Sunday, April 14, 2024

Call to reinstate pension incentive

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Government’s decision to remove pension tax allowances is having a negative impact on the retirement savings market and “needs to be revisited”.

Fortress Fund Managers, a leading provider of pension management and administration services to companies here, said with Barbadians finding it “tougher” to spread their financial resources, the pension incentive was much needed.

Speaking with the media yesterday, Fortress investment director Roger Cave said registered retirement savings plans (RRSPs) were among the instruments negatively affected by the removal of pension tax allowances.

“Taxes have gone up so the current needs, in terms of . . . financial resources, are tougher so, therefore, to put them away for future years is a sacrifice and if there is not a fiscal incentive to doing it, people often just don’t bother. So they will end up suffering because you cannot gain back the years that you have lost by not putting away those savings,” he said. (SC)

Please read the full story in today’s Daily Nation, or in the eNATION edition.

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