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Disheartening! Scotiabank wants all employers to facilitate salary deductions for pension fund

Published:Monday | October 12, 2015 | 10:55 AMRuddy Mathison

OLD HARBOUR, St Catherine:

Hugh Reid, president of Scotia Jamaica Life Insurance Company, is urging Jamaicans to get involved in approved pension and retirement schemes that can only be beneficial to them when they reach the age of retirement.

"I find it alarming that official data is suggesting that about 90 per cent of the Jamaican workforce has no savings in a formal pension plan or approved retirement scheme," Reid disclosed, while speaking to more than 100 participants at a Scotia Insurance estate and pension planning seminar in Old Harbour last Wednesday.

"Our aim is to help as many of these persons as possible to better plan their financial affairs, taking into account some of the risks they face in ensuring better financial futures, as well as helping our customers to grow."

According to Reid, Scotia Life Insurance Company has trained insurance advisers who visit companies and workplaces to educate Jamaicans on the importance of investing in pension and retirement plans.

Brokerage officer for Scotia Insurance Company, Marlene Lambert, said she finds it disheartening that some employers are not readily facilitating salary deductions from employees who want to contribute to pension and retirement plans.

"I am calling on these employers to open the

door so that employees who are desirous

of participating

can be reached," Lambert appealed.

Meanwhile, Lana Forbes, director of sales and marketing, disclosed that Scotia Insurance Company's main product is ScotiaBridge, an approved individual retirement scheme

in which an employee can contribute up to 20 per cent of their earnings.

"We have other plans such as the ScotiaMint, which is not an official pension's scheme, but allows for one to save towards retirement, gone are the days when children are viewed as old-age pension," she added.