CEO, VM Pensions Management Ltd, Conroy Rose, is calling on sportsmen and sportswomen to prioritize pension savings as a critical part of their overall wealth management and saving strategies.
He noted that with so many Jamaican sportspersons, especially in track and field, being amongst the highest ranked in the world, it is important that they consider how to plan for their retirement, as they would not typically benefit from automatic pension enrollment 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 prioritize managing their finances in such a way to provide for a future after retirement from professional sport,” he said.
Rose noted that VM Pensions is committed to engaging this sector of the population, alongside other non-traditional sectors in pension schemes that are most suitable to their professions and lifestyle. The entity executed this commitment last week by hosting a signing ceremony with Olympian, quarter-miler Christopher Taylor, to officially ink his signature to the VM Pensions Prime ARS, an Approved Retirement Scheme.
“This signing with Taylor symbolizes our determination here at VM Pensions to deliver meaningful pension solutions to stakeholders in the sporting sector and to others in non-traditional careers. There are opportunities for you to work with your advisor to design an ARS solution for you that fits your particular circumstances and help you prepare for your future,” he said.
The Prime ARS plan allows individuals 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 and may contribute between five and 20 per cent of their income in convenient installments, such as weekly, monthly, biannually, or once per year.
Taylor said: “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.”
The partnership with Taylor was facilitated through his association with manufacturing and distribution company, Paramount Trading (Jamaica), where he is 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).
VM Pensions Management recently launched a partnership with the JMEA, which sees the JMEA member companies being able to access a bundled package, which includes ARS and a suite of other specially curated offerings from across the Group. VM Group was also title sponsor for the JMEA 2022 M&E Awards held this month, aimed at recognizing leaders in the productive sector.