DON'T WAIT until it's time to retire to think about your retirement! No matter what age you are, it's never too early to plan for your retirement - in fact, the earlier you start, the better it will be for you. Remember that when you retire, your pension plan will be your income, so putting something aside from today will give you more returns tomorrow. Don't know how to start planning for your retirement? COK is here to help you every step of the way!
WHAT TYPE OF PENSION PLAN DOES COK OFFER?
COK offers the only pension plan in Jamaica that is available to persons who are self-employed; to contract workers who do not qualify for pension plans with their companies; to companies who employ contract workers; and companies with small staff complements. COK believes that no matter who you are, you should be able to retire in style!
HOW DO I QUALIFY TO JOIN THE COK PENSION PLAN?
It's simple - you need to a member of COK who is less than 69 years old. You also must be self-employed, or employed but not benefiting from any other pension plan.
What if I start a COK pension plan, then move to a company that provides pension?
The COK pension plan is easily transferable to and from other pension plans. So if you start a COK pension plan, and then start working at a company that provides a pension for you, you can transfer your COK pension plan to your new pension. You can also move a company pension to the COK pension plan if you are no longer with your company.
WHAT WILL BE MY CONTRIBUTION TO THE PLAN?
Your contribution should be 10 per cent of your taxable income, or $6,000, whichever is less. You also benefit from a guaranteed interest rate of 12 per cent per annum, and a non-contributory Life Insurance of up of up to $120,000 ($2 insurance for every $1 saved).
WHEN CAN I START COLLECTING MY PENSION?
You can start collecting your pension at age 55. If you become ill before age 55, special arrangements can be made for your pension to be collected. If a contributor dies, his or her money is paid over to his/her beneficiary.
Can I collect my pension as a lump sum or do I have to collect it monthly?
When you retire, you may collect a tax-free lump sum of $75,000, or 2/3 of your contribution, whichever is less. Then, you can decide if you want to collect the remainder of your pension weekly, monthly, or annually.
I want to join the COK pension plan! What do I do?
Simple! Come in to any of our branches and talk to a Member Services Officer about your retirement today, and COK will help you retire in style!
We are conveniently located at:
66 Slipe Road, Kingston 5. Phone 920-6501-5. Fax 929-4028.
8 Hope Road, Kingston 10. Phone 920-6806. Fax 920-6812.
Shop #3, McMaster's Centre, Portmore. Phone 939-2307. Fax 988-5157.
Or call our toll-free number 1-888 CALL COK
Or visit our Web site www.cok.com
