Retirement Planning Quiz

What is the typical retirement age for private sector employees in Jamaica?

• 55

• 60

• 65

• 70

What is the primary purpose of retirement planning?

• To ensure a dignified life after retirement

• To buy a house

• To travel

• To pay off debts

Which of the following is NOT a type of approved private pension scheme in Jamaica?

• National Insurance Scheme (NIS)

• Private Pension Plans

• Approved Superannuation Funds (ASF)

• Approved Retirement Schemes (ARS)

What is a pension?

• An investment in stocks

• A savings account

• A one-time payment

• A monthly income after retirement

What is the maximum annual contribution for an ARS in Jamaica?

• 10% of salary

• 15% of salary

• 20% of pensionable salary

• 25% of salary

All pension schemes must be approved by TAJ?

• True

• False

What is one benefit of contributing to a pension plan?

• Free insurance coverage

• Tax deductions

• Immediate cash benefits

• Earn the same as when employed

What is the role of the Financial Services Commission in relation to pension schemes?

• To provide financial advice

• To invest in real estate

• To regulate and supervise pension schemes

• To manage pension funds