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There are no set-up fees and no minimum amounts required to establish an account. Perhaps best of all, the FLEX ACCOUNT offers an unprecedented degree of flexibility. Until now, when someone who was in a defined contribution pension plan reached retirement age, they were required to purchase a life annuity at that time as there were no other prescribed retirement products available in Bermuda. If interest rates were low (as they are now) their annuity payments would be low.
BF&M’s FLEX ACCOUNT, in contrast, makes it possible for a retiree to postpone purchasing the annuity until rates go up, enabling them to benefit from a higher annuity. BF&M is currently the only company in Bermuda offering a product with this feature.
The FLEX ACCOUNT gives investors seven different investment profiles to choose between, reflecting varying degrees of risk. A young investor, with many years to go before reaching retirement, may choose a more aggressive profile than someone who is nearing retirement. BF&M has three certified financial planners and several group representatives available to advise investors regarding which investment profile would be most appropriate for a particular individual.
To arrange interviews, or for more detailed information about BF&M’s new FLEX ACCOUNT RETIREMENT PLAN, contact one of our customer service representatives at 295-5566 ext. 2001 or e-mail retirement@bfm.bm. |
