The Prime ARS
The Prime Asset Management Approved Retirement Scheme (ARS), a personalised pension plan which caters to your retirement goals.
Finally, self-employed persons, professionals and contract workers can benefit from the most tax efficient vehicle to save for retirement.
What is an ARS?
An ARS is a personalised pension plan that provides a tax-free way of saving for retirement. The significant tax benefits are:
Contributions made to your ARS are tax deductible; meaning that they are taken out before income tax is applied. This lowers your income tax payment.
Persons can contribute up to 20% of their annual income per year to an ARS. We encourage persons to maximise this limit as it reduces your income tax burden.
All investment gains are tax-free with no time limit. This compares favourably to Long-term Savings Accounts (LSA's) where the tax-free limit is $1M per year to a maximum of five years.
Eligibility for an ARS
To become eligible to join our ARS persons:
- Should be between the age of 18-64 years
- Be a resident of Jamaica
- Should not be a member of another ARS
- Should not be a member of a Company sponsored pension plan
Why is an ARS a better option than a Company Sponsored Pension Plan?
Many small and medium sized entities have long considered a pension plan for their valued long serving staff members but were concerned about the numerous and time-consuming legal and regulatory requirements. The solution is an ARS which eliminates these challenges;
- An ARS offers a simpler and more cost effective structure
- No implementation time to setup as the process is immediate
- There are no legal and regulatory reporting requirements
- Contributions made by the employer is tax deductible
- A more flexible arrangement as it allows the employer the ability to commence, cease, increase, decrease his contribution level based on economic circumstances
- Contributions from the employer is not mandatory