Frequently Asked Questions
Pensions Plus

1. What is Pensions Plus?

Pensions Plus is a tax approved personal pension plan investment managed by The Trinidad and Tobago Unit Trust Corporation with insurance protection from CUNA Caribbean Insurance.

2. How much do I have to contribute?

Contributions are flexible with a minimum monthly contribution of $125.00. You can decide how much and when to contribute. There must be at least $100.00 in your account to maintain the insurance benefit.

3. How soon can I receive the pension benefit?

You can convert your plan into a monthly pension, guaranteed for life, anytime between ages 50-70 years.

4. How much will I get as a pension benefit?

This depends on the amount of your contributions, the length of time your contributions are invested and the returns gained on your contributions.

5. What pension options are available to me when my plan matures?

25% of the plan value is available as a lump sum, and then a pension is provided through CUNA Caribbean from which you choose any of the following options.

• Pension Income for life.
• Pension income for life with payments to beneficiaries guaranteed for a period certain of up to 15 years in the event of early death.
• Joint life pension income with legal spouse.

6. What type of insurance coverage do I get?

Life Insurance

Pensions Plus provides you with up to $100,000 reducing term life coverage, dependent upon your age, with no medical examination required. In addition, accidental death insurance of $50,000 is provided up to age 65. Each month $25 is deducted from your account as an administration fee.

7. What tax benefits can I get?

Your contributions are tax deductible up to $30,000 per year.

8. Are my contributions guaranteed?

All contributions, less the monthly administration fee of $25.00, are guaranteed by the Trinidad and Tobago Unit Trust Corporation after they have been invested for a minimum of three years.

9. Can I use my Pensions Plus account to obtain a loan?

The accumulated value of your account cannot be used as collateral for a loan; however, the insurance can be assigned to a lender as security for a loan.

10. If I die before I access my pension benefit, what does my beneficiary get?

Your beneficiary will get the accumulated value of your account, plus the value of the insurance benefits.

11. What will happen if I die after I have started to receive my pension?

Depending on the option you choose, your beneficiary will get either Income for a guaranteed period certain of up to (15) years, or joint life pension income with legal spouse.

12. How old do I have to be to begin a Pension Plus?

Any age between the ages of (18) years – (55) years.