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Republic Tax Incentive Savings Plans

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What is the Republic Tax Incentive Savings Plan?

TISP is a flexible, affordable retirement investment plan which allows you to accumulate cash for long-term needs.  You can achieve significant tax benefits as contributions made, less NIS up to $30,000, towards this plan are tax deductible. Contributors can also select the plan's maturity date which can be between their 50th and 70th birthdays. At that time a tax free lump sum can be obtained and the remainder invested in an annuity.

Which TISP suits you best?
   There are two versions of the plan available, the Republic TISP and the Republic Equity TISP.
  • Republic Tax Incentive Savings Plans (TISP)
     The majority of the assets of this plan are invested in a diversified portfolio of debt securities. Some equities are included to help combat the effects of inflation over the long-term.

  • Republic Equity Tax Incentive Savings Plans (ETISP)
    With features and benefits similar to those of the Republic Tax Incentive Savings Plan, the Republic Equity Tax Incentive Savings Plan seeks to improve long-term investment returns by investing primarily in equity securities. This is an ideal option for individual with a long time horizon before retirement.
Plan Objectives

To achieve long-term growth primarily through income and capital appreciation in order to provide investors with returns that will assist in meeting their retirement goals.

Who Manages the Plans?

The Trust & Asset Management Division of Republic Bank Limited manages TISP. We were the first bank to offer this type of retirement investment product in Trinidad and Tobago. The Trust & Asset Management Division has a knowledgeable investment team with over forty years in investment management experience. The Division manages billions in assets on behalf of individuals and institutional clients.

When should you invest in TISP?
The earlier you start TISP the more money you can accumulate for retirement as illustrated.
Note: You must be at least eighteen years old in invest in TISP.

Affordable and Flexible

You can start your plan with as little as $100 monthly. You also have the flexibility to start, stop or change at any time and you can contribute in instalments or in lump sums, giving you control over your investments as your financial needs change.

No Initial Charges

There are no up-front charges. 100% of your contributions begin working for you from day one. Unlike some annuity and pension fund plans, there are no up-front charges. 100% of your contributions begin working for you from day one. A small administrative fee is charged on the overall Plan.

Higher Tax Free Lump Sum at maturity

 TISP gives investors the option at maturity to take 100% of their interest/earnings and 25% of total contributions, TAX-FREE. The remaining 75% can be used to purchase an annuity that provides you with income for life.

Select an annuity provider of YOUR choice

 Upon the maturity of the Plan, you can select an annuity provider that YOU feel most comfortable with. To make this selection process more convenient, we obtain quotes from various providers for you.

Choice of a suitable plan

 Your appetite for risk may change as you approach retirement. You can manage the risk in your retirement portfolio by managing exposure to the Republic TISP and the Republic Equity TISP.

Plan Your Estate

You can appoint or change your beneficiary at any time throughout the life of the Plan. Should you die prior to the maturity date, the full value of your plan less any taxes due under the law will be paid to your nominated beneficiary.

Choose the Maturity Date

You can choose a maturity date between the ages of 50 and 70. The date can be easily changes if necessary.

The earlier you start TISP the more money you can accumulate for retirement, as illustrated below.

  • Note you must be at least eighteen years old to invest TISP.
  • Monthly Contribution $500
  • Rate of Return 6%
TERM OF PLAN PLAN BALANCE AT MATURITY TAX SAVINGS
(25% Marginal Tax Rate)
15 Years $144,154 $22,500
20 Years $227,823 $30,000
25 Years $339,790 $37,500
30 Years $489,628 $45,000
How to Apply?

Simply contact any one of our Marketing Officers who will provide additional information and help you open your Republic US$ Fixed Income Security Fund.

Contact us

Interested investors can call 1-868-625-4411 extension 3064, 3316 or 3141 or send an email to trambdo@republictt.com

Documentation Needed

Before visiting our branches, ensure you have:
Two (2) forms of Identification
Copy of recently paid Utility Bill
Copy of recent Payslip
Proof of Board of Inland Revenue Number

Disclaimer

This investment is neither insured with the Deposit Insurance Corporation in Trinidad and Tobago, nor is it guaranteed by any of the parties involved. This investment and any income from in may fluctuate and the investor may not receive the amount originally invested. Past performance is not necessarily a guide to future performance.

The supply of this service is in conformity with the provision of the Code of Banking Practice.

Information on current interest rates, fees and charges applicable to this and any other service is available on request at any branch of the Bank.

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