VM Pensions Management Ltd CEO Conroy Rose has urged sportsmen and sportswomen to prioritise pension savings as a critical part of their overall wealth management and saving strategies.
While many Jamaican sportspersons, especially in track and field, are amongst the highest ranked in the world, Rose noted that it is critical that they consider how to plan for their retirement since they would not typically benefit from automatic pension enrolment through an employer.
"Professional athletes need to consider from early what their retirement will look like and how they can start preparing while they are still in a position to earn. They need to prioritise managing their finances in such a way to provide for a future after retirement from professional sport," he said.
The VM Pensions CEO added that the company is committed to engaging this sector of the population, alongside other non-traditional sectors, in pension schemes that are most suited to their professions and lifestyles. As evidence of this commitment, VM Pensions last week hosted a signing ceremony with Olympian quarter-miler Christopher Taylor, who enrolled in the VM Pensions Prime ARS, an approved retirement scheme.
According to Rose, the event highlights VM Pensions' determination to deliver meaningful pension solutions to stakeholders in the sporting sector and to others in non-traditional careers.
He added: "There are opportunities for you to work with your advisor to design an ARS solution for you that fits your particular circumstances and helps you prepare for your future."
The Prime ARS plan allows individuals who are not enrolled in a company-sponsored plan to contribute to a retirement savings solution during their working years. Contributors as young as 18 years old are eligible to contribute between five and 20 per cent of their income in timely instalments, such as weekly, monthly, biannually, or once per year.
"As a young athlete, I want to start preparing for retirement early. VM offered me a solid ARS and gave me great investment advice. Being a member of the VM Group also allows me to access other products and services that will help me achieve my personal goals," Taylor shared.
The athlete's partnership with VM Pensions was facilitated through his association with manufacturing and distribution company Paramount Trading (Jamaica), having engaged in a mentorship relationship with Paramount's CEO Hugh Graham.
Paramount Trading (Jamaica) is a member entity of the Jamaica Manufacturers and Exporters Association (JMEA).
Recently VM Pensions Management launched a partnership with the JMEA that sees JMEA member companies having access to a bundled package which includes ARS and a suite of other specially curated offerings from across the group.
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