Annuities

The Tax Advantage Plus is a deferred annuity plan, which allows you to prepare for your future by making the most of your earnings now. You can plan for the lifestyle you want at retirement and in the event of death, provide for your loved ones.

This retirement plan is tax-deductible annually up to the amounts as stated in the regulations under the Income Tax Act Chap 75:01 (“the Act”). It allows its members to decide how much they wish to contribute on a regular basis, subject to the prescribed minimum contribution.

The plan provides a flexible maturity date and should circumstances change at any time, you may also change the date selected for maturity. The Tax Advantage Plus also affords you automatic free life insurance coverage.

The plan further provides that, upon your death prior to the maturity date, your nominated beneficiary (under the plan) or estate will receive all your contributions, the interest earned as well as a life insurance payment, provided this policy has not lapsed*. These payments may be subject to the deduction of tax pursuant to the Act.

* The insurance payment is based on your total annual scheduled contribution and the age of your plan.

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Contribution	$100 and up
Distribution Income	Yes (Annually)
Tax Incentive	Yes
Life Insurance Coverage	Yes
Maturity Date	From 50th – 70th Birthday
Beneficiary	Yes
ATM Card	No

Great Benefits!

• You gain an income for life plus tax free cash lump-sum at retirement*
  
  *subject to the balance of your contributions and/or the maturity options available with your chosen annuity provider
• You get free life insurance coverage (conditions apply)
• Your contributions are tax deductible annually (subject to your annual submission to Board of Inland Revenue (BIR))
• You choose your annuity provider upon the maturity of your plan

Maturity Options

• You can commute all of your contributions and income to an annuity with your preferred provider OR
• You can request a 25% tax free lump sum payment and the remaining 75% commuted to an annuity with your preferred provider*
  
  *subject to the balance of your monthly pension value being $500 or more

Individual Account Opening Requirements

• ALL persons must disclose their foreign tax status. Click here for information on tax compliance, or to download the Customer Declaration Form
• P.E.P (Politically Exposed Persons) Declaration. Click here to download form
• Accounts for persons under 18 years must be joint with an adult; the adult must fulfill the account opening requirements.
• Original documentation is required.
• Some of our products such as Investments/ Mutual Funds, Credit Cards and Loans require additional documentation

For further information, telephone us at (868) 62-FIRST

 The Bank reserves the right to request additional information/documentation if deemed necessary.

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Trinidad and Tobago (T&T) Nationals

PROOF OF IDENTITY

One valid form of T&T identification:

• National Identification Card OR
• Drivers Permit (accepted with Birth Certificate to confirm nationality) OR
• Passport

PROOF OF RESIDENTIAL ADDRESS

The document must not be older than 3 months. Anyone (1) of the following may be used:

• Utility or Cable bill – Mobile phone bills are not accepted. Additional documentation is required, when the utility or cable bill is in the name of another person.

              – SPOUSE – Copy of Marriage Certificate

              – PROPERTY OWNER – Copy of the owner’s photo identification AND completed Address Verification Letter. Click here to download the Address Verification Letter

              – LANDLORD – Copy of Lease Agreement AND Rent Receipt (dated not older than 3 months)

              – PARENT – Birth Certificate of applicant with parent/owner noted

• T&T Government Issued documentation e.g. Tax Assessment, Board of Inland Revenue (BIR) letter/ statement
• Statement from a Financial Institution

PROOF OF INCOME/SOURCE OF DEPOSITS

• If employed – Payslip (not older than 1 month) OR Job Letter (not older than 3 months)
• If retired – Pension letter from the Government/Private Institution outlining payment details

Payslips and/or job letters should at minimum, indicate the Employer/Company name, amount and frequency of income, and job title of the employee.

Housewife/Unemployed/Student – Letter from the contributor of funds stating frequency and amount of expected deposit with:

1. a copy of the contributor’s identification and
2. job letter/payslip, or for self-employed persons, Certificate of Registration/Incorporation and recent bank statement (not older than 3 months) or 1 year’s financials (within last 3 years)

T&T Nationals residing outside of Trinidad and Tobago for an extended period are required to provide a Bank Reference (see Foreign Nationals).

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Foreign Nationals

Original documentation is required. When original documents cannot be provided, copies should be certified by a T&T Embassy/Consulate Office or Bank as a true image of the original.

 PROOF OF IDENTITY

• Valid Passport

 PROOF OF RESIDENTIAL ADDRESS

• For residents of T&T: Requirements as stated for T&T Nationals OR Letter of Appointment/Employment Contract stating local address
• For residents outside of T&T: Foreign Utility Bill OR Foreign Bank Correspondence

PROOF OF INCOME/SOURCE OF DEPOSITS

• Requirements as stated for T&T Nationals
• For foreign nationals employed in T&T a Valid Work Permit OR CARICOM Single Market and Economy (CSME) Skills Certificate is also required

BANK REFERENCE

The letter must:

• Be prepared on Bank letterhead, dated, signed and stamped/sealed by an authorised signatory; and
• Confirm the existence of a banking relationship or past banking relationship (duration and/or opening date)

For further information, telephone us at (868) 62-FIRST