Raise threshold for private pension plans
Published:Friday | April 27, 2018 | 12:00 AM
THE EDITOR, Sir:
This is an open letter to the newly appointed finance minister and the Financial Services Commission.
It has indeed been quite a while since an individual can only contribute a maximum of up to 20 per cent into their existing independent retirement plan.
Clearly, under existing rules, to enjoy a comfortable retirement in Jamaica, I would dearly like to see this threshold increased to 40 per cent, or better still, amend the existing Pension Act in which an individual can have or contribute to two independent retirement accounts.
What is this administration doing to address this dire situation?
WESLEY THOMAS