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Future Cash

About Individual FutureCash

The Individual Future Cash Plan is an ideal plan for anyone seeking financial security during their retirement years.

Your contributions are fully tax-deductible provided that the contributions, together with those of other approved pension plans, do not exceed TT$60,000 (less 70% of NIS contributions) per year. In addition, the interest earned is not taxed and the lump sum payment at maturity is not taxed.

Contributions

The minimum contribution is TT$100 and you can make contributions at any time at one of our branches or via our Digital Banking platform.

The greater your accumulation in Future Cash, the more comfortable and secure your retirement will be.

Who should invest in the Individual Future Cash Plan?

The Individual Future Cash Plan is geared towards anyone seeking financial security for their retirement years because you benefit from tax relief while also saving for your future.

If you already have a pension plan, Future Cash would enhance your retirement income.

If you do not have a pension plan, it is wise to invest in Future Cash to secure your financial future.

The minimum age requirement is 18 years and the younger you start, the larger your accumulation at retirement would be.

How do I start investing in Individual Future Cash?

Visit any branch of RBC Royal Bank. All you will need are:

  • Two forms of valid Identification
  • A bank statement or utility bill in your name (less than 6 months old)
  • Proof of your registered Board of Inland Revenue (BIR) number
  • Your initial contribution of at least TT$100

About Group FutureCash

The Group Future Cash Plan is a retirement savings plan geared towards businesses that wish to provide a retirement savings plan for their employees.

What sort of businesses should invest in the Group Future Cash Plan?

The Group Future Cash Plan is geared towards businesses of all sizes that wish to provide their employees with retirement savings. It is a valuable benefit to motivate employees.

All employees above the age of 18 would be eligible for the plan.

Employers choose Group Future Cash because in comparison with a self-administered pension fund plan, it is significantly less costly and requires less administration.

Contributions

All contributions must be made by the employer. The maximum amount that an employer can contribute for an employee is the greater of 20% of an employee’s gross income or 1/3 of an employee’s chargeable income. All contributions are fully tax-deductible to the employer.

How do I start investing in Group Future Cash for my employees?

Contact Carlene Joseph-Seerattan, Senior Investment Specialist at 795-9218 or carlene.joseph-seerattan@rbc.com

Benefits

Solid Performance

The returns on Future Cash surpass that of traditional deposit instruments.

Diversification

Small investors have access to a diversified portfolio of quality investments.

No Upfront Fees or Commissions

Unlike other retirement savings products, there are no upfront fees or commissions. All of your contributions are invested into the fund.

Professional Management

Future Cash is managed by a team of professional investment managers with over TT$27 billion in assets under management.

Daily Interest

Interest is paid to on a daily basis.

Affordable

Contributions can be as little as TT$100.00 making it affordable to almost everyone.

Frequently Asked Questions

Your money is invested in a portfolio of government and corporate bonds and money market instruments.
The minimum age for maturity is one day past your 50th birthday.

The maximum age for maturity is your 70th birthday.

At maturity, the plan allows you to choose one of two options:

  • Option 1: You can take all the money you have contributed, plus all interest earned, to purchase an annuity from an insurance company of your choice. This will give you a monthly income at retirement.
  • Option 2: You can take 25% of your contributions plus 100% of your interest as a tax-free lump sum. With the remaining 75% of the contributions, you can purchase an annuity from an insurance company of your choice, which would provide you with a monthly income.

Quarterly Portfolio Statements are published on our website and give you clear and detailed insight into the Plans’ historical performance, top 10 holdings and asset allocation.
An annual statement will be issued and sent to your address on record.
The accumulated sum is given to your estate or named beneficiary.
A receipt is used to you upon your first contribution and a contract will be forwarded to you after approval by the Board of Inland Revenue (BIR).
Once the contract representing your participation in the Individual Future Cash Plan has been stamped and approved by the Board of Inland Revenue (BIR), it will be forwarded to you. You can then complete a TD1 Form for approval by the BIR which will reflect the tax benefit of your planned contributions for that year. You then give this approved form to your employer who will adjust your tax payment accordingly.
Individual Future Cash is meant for long-term retirement savings to provide you with income during your retirement years. In order to withdraw your funds, you must obtain the permission of the BIR to cancel your contract and pay a tax penalty. The trustees also charge a penalty on the accumulated balance on any withdrawals that take place within the first five years of starting the plan.
Group Future Cash is meant for long-term retirement savings plan that your employer established to provide you with income during your retirement years. You cannot cancel the plan or request any withdrawals before the maturity date of your plan.

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To find out more about your investment options, contact one of our Investment Specialists


Contact an RBC Investment Specialist