A NEW pension plan is offering a range of unique investment options to contributors.

Launched by the Argus Group, the scheme is said to "facilitate effective retirement planning", allowing members to make payments into their account at any time.

Approved by the Pension Commission, Argus' plan may be established "by anyone at any time and can also be selected on leaving employment or at retirement, under the portability options allowed under the Pensions Act".

On retirement, clients have the option of purchasing a life annuity ? when rates are most favourable ? or keeping the account invested and receiving fixed pension payments.

"For most people, saving for retirement is one of the biggest investments they will ever make," said the president and chief executive officer of the Argus Group, Gerald Simons

"Getting the most out of such a significant investment requires an approach that can accurately gauge your financial resources and your retirement goals. We are delighted to provide the Bermuda community with a product that allows individuals greater choice for the investment of their retirement savings and alternative pension plan options."

Investments are managed by Argus Financial Limited, its primary aim to preserve capital and encourage growth through long-term absolute returns.

Explained Lauren Bell, executive vice president in the Argus Group's Life and Pensions Department: "Everyone wants to have a comfortable and enjoyable retirement. Nowadays, people are living longer; retirees are spending 30 years or more in retirement.

"It is important to plan ahead if you want to maintain your standard of living during that time.

"We are confident that this product will be attractive to individuals who wish to utilise our investment expertise to accumulate funds during their working career or who wish to take advantage of our flexible pension payment options on their retirement.

"Regardless of your age or occupation, this plan will work for you."