RRSP’s Under Attack? Fortress Fund Managers’ Second Quarter Performance Update
ATTN, CAVEAT: This is a slightly modified version which appeared in Fortress’ quarterly report, the link for the full item appears further in… Please also note the political meme listed in this article was designed and placed by BajanReporter.com without Fortress Fund Mgr’s being aware, so Sinckler leave them alone and start reviewing VAT like you were supposed to do after its woeful increase 5 years ago?
The second quarter was positive for the Fortress funds, with gains across the board. As you’d learn from individual fund reports, the current investment climate certainly has its challenges but there are also excellent opportunities for long term investors. In the reports we also outline some of the risks that investors are facing and how we are addressing them in the funds’ portfolios.
One extra challenge many face in Barbados at the moment is uncertainty surrounding the future tax deductibility of contributions to registered pension plans and Registered Retirement Savings Plans made by individuals. The finance minister’s June budget statement seemed to remove these deductions.
If implemented, these changes would have the effect of double-taxing some investors, and bringing forward or increasing the tax liabilities of others. We think this would be a backward step in the important goal of encouraging responsible, long term retirement savings for Barbadians.
As a result Fortress Fund Managers are engaged in dialogue to see if there may be alternative approaches that would still meet government’s objectives. When they get a clearer final view of the policy position going forward, Fortress will communicate as soon as possible with all of their clients – pension, RRSP and direct mutual fund investors – with recommendations on the best way to adapt and continue saving and investing for the future.
One final note: the sixth annual Fortress Investment Forum is set to take place this year on the evening of Thursday 12th November at the Frank Collymore Hall.
All Barbadians are invited, so make a note in your calendars… Once again this year, Fortress will answer questions and offer some straight talk about issues that affect your savings and investments. Exact details about the programme will follow soon. Be sure to join Fortress on November 12th.