Planning for Retirement
Retirement can be both exciting and demanding, bringing with it new challenges, experiences and uncertainties. Regardless of how successful one is in the workplace, there is a danger that this may not filter through the retirement years. Today’s retirees have far better health, a higher level of education, more responsibilities and several options of maintaining an active and productive lifestyle than before. The more fortunate retirees are those who through good planning, and risk taking succeed in making their retirement the best time of their lives.
The First Mutual Life Employee Benefits team offers exciting retirement solutions and as team FMHL we can all be part of the marketing apparatus for these products. This quarter we feature the Autumn Gold pension scheme which is targeted at small to medium enterprises.
Autumn Gold Pension Scheme
The Autumn Gold Pension Scheme is a fund that allows enterprises employing a minimum of 5 to 50 employees to allow their employees to provide an attractive retirement package for their employees. The fund adequately caters for the following situations and trends.
Early retirement patterns – people now have an option of retiring from as early as age 55, meaning they can still be physically active and financially independent.Nowadays people prefer to retire early, change environment and leave their mark and embark on something they have always envisaged doing. The Autumn Gold pension scheme allows a person to access a significant chunk of their retirement capital as a lump sum. This allows empowerment as people will require working capital for whatever business interests they may wish to pursue without risking too much e.g. Mortgaging their property.
Loss of Breadwinner – Where an employee dies in service they leave behind a surviving spouse,children and dependants. The Autumn Gold Pension scheme pays two times annual salary tax free to the dependants in addition to the pension benefit. This results in the dependants being cushioned financially and thus their quality of life does not change abruptly.
Key benefits to the Employee
The employee’s family will receive a lump sum payout of 24 months of their gross salary tax free
In addition, they will also receive a free funeral rider of up to 3 months gross salary ( Subject to review from time to time) to assist in funeral arrangements at the time of death
There is no waiting period and this benefit kicks in the minute the first contribution is received regardless of the nature or cause of death.
Total peace of mind in the knowledge that their families are well catered for should the inevitable occur
Key benefits to the Employer
The employer gets to attract and retain highly skilled employees within the organization
The presence of such employee benefits creates and promotes a positive work environment conducive for greater productivity
A good reputation as an employer of choice as it is their duty to ensure that their employees families are catered for even beyond the grave or past their retirement age.
Why clients choose the Autumn Gold Pension Scheme
The following are the key reasons that Team FMHL should reinforce as we market the Autumn Gold Pension Fund;
Security – a sound capital and asset base making client investment assets safe with us. The question for us is not at what age you wish to retire but our concern is at what income should you retire
Longevity – a solid and reputable brand that has withstood the test of time and has been around for over a century now, and vast experience in pensions managed.
Operational Excellence – fast friendly staff who have the desired expertise to administer your investments professionally and offer sound financial advice. We have a robust Pensions Administration system to help us achieve swift turnaround times.
Innovation – the only ones currently offering the Hybrid Pension & Provident Fund
Superior Service Delivery – Claims are processed within 4 working days upon submission of all the required documents.
Mutually Beneficial Partnership – First Mutual Life believes in forming lasting and mutually beneficial relationships with its clients and undertakes to participate in partnership projects and major events through sponsorship in line with our corporate social investment and budget availability