FRIDAY, MARCH 23: This weekend, Colonial Pension Services Limited (Colonial Pensions) will be hosting a Pension Open House at the Fairmont Hamilton Princess. The event starts at 3:00 p.m. on Saturday and there will be activities going into the evening.
Marie Jo Caesar, Chief Operating Officer at Colonial Pensions explained, “Last year, the first of the baby boomer generation retired, and for the next 18 years that generation will be leaving the job market in large numbers. We felt that it was incumbent upon Colonial Pension to take the lead in providing much needed information and advice to that, soon‐to‐be generation of retirees. This event is open to the public and we intend to make this an annual event.”
Mrs. Caesar further added “We have also found that we have been getting a lot of questions about the proposed ‘pension suspension’. While the details of the suspension have not been announced, we would urge workers to consider carefully before taking the suspension.
Let’s take the example of a 35 year old making $50,000 per year. Her total contribution would be $5,000 per annum. If you take a suspension for one year you save $2,500 or $208 per month and your employer saves a similar amount. If that $5,000 was placed into your pension account and grew at an average annual return of 5% per year, when you reach retirement at age 65, it would have grown to $21,610. At an average annual return of 7% per year it grows to $38,061 and at an average annual return of 9.8% per year it grows to $82,611. This is not a small impact to one’s retirement balance. For older persons the impact is less but they are also typically the ones who need to catch up most.”
Laurie Daniels, Customer Service Manager at Colonial Pensions, added the format of the Open House is designed to deliver important information in a relaxed and casual environment that is not intimidating and conducive to questions. This is an important opportunity where you can get your questions answered by our expert presenters.”
There will be three structured presentations as follows:
3:30 – 4:00 p.m. Ms. Robin Peters, CFS, CES
4:15 – 4:45 p.m. Mr. Larry R. Gibson, CFA
5:00 – 5:45 p.m. Ms. Karen Schellinck
According to Daniels: “Robin will be providing tips and advice which will enable you take charge of your financial future, while Larry will explore strategies to help you maximize your assets and make your money last at least as long as you do… if not longer. Finally, Karen will be exploring life beyond work ranging from leisure, travel, consulting, volunteering, and dealing with personal relationship changes. The open house will also feature exhibitors such as: Colonial Group International, Capital G Bank, Bermuda Motors, Burrows Lightbourn, Myera and others.
Special entertainment will be provided by ‘Ming Mambo Youth Salsa Group’ and ‘IGNIS Fire Spinning’. DJ Craig “Bubbles” Darrell will provide music for the event.
The event will conclude with a Cocktail Reception and the drawing of a grand prize which is an ‘iPad 3’ tablet computer. Remember, you must be present in order to claim a prize.