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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

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