Colonial Life's Multiflex annuity is a retirement product created
for groups of 5 or more employees. Although provided on a group basis only,
this portable plan allows employees to continue to save for retirement even
if they change jobs.
Policy is owned by the employee and the employee makes the contributions
(contributions are submitted by the employer on behalf of the employee)
- Contributions are flexible:
- Pay any amount e.g. monthly deduction
from salary or lump sum payments
- Pay anytime e.g. monthly or annually
- No minimum amounts required
- Tax shelter:
- Employee contributions are deductible based on
the prevailing income, tax allowance for pensions, annuities and NIS
- No tax is charged on the benefits until
they are withdrawn at retirement
- Employee's pension not restricted to 2/3
ceiling of pre-retirement base earnings
- +Two investment options:
- Declared Interest where there is a
guaranteed minimum rate, no fee or
charges, rates are declared annually and
interest earned is compounded annually
Managed Fund which is managed by
professional investment managers
and analysts and which uses
contributions to buy units of the fund
+ The selection is made by the employee who can invest in either option or in both.
This investment choice can be changed once per year on the plan anniversary date.
The employee can switch past funds, future contributions or both.
Is Multiflex right for you?
Contact a CLICO agent in your area to discuss your options.