PROVEN Investments Ltd has entered the market with the PROVEN Rock Approved Retirement Scheme, which allows its members to make contributions to the scheme that are invested and accumulate as tax deferred earnings towards providing them with a pension on retirement.

The scheme is sponsored and administered by PROVEN Fund Managers Limited.

Head of Wealth Management Ryan R Reid views the move as crucial and urgent: “For every 10 employed Jamaicans, only one is contributing to a private pension fund or is an active member of a retirement scheme. This is an absolute quandary. There are currently over one million employed persons in the island who are not a part of a private pension plan. We believe that employed and self-employed Jamaicans need to “think forward” and take the issue of retirement seriously, and PROVEN Rock is the vehicle.”

The PROVEN Rock Approved Retirement Scheme offers pooled funds as the investment approach for its members, and allows members based on their risk tolerance, to determine their desired asset class allocations. The primary advantage of the pooled fund is that it gives members an opportunity to generate higher returns with an appropriate level of risk in a diversified portfolio of assets.

The scheme’s investment objectives and guidelines are structured to provide more flexibility to capitalise on market opportunities and adapt to adverse market conditions.