The Barita Individual Retirement Scheme is an approved retirement plan under the Income Tax Act and the Pensions (Superannuation Funds and Retirement Schemes) Act 2004.
The Barita IRS which offers TAX-DEDUCTIBLE benefits, is available to Jamaican residents only, and helps individuals to invest over the long term to secure their retirement.
The plan is managed by Barita Investments Limited who administers and invests the assets of the plan.
If you are 18 to 63 years old and self-employed, or employed without an approved pension plan, you can create a retirement account with Barita.
No, current legislation limits participation, however active members can transfer their benefits from one approved Superannuation fund or retirement scheme to another.
Assets in the fund are held in a separate account and monitored by Trustees. This means that investors funds are 100% secure and segregated from Barita.
At the signing of the contract, a determination is made as to the risk appetite of each Member. Members then have the option to invest in one of three funds, or a combination of all three. The Fund is broken into three categories as follows:
Normal retirement age is 60-65 years, early retirement is within 10 years of your normal retirement date and late retirement is 5 years beyond your normal retirement date. Upon retirement you can:
No, similar to a superannuation fund, you must satisfy the requirements for normal retirement (60-65 years), late retirement(5 years beyond your normal retirement date), early retirement (within 10 years of your normal retirement date) or disability to access your benefit.
In the event of your death, your listed beneficiary or beneficiaries will receive the full amount of your account less any tax applicable, if any. If your listed beneficiary is a child, you should include provisions concerning who is legally able to manage the money on the child's behalf.
The trustees acting on the advice of a duly qualified registered medical practitioner shall determine the permanency of the disability and permit the purchase of an annuity in trust for the disabled person.
For more information on how to secure your future with the Barita IRS, please contact us.