VM Pensions Management Limited has inked a deal which will see the business supporting member companies and employees of the Jamaica Manufacturers and Exporters Association (JMEA) through an approved retirement scheme (ARS) and a suite of other specially curated offerings.
The agreement for the Jamaica Manufacturers and Exporters Association Retirement Account (JMEARA) was officially signed between the two entities at the VM Group’s corporate office on Half-Way Tree Road on Tuesday, September 6. Through the partnership, the association’s members will benefit from enrollment in an affordable pension scheme, with premiums starting as low as $JMD 1,000, reduced rates and special access to corporate financing solutions, as well as financial coaching for companies seeking to list on the Jamaica Stock Exchange (JSE).
CEO of VM Pensions Management Limited, Conroy Rose, says the decision to partner with the JMEA was strategic, especially considering data which suggest that only about 12 per cent of Jamaicans are enrolled in a private pension scheme.
“The manufacturing sector is the largest production arm within the country and the wellbeing of workers must be a priority if we want to truly achieve our development goals. Persons should not have to depend solely on their children and loved ones for financial support after they have given their best in their most productive years,” he said. “We were careful to ensure that while the main focus was on tailoring a flexible pensions support offering, there was consideration for other financial goals that the target group would want to achieve even before retirement.”
Included in the JMEARA bundled product offering for member companies is an onboarding discount on investment management fees and on the development of the risk management framework for the fund. Companies will also benefit from reduced fees on business loans, commercial mortgages and auto loans, insurance and other products, as well as access to equity or debt investments.
Employees enrolled in the scheme can access preferential rates for residential mortgages and discounts on property valuations, special VM Drive auto loan packages, an unsecured loan facility and discounts on insurance products from British Caribbean Insurance Company (BCIC), a VM Group affiliated company.
The VM Group will carry out an ‘onboarding blitz’ through financial literacy sessions at member companies across the island and clients will also have access to other awareness products disseminated by the Group.
Mr. Rose emphasized that while the VM Group gives access to attractive financial products, this is only a piece of the puzzle. “As part of the product offerings, we always need to ensure that we play our part to empower individuals to make the best decisions for their financial wellbeing. Statistics show that our population is aging and, conversely, the birth rate is declining. Therefore, individuals need to make retirement planning a priority and so in our quest to transform lives, we are seeking to ensure that we not only offer the products, but also provide the education so that the products can provide optimum benefit to our Members and clients,” he said.