MOU inked to consummate the partnership

VM Pensions Management (VMPM) has officially signed a Memorandum of Understanding (MOU) with the Jamaica Chamber of Commerce (JCC), marking the beginning of a significant partnership designed to enhance the financial well-being of employees of the Chamber’s membership. 

This collaboration will provide a range of exclusive financial products and services, supported by a strong commitment to financial literacy and education. As part of this partnership, VMPM and the wider VM Group have committed to delivering a comprehensive bundled benefits package tailored specifically for JCC member companies and their employees, aimed at meeting their unique financial needs. 

The MOU was inked at a signing ceremony at the JCC’s Half-Way Tree Road offices on Tuesday (August 13). Under the VM bundled benefits package, JCC members and their employees will have access to pre-approved credit cards, preferential rates for Foreign Exchange trading, property valuations, and margin loans.

Discounts are also being offered on insurance premiums from British Caribbean Insurance Company (BCIC), a VM Group affiliate. This is in addition to a specially curated pension solution to serve employees at all levels, including those permanently or contractually employed. 

Bolster financial strength of JCC member companies and their employees

This MOU represents a strategic move to bolster the financial strength of JCC member companies and their employees while fostering a culture of financial responsibility and growth. This partnership underscores the shared commitment of both organisations to transforming lives and supporting the economic development of Jamaica.

Group President and CEO, VM Group, Courtney Campbell is optimistic that the partnership will foster greater financial empowerment for hundreds of Jamaicans.

“VM Group has worked passionately for 146 years to provide not just transformational products and services to our customers but to make a positive impact on the lives of the people we serve. This partnership between our two institutions leverages this shared purpose and creates a powerful and potentially life-changing platform for employees of the JCC’s member companies to take meaningful steps towards their financial goals,” Campbell said. 

Phillip Ramson, president of the JCC notes that with over 80 per cent of the Jamaican workforce not covered by a pension plan, there is an urgent need for innovative solutions that ensure every Jamaican can enjoy a secure and comfortable retirement.

According to him, “the introduction of this partnership is not just a formal agreement — it is a commitment to addressing this critical issue.

Ramson said: “VM Pensions brings a wealth of expertise in pension management, and we are excited to work together to offer tailored pension schemes that meet the diverse needs of our businesses and employees.” 

For her part, Natalie Bennett, CEO of VMPM expressed her enthusiasm for the partnership, stating: “We are excited to collaborate with the Jamaica Chamber of Commerce to provide their member companies with a suite of financial solutions that will not only support their business goals but also their team members’ personal financial growth. Our focus is on delivering value at every stage of their financial journey.”

Financial education component to MOU

Recognising the importance of financial literacy in achieving long-term financial success, VMPM has also committed to partnering with JCC to deliver a comprehensive financial education programme. The programme aims to encourage saving and investing, highlight the benefits of proper financial planning, promote adequate preparation for retirement, and emphasize responsible borrowing. 

This will include both electronic and face-to-face sessions, as well as video and written communications. “We believe that financial education is the cornerstone of financial well-being,” Bennett said, “Through this partnership, we aim to empower JCC members with the knowledge and tools they need to make informed decisions, achieve their financial goals, and secure a prosperous future.”