The JN Individual Retirement Scheme is a personal retirement plan, approved by the Financial Services Commission (FSC), which provides pensions to individuals on retirement. The JNRS is operated under the guidelines provided by the Pensions (Superannuation Funds and Retirement Schemes) Act 2004. It is a tax deferred and tax efficient way to save towards retirement.

The JN Individual Retirement Scheme is open to any resident in Jamaica between 18 and 63 years who is not contributing to an approved Superannuation Fund or Retirement Scheme . This includes all self-employed persons, contract workers and employed persons. Persons also have the choice to transfer their benefits from an approved superannuation fund or retirement scheme upon termination of employment. Persons are not required to be a member of JN Bank.

Becoming a member is very easy. Call 876-733-7130 to speak to a Financial Advisor or visit any JN Life Insurance Company location across the island to complete an application form. You will also need to provide the following:

1. Taxpayer Registration number (TRN)
2. NIS number
3. Valid Identification
4. Proof of current income
5. Your initial investment (contribution)
6. Proof of address

As a member of the JNRS you will enjoy the following:

1. Choice of Pension: Members can choose the type of pension most suitable to their personal condition with or without mortality benefits. Payments may be dependent on mortality risk factors developed by Actuaries or investment linked or a combination of both. Further an annuity or a pension may be a level amount, an increasing amount or a variable amount.
2. Disability Benefit: If members are certified unable to work anytime while they are making contributions to the pension scheme, they can elect to get the accumulated value of their contribution as a lump sum payment.
3. Death Benefit: If members die before they start to receive pensions the accumulated value of their contributions will be paid to their beneficiaries.

You are allowed to invest a minimum of five percent (5%) and a maximum of twenty percent (20%) of your gross annual remuneration.

There are several options available for the payment of contributions. Payments can be made monthly, quarterly, semi-annually or yearly through any of the following options:

• Salary Deduction
• Online Transfers
• Automatic Transfers for JN accounts

You are required to make at least one contribution per year.

Yes. Contributions can be made by empoyers on behalf of employees, however, it is not mandatory that they do so. The combined employer and employee contribution should not exceed 20%.

A statement will be sent to members once per year outlining the accumulated value of your contributions. This statement may also be viewed online or printed at any time.

Yes, employees who no longer work for a company which has a Superannuation Fund may transfer their funds to the JNRS. Self-employed and employed persons may also transfer funds from an approved individual retirement scheme to the JNRS.

Contributions and amounts transferred to the JNRS on your behalf will be used to purchase units in one of four pooled funds. These funds are invested in various asset classes such as: Bonds, Equities and Money Market Instruments. When you become a member of the JNRS you will be required to select one or more of these funds in which your contributions should be invested, your choice will be dependent on your risk profile and your personal investment strategy.

Yes, JNRS gives you the flexibility to change the allocation of your funds by completing a ‘Change Request’ form. You are allowed two free fund re-allocations per annum*. (*conditions apply)