(CNS): People receiving a private sector pension under the Retirement Savings Arrangements (RSA) will be getting a 3.3% cost of living increase on the funds they can access each year. Director of Labour and Pensions Bennard Ebanks authorised an increase in the annual maximum disbursement amount from CI$12,480 per annum to 12,900, resulting in a monthly increase of $35, in line with the ESO’s position on the rate of local inflation.
The National Pensions Act permits members to access their money at retirement through an annuity or an RSA. The maximum annual withdrawal amount is determined by the member’s age and value of funds in their account. The age is defined as the age of the member at the start of the calendar year in which the payments are being made. This increase allows members to withdraw the new annual maximum, which is $12,900 dollars.
The option also remains for those not wanting to get funds through an RSA to terminate that arrangement and transfer…
