The JN Individual Retirement Scheme (JNIRS) is a personal retirement plan, approved by the Financial Services Commission (FSC), which provides pensions to individuals on retirement. The JNIRS is operated under the guidelines provided by the Pensions (Superannuation Funds and Retirement Schemes) Act 2004. It is a tax deferred and tax efficient way to save towards retirement. The JN Individual Retirement Scheme is open to any resident in Jamaica between 18 and 64 years who is not contributing to an approved Superannuation Fund or Retirement Scheme. This includes all self-employed persons, contract workers and employed persons. Persons also have the choice to transfer their benefits from an approved superannuation fund or retirement scheme upon termination of employment. Persons are not required to be a member of the Jamaica National Building Society
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- Contributions of up to 20% of your gross remuneration or taxable income per annum is allowed to be saved with the Jamaica National Building Society Individual Retirement Scheme
- Investment Income earned over the period of member participation is tax free
- Members have the option to receive a lump sum payment at retirement
- Lump sum payments to Beneficiaries are tax free (within limits.. maximum of 2x salary)
- Retirees will benefit from other tax incentives
- Money will always be safely invested and will not be available to until retirement (pension protects you from yourself)
