Facts

Regular and/or lump sum contributions are permitted.

The plan can be “collapsed” anytime between the age of 55 and 65. At this time, investors are permitted to receive 25% of the value of their fund in a tax free lump sum and the remainder has to be used to purchase an annuity from an insurance company. Withdrawals before retirement will be taxed as regular income and 25% withholding tax retained at source.

You can choose to invest two ways: Select Fund Option - invest in the Fortress fund(s) you want in the proportions you specify. Managed Option (easiest) - invest in one of 3 "prepackaged" funds that include combinations of Fortress funds designed to meet your specific timeline and risk tolerance.

Investors can switch to a different investment option once a year.

The fees for the two options are as follows:

  • Plan set-up – Nil
  • Administration - Nil
  • Investment Management Fee – No fee will be charged by Fortress Insurance Company Ltd. but the management fees as set out in the various Fortress Funds will apply.
  • Investment switching – Nil and this is only allowed once a year.