FutureCash
The FutureCash Tax Savings and Retirement Plan is an investment vehicle to secure your financial future during your retirement years.
It is a safe and sound investment with expert investment management by RBC Investment Management (Caribbean) Limited and backed by the expertise and stability of RBC Royal Bank.
If you already have a pension plan, the FutureCash Tax Savings and Retirement Plan will enhance your retirement income.
If you do not have a pension plan, it is a wise investment for the future.
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The Future Cash Tax Savings and Retirement 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.
Contributions
The minimum contribution is TT$100 or US$25 per month.
You can also make lump sum contributions of at least TT$500 or US$100. This is where you should invest bonuses and other lump sums you receive during the year.
The more you save, the more comfortable and secure your retirement will be.
How is my money invested?
Your money is invested in a portfolio of government and corporate bonds and money market instruments. The TTD and USD portfolios are separate portfolios with different levels of risk and returns.
Maturity Dates
The minimum age for maturity is one day past your 50th birthday.
The maximum age for maturity is your 70th birthday.
Options at Maturity
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 for the rest of your life.
- 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 for the rest of your life.
For whom is this plan geared?
Anyone seeking financial security for their retirement years should consider investing in Future Cash 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 old and the younger you start, the better your overall return would be.
How can I monitor the performance of the fund?
Quarterly Portfolio Summaries are published on our website and give you clear and detailed insight into the funds' historical performance, top 10 holdings and asset allocation. Click here for our most recent portfolio summary.
How do I get started?
Visit any branch of RBC Royal Bank. All you will need are:
- Two forms of valid Identification
- A recent utility bill (less than 3 months old)
- Proof of your registered Board of Inland Revenue (BIR) number
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Tax savings
- All contributions to Future Cash are tax-deductible, provided that they, together with those of other approved pension plans, do not exceed TT$60,000 (less 70% of NIS contributions) per year.
- The interest earned is not taxed.
- The lump sum payment (under Option 2) is not taxed
Solid Performance
The returns on Future Cash surpass that of traditional deposit instruments.
Diversification
The small investor has 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 40 years experience and in excess of TT$20 billion in assets under management.
Daily Interest
Interest is paid to your account daily.
Affordable
Contributions can be as little as TT$100.00 or US$25.00 making it affordable to almost everyone.
Convenience
You can make regular contributions to your Future Cash account via our Online Banking and Mobile Banking platforms.
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How often would I receive statements of my account?
An annual statement will be issued and sent to your address.
If I die, what would my beneficiaries receive?
The accumulated sum is given to your estate or named beneficiary.
What do I get as proof of my participation in this plan?
We give you a receipt upon your first contribution and a contract will be forwarded to you after approval by the Board of Inland Revenue (BIR).
How and when would I adjust the tax that I pay every month?
Once the contract representing your participation in Future Cash 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 the approval of 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.
Can I make withdrawals from this plan at any time?
Future Cash is a true tax savings and retirement plan. You must obtain the permission of the BIR to withdraw your funds. You can withdraw, but there is a tax payment to the BIR if you do so. The trustees also charge a penalty on the accumulated fund on any withdrawals that take place within the first five years of starting the plan.
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