Navigating Retirement Planning in the Shipping Industry: A Guide for SAJ Members

The Shipping Association of Jamaica (SAJ) is celebrating its 85th anniversary this year, and to empower its members, the Shipping Industry will be publishing a retirement planning series focusing on savings from early career stages to retirement. This invaluable member benefit aims to help maritime employees in Jamaica’s shipping and logistics sector plan for a smooth transition into retirement.

Magdalena Cooper-de Neuze, a licensed life insurance sales representative and pensions consultant at Solid Life and General Insurance Brokers Limited, emphasized the importance of starting retirement planning early. She highlighted that there are two categories of retirement savings plans based on legislation in Jamaica: National savings plans such as the National Insurance Scheme (NIS) and National Housing Trust (NHT), and employer-employee relationship plans.

For individuals aged 18 and not employed, starting with the NIS and NHT plans is crucial to ensure a secure retirement. Cooper-de Neuze also outlined the different types of employment relationships in Jamaica and the related pension plans available for each sector, such as the Pensions (Public Service) Act for government employees and The Tourism Workers Pension Scheme for the tourism sector.

It is essential for SAJ members to review their current contributions, explore options to increase them if possible, seek guidance from financial professionals, and actively manage their retirement savings journey. By taking charge of their retirement planning early, SAJ members can secure a comfortable and well-deserved future.