VM Pensions Management Limited, the pension services arm of the VM Group, has partnered with Transport Operators Development Sustainable Services (TODSS) to be the official pension provider for transport operators islandwide.
The partnership, launched during a signing ceremony at the VM Group’s Half-Way Tree Road Corporate Office on Thursday, February 17, signals a commitment by the two entities to collaborate on helping transport operators plan for their retirement through affordable contributions to an Approved Retirement Scheme (ARS).
As a member VM Pensions’ ARS, transport operators will also have access to a Group-wide bundle that delivers preferential rates for mortgages, motor vehicle loans and property valuations, as well as preferential rates on margin loans from VM Wealth Management Ltd.
The transport operators also receive discounted insurance premiums through a partnership with British Caribbean Insurance Company (BCIC), a VM Group affiliate company.
Delivering remarks at the launch event, Conroy Rose, CEO of VM Pensions said this partnership demonstrates the sincerity of VM Group’s mission to transform lives.
“Transport Operators in Jamaica play a very important part in many of our lives. These are the people in whose care we put our children, our parents, our spouses, our friends and other loved ones every day. They shepherd us safely from place to place and in so doing are an absolutely critical component of the local economy,” he said.
“It is therefore unacceptable for hardworking transport operators to be without a pension plan. They should not be playing such a key role in national life and be struggling to make ends meet when they reach their golden years. We are partnering with TODSS, so that we can help to change this – so that we can help to transform their lives,” Rose added.
According to the Financial Services Commission June 2021 report, only 11.47 per cent of the Jamaican labour force is contributing to a pension scheme.
“Today we are declaring more than a business arrangement – because for us at the VM Group, this is something much bigger. We are in it for the long haul, and we will partner with the members of TODSS to ensure that they not only have access to the best financial products and services in the industry – with special packages created just for them – but also life-changing financial education to help empower them to make the best decisions for them and their families,” Rose noted.