Bermuda Investment and Retirement Savings Plans
How many reasons do you need to start saving?
- The best way of building wealth is to invest money on a consistent
basis as opposed to making infrequent lump sum investments - Your most powerful investment tools are time and compound interest
- Mutual Funds are one of the most cost-effective ways to invest your
money and LOM has 9 funds with low minimums and no commissions - Buying your retirement is one of the largest purchases you’ll ever make
- Recent studies show that to maintain the same standard of living after you retire you will need an income of at least 75% of your final salary for the remainder of your life
Our savings plan representatives can give you the information you need to start saving today
LOM Securities (Bermuda) Limited administers two Investment Savings Plans; one for employers and their employees and one for individuals. We also administer a special Retirement Savings Plan for non-Bermudians. There are no start-up fees for the Plans, funds are easily accessible by account holders and a selection of eight investment funds is available for investment diversification.
The Employee Direct Deduction Savings Plan is set up as a direct payroll deduction investment plan which makes savings effortless and encourages employees to save and invest for their short and long term financial goals. The Plan opens the door to more or less all individuals with a low $50 minimum monthly contribution. Payroll contributions can be weekly, bi-weekly or monthly and once set up by payroll very little administration is required for the employer. LOM representatives conduct savings seminars for employees to help them understand the need for additional savings and review the Plan details. In addition, LOM representatives meet individually with employees to help them complete account documentation and investment fund choices.
The Individual Investment Savings Plan is great for individuals who want to take advantage of the markets and invest in a variety of investment funds. Contributions can be made as often as you like as long as a monthly commitment of $450 is made. Once your account balance reaches $5,000, the $450 monthly commitment can be reduced if needed. If the monthly commitment is a little more than your budget allows, have your employer look into having the Employee Plan set up for yourself and other employees. Call LOM today to speak with an Investment Savings Plan representative to learn more about savings and investing and find out how the Plan can help you achieve your short and long term financial goals.
Non-Bermudian Retirement Savings Plan
The Non-Bermudian Retirement Savings Plan is an ideal alternative investment product for employers with non-Bermudian employees. Current Bermuda legislation does not provide for pensions for non-Bermudians (excludes spouses of Bermudians) allowing employers flexibility for their non-Bermudian retirement plans. The RSP provides many of the benefits of a pension plan, including a provision for funds to be locked in, but with added flexibility. Each RSP is custom tailored to best suit your company and employees. In addition, LOM has a low administration fee of 0.25% per annum to administer the RSP, efficient timing of investment instructions and contributions can be made weekly, bi-monthly or monthly providing less out-of-market time for clients' funds.
Contact an Investment and Retirement Savings Plan representative: 441-296-7283
For more information about the specific Plans, please click on the links below which provide you with specific details of the Plans together with fact sheets and information regarding the investment funds available.
