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What is a pension plan?
A pension plan is a retirement structure set up by an employer (or by a group of employers) that typically provides a benefit at retirement age.
How does PMI ensure transparency and client control over pension plans?
PMI promotes transparency and client oversight by setting up pension plans under the client's name, with trustees or Plan Sponsors as the exclusive authorized signatories. PMI delivers continuous, clear, and concise communication, providing clients with online access to their account information and regular reports, thus ensuring complete transparency in all plan activities.
How can PMI help my business create and manage a pension plan?
PMI assists businesses in creating and managing pension plans by developing customized governance documents, such as Trust Deeds, Plan Rules, and Investment Policy Statements, tailored to the organization’s operational efficiencies and regulatory requirements. PMI provides comprehensive management and administrative services, ensuring compliance with governance frameworks and offering ongoing support to both plan sponsors and members.
What is the difference between a defined benefit (DB) plan, a defined contribution (DC) plan and a hybrid plan?
A defined benefit (DB) plan provides a fixed, pre-established benefit for employees at retirement. Your defined benefit component is calculated with a formula based on your contributions, your age, your work arrangements, and your pensionable earnings over a specified period of time.
A defined contribution (DC) plan is a retirement plan in which the employee and/or the employer contribute to the employee's individual account under the plan. The amount in the account at distribution includes the contributions and investment gains or losses, minus any investment and administrative fees.A hybrid plan combines elements of both a DB plan and a DC plan.
How can I check my pension contributions and fund balance?
• Visit our website – www.pmipensions.com
• Select “Client Access”
• Select “Plan Member Access”
• Enter your unique login and password
What will happen to my money if I resign before retirement age?
The disbursement of entitlement before the age of retirement depends heavily on the type of plan in which you are enrolled (DB or DC), and the jurisdiction governing the plan. The rules governing the Plan will outline the disbursement of funds.
Can I, as an individual, setup a pension plan?
PMI offers pension plan solutions to approved entities only. For individuals seeking financial solutions, PMI provides Private Wealth Management services. Contact PMI to discuss the most suitable solution for your needs
Are all Employers required to establish Pension program?
In the Virgin Islands, under the Labour Laws, Employers must provide pension benefits to Employees. It is important to check your local laws to determine the requirements of a Pension program.
Is a Pension Plan the same as a Retirement Plan/Account?
No. A retirement account or Private Wealth account is an individual account in which you can determine how your assets are managed. Contact PMI for more information on our Private Wealth Management.
How are my contributions invested?
Contributions are invested based on the Investment option chosen by the Member of a Pension Plan. The options vary depending on the Plan’s Investment Policy Statement, established by the Plan Sponsor.
Can I withdraw from my Pension?
Although not advisable, Pension Plans can be tailored to allow for withdrawals. This is based on the rules established by the Plan Sponsor.
Can I still be a part of the Plan if I no longer work with the Company?
This depends on the Rules of the Plan. Most Employees do not wish to hold a former Employee’s assets after they have left the Company.
What happens to my benefits if I die?
Upon death, the benefits in the Pension Accounts shall be allocated to the Member’s beneficiaries in accordance with the instructions provided in the Enrolment Forms submitted upon joining a Plan.
How many Beneficiaries can I have?
You are allowed as many beneficiaries as you want so long as the % allocation equates to 100%.
Do I have to contribute as an Employee?
Depending on the Plan’s Rules, Employee’s contributions may be mandatory or voluntary. If mandatory, the Employee must contribute to the Plan along with the Employer’s contributions.
WEALTH / ASSET MANAGEMENT
How much money do I need to open an investment account with PMI?
PMI has a $50,000 USD minimum to establish an individual or joint account. And $100,000 USD for an organization or corporate account.
Can I invest with a group of people?
Groups and organizations must have the requisite governance documents that give them the power to invest. For more information, contact PMI for an initial consultation.
What can I invest in?
Using its State-of-the-Art Trading Floor, PMI has access to all publicly traded Investments and Markets.
Does PMI trade in Crypto Currencies?
PMI does not trade crypto currencies.
What returns can I expect on my investments?
You get to decide the level of risk and returns on your portfolio.
Is there a fee to withdraw?
There are no fees or penalties for withdrawals.
Are there any lock-up provisions?
No. There are no lock-up provisions or restrictions on investment accounts managed by PMI.
Why choose PMI as your Investment Advisor?
PMI utilizes a bespoke approach working with each client in developing a plan that aligns with their unique circumstances and risk-return objectives. While our mandates are predominantly US-focused, international mandates can also be accommodated. Our multi-asset strategies integrate top-down macro insights with bottom-up security analysis, supported by advanced quantitative tools for risk management, asset allocation, and portfolio optimization. Through leveraging in-house expertise across research, analysis, and implementation, we ensure seamless, data-driven decision-making. Additionally, clients enjoy the advantages of separate managed accounts, providing them with direct control and full retention of their assets.
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