Fortress Fund Managers can perform the role of the record-keeper on behalf of the plan administrator (normally the company). Our advanced computerised administration system will keep track of all the necessary member information (demographics, contributions by member and company, etc) and will produce annual member statements showing the growth of their investment portfolio. Our system has a special "electronic data-gateway" module which automatically uploads the contributions details from an electronic spreadsheet sent by the company. This method, therefore, eliminates errors normally associated when this function is manually keyed. The contributions are then invested in the shares selected by the member.
The pension contributions are invested through our independent custodian, CIBC FirstCaribbean International Bank, Trustee Branch, thus ensuring that fiduciary responsibilities are met.
Our administration fee as record-keeper of member details is at a very competitive rate of Bds$45.00 per member per year, subject to a minimum of $750.00 per annum, which is borne by the company. Please note that this fee does not include any form of actuarial or legal advice, fund audits, regulatory filings or plan documentation.
The fee covers:
- Maintenance of member records
- Production of annual member statements
- Use of a Pension Projection Tool on our website to estimate pension at retirement
- Enquiry of memberís own pension account on our website
- Payment of any refunds from the Fund
Switching between shares is allowed once a year at no cost.
At retirement, members must withdraw the value of their account and purchase an annuity.