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BIAS’ Personal Retirement Plan (PRP) is fully compliant with the National Pension Scheme (Occupational Pensions) Act 1998 and operates within a master trust structure. BIAS’ plan is one of the few licensed personal plans operating in Bermuda. The plan is for individuals only who may join either at retirement or during their working career when they change jobs. The minimum asset size for new plan members is $50,000.

Advantages of the PRP include:

  • Higher Retirement Income Options – in times of low interest rates, plan members seeking to maximize their retirement income may make use of the higher annual drawdown rates available with the Drawdown method for retirement income as opposed to an Annuity.
  • Control over your investments – as plan assets are not used to buy an Annuity, plan members may continue to direct how their plan assets may be invested within one of BIAS’ six asset allocation strategies adjusting the risk based mix over time as they wish.
  • Residual Benefit – as plan assets are not used to buy an annuity, a residual benefit will always remain for a plan member’s beneficiaries upon their passing. Plan assets so released carry no locked-in provisions so are free for immediate distribution to beneficiaries.


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