is a low cost product with flexible investment options allowing the owner to choose how best his/her contributions are to be invested. Options available include combinations of the Fortress Caribbean Growth Fund (Equities) and Fortress Caribbean High Interest Fund (Bonds) both well managed funds with a history of positive performance, generating annual compound returns of 11.3% and 6.0% since inception in 1996 and 2002 respectively.

Since Government’s 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) – government registered “umbrella” accounts designed to hold mutual fund investments now and provide regular income after retirement – as a means of maintaining these tax benefits, with contributions of up to $10,000 per year earning a tax allowance.

Recently, Fortress ran a promotion highlighting the benefits of this product, where individuals making a contribution to a Fortress RSP before June 30, 2011 were automatically entered in a draw to win a $5,000 Fortress investment.

Nicola Berry was the lucky winner of the draw, having opened a new RRSP with Fortress as part of her strategic retirement planning:

I had intended for quite some time now to set up a RRSP, and in looking around the market for a reputable company Fortress came highly recommended. All indicators point to them being a safe, well run entity, with a proven track record of positive returns, supported by first class customer service. This $5,000 will go a long way towards enhancing my RRSP, which I see as crucial to ensuring my retirement is indeed a happy, stress free one.”

Roger Cave, Investment Director with Fortress Fund Managers Limited, said setting up a Fortress RSP is an easy and worthwhile process:

Retirement planning is something which many Barbadians have neglected until very late in their lives, which usually means they are not probably prepared for it in most cases. We believe people need to be educated 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. Our product is a very simply one, allowing persons to invest a lump sum or set up automatic monthly contributions to a low risk, carefully managed account with great prospects for positive returns, as opposed to simply holding money in the bank, which is not usually the best option for the long term.”

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