Royal Fidelity introduces their new Managing Director and explain the virtues of a Multi-Employer Pension Plan (MEPP)
A full house turned out to the Hilton Hotel on Thursday morning, for the Royal Fidelity Pension Breakfast, held in association with the Barbados Chamber of Commerce and Industry. Investment Manager of Royal Fidelity, Jillian Nunes was the MC while new BCCI President Mr. Lalu Vaswani, made a few opening remarks as co-sponsor of the event;-
“Royal Fidelity has been a member of the chamber since 2011 and we’re very pleased once again to participate and associate with them…we trust that our continued association can enrich your [their] scope of achievement.” Mr. Vaswani said.
Mrs. Maureen Chung, Royal Fidelity’s Manager – Pension Services, started her portion by explaining the history of Royal Fidelity, including the fact that it is a 50/50 Joint Venture with Royal Bank of Canada, and that it manages in excess of US $450 million in Assets in Bahamas and US $50 million in Barbados.
She outlined the range of services offered by Royal Fidelity including Trust and Estate services, Mutual Funds and Brokerage. The Royal Fidelity Multi-Employer Pension Fund however, was her particular focus, as an easy and cost effective solution to Barbadian companies’ ongoing pension needs.
She said: “A Multi-Employer Pension Plan is a single registered retirement plan covering multiple employers with common retirement plan objectives. This unique type of plan offers numerous advantages when compared to a typical stand-alone plan sponsored by a single employer.”
Mr. Randy Graham, the Director of Insurance & Pensions of the Financial Services Commission, was the keynote speaker, and gave an outline of the strategy of the FSC in gaining compliance in the realm of pensions from companies across Barbados.
Mr. Graham pointed out pension schemes are essential as life expectancies increase and therefore the Age of Retirement is set further along the schedule of people’s productive years, he also took time to interact with the crowd via a lively Q&A with members of the audience and the media, even after the question session there were still many who took the opportunity to have a ‘one on one’ with the Director from the FSC.
Pension expert Mr. Gregory Hinkson, of Samdor Services, outlined the history and challenges of the Pension Act, specifically addressing the challenges within the industry for companies trying to find satisfactory pension solutions for their companies.
New Managing Director of Royal Fidelity, Mr. Archie Cuke, thanked the attendees for their support, and all of the speakers on the panel for their contributions.