Breaking new ground in local retirement planning industry, NCB Insurance Agency and Fund Managers (NCBIAFM) proudly unveiled their NCB Pension Portal, Jamaica’s first digital end-to-end pension planning platform recently.

The NCB Pension Portal, accessed at smart.ncbinsurance.com, sets a new standard for retirement planning solutions.

General Manager of NCBIAFM Desmond Johnson, highlights the portal’s transformative impact as redefining retirement planning. “We aim to empower Jamaicans by placing pension planning directly in their hands and reshaping the pension services landscape. The NCB Pension Portal provides access to comprehensive features, enabling individuals to visualise projected returns, assess investment values, and align their pension strategies with their long-term aspirations,” Johnson shared. 

Jamaica faces a significant challenge with low pension coverage, as only 12-20 per cent of the population benefits from private or group pension schemes offered through employer-based programmes. This, combined with an ageing population poses a real threat to the country’s social welfare system. “The NCB Pension Portal is critical to Jamaica now more than ever,” emphasised Johnson. “By advancing accessibility and transparency, we encourage greater participation in pension programmes, securing economic well-being for all and alleviating the burden on public welfare programmes,” he added.

Traditional pension planning methods prove cumbersome and inaccessible for many, but the online platform offers an alternative that democratises access to retirement solutions and caters to the evolving needs of individuals in today’s digital age.

The NCB Pensions Portal provides users with a holistic view of their retirement aspirations enabling Jamaicans to effortlessly apply for and manage their individual and group pension plans entirely online. With its user-friendly interface and intuitive design, the portal simplifies the complexities of pension enrolment and management and ushers in a new era of simplicity and control.

By eliminating the paperwork and industry jargon typically associated with pension enrolment, the platform streamlines the process, ensuring users can make informed decisions about their financial goals. The NCB Pension Portal simplifies the often-intricate calculations associated with pension contributions and taxation with its ‘Tax Calculator.’ Individuals can optimise their retirement strategies with the portal’s real-time tax information to maximise their savings.

The Pension Projector, another powerful tool within the portal, allows users to visualise projected returns and assess the value of their investments. This unique feature equips users to make well-informed decisions aligned with their long-term financial goals.

Personalised pension planning

Antonio Spence, Senior Assistant General Manager of NCBIAFM, underscores the inclusive nature of the NCB Pensions Portal, noting its potential to positively impact Jamaicans across all walks of life, “This ground-breaking platform opens the doors of pension planning to every Jamaican, regardless of your profession or employment type, it is tailored to meet your specific needs. Whether a salaried worker, contract employee, sidewalk vendor, creative professional, small business owner or taxi operator, the NCB Pensions Portal paves the way for everyone to craft their personalised pension plan conveniently from anywhere in the world.”

Spence highlighted the portal’s potential for Jamaican companies and their staff, “The portal is not only a game-changer for individuals but also holds great potential for Jamaican businesses, including SMEs. By providing an online self-serve solution for pension planning, we empower companies to offer robust retirement benefits to their employees, ensuring their financial well-being. The NCB Pensions Portal fosters a thriving ecosystem where companies can attract and retain top talent while promoting the financial security and growth of their workforce.”

NCBIAFM and its parent company, National Commercial Bank Jamaica Limited (NCBJ), place great importance on expanding access to financial services to Jamaicans through digital-first, self-serve solutions. The launch of the NCB Pensions Portal stands as a testament to their commitment to innovation and dedication to ensuring that all Jamaicans have access to vital financial tools and resources. While showcasing a demo of the portal recently, Spence shared, “The NCB Pension Portal is a significant milestone in achieving this goal. By leveraging innovative digital solutions, NCBIAFM empowers Jamaicans to secure their financial future and realise their retirement dreams.”