Talking pension fund management with Gamila Seville

GAMILA Seville is the Corporate Manager, Fund Administration, JMMB Funds.

AW: What was your first job and your salary?

GS: My first full-time job was a pension administrator and I started with approximately J$1M per year. In addition to paid study days, the company also paid for professional exams I was sitting at the time.

AW: How did you get into pension fund management and why are you so passionate about the industry?

GS: It was a natural progression to pursue a career in pension fund management, based on my first degree in actuarial sciences from UWI, Mona. Having been exposed to the field during my undergraduate studies, I found it quite interesting, then later was offered a position as a pension administrator.

Over the years I simply developed a deeper appreciation for the field as it complemented my love for figures and my people-centric nature.

I am passionate about pension fund management as I believe there is an extensive knowledge gap that can be filled through retirement education and planning. Statistics indicate that only 10-11 per cent of the Jamaican population is currently actively contributing to a private pension arrangement, therefore the majority of our nation is ill-prepared financially for their later years. Most people are unaware of the exponential impact of practising small, consistent saving at an early age towards income at retirement.

AW: What does your role as corporate manager, fund administration at JMMB Fund Managers entail?

GS: I am responsible for the operational functions for all collective investment schemes (CIS), namely unit trusts and mutual funds; superannuation plans and retirement schemes managed by JMMB in Jamaica and Trinidad & Tobago. This responsibility extends to ensuring full regulatory compliance of all funds and schemes. My core duties include creating and supporting JMMB Fund Managers Limited’s strategic focus through leveraging technology, development and improvement of policies and procedures, as well as change and data management.

AW: What is one of the biggest myths about pension that you would want to dispel?

GS: The biggest myth is that planning for retirement should start closer to retirement age. Although it is never too late to start, starting later in life means that you are now behind the eight ball. Retirement can best be described by the proverb, ‘you reap what you sow,’ as the value of your retirement payments is highly correlated to the total of your savings during your working years. It is therefore prudent to start saving early with smaller, consistent amounts and boost your income during the payout phase of the retirement cycle or your post-working years.

AW: What is your advice to women about retirement planning?

GS: A fun fact is a woman’s life expectancy is longer than that of a man, which means that women need to pay keener attention to retirement planning.

My advice has always been to start now, utilising all the investment vehicles aimed at maximising savings for retirement. The law allows for a maximum contribution of 20 per cent before tax of one’s annual salary towards a registered private pension arrangement; I would therefore encourage, where possible, that the maximum is contributed because of the tax benefits applicable. I would also recommend that women explore additional investments to supplement the registered pension arrangements, as they boost your retirement portfolio and provide secure, adequate income during retirement.

AW: Have you drawn professional inspiration from other women? Tell us about someone who has inspired you.

GS: This one is a bit tricky because within my immediate circle and my team there are so many phenomenal women who exude traits that inspire me. I admire these women for their selflessness, unconditional love, resilience and their ability to defy the status quo. Their stories and choices combined keep me inspired.

AW: As a mother, manager and wife, how have you managed to juggle it all especially during the pandemic?

GS: At the onset of the pandemic it was extremely hard to balance the many roles in a ‘new normal’. My husband, Derron, and I were deliberate about our choices in order to balance all our responsibilities, and this helped me to adjust. It was important for me to be anchored in gratitude and positive affirmations and with my solid support system in the form of my partner and extended family, I am happy I have found balance.

I was also mindful that my responses to the many adversities presented by COVID-19 were teaching moments to my eight- and three-year-old daughters, Llori and Savannah. This propelled me to change my perspective and general outlook.

AW: Where is your go-to source of inspiration?

GS: Solace starts in the mind. When I need inspiration and motivation, I seek mental stability and this comes from my strong Christian faith, in addition to reading and listening to inspirational podcasts. My family is also a constant source of motivation.

AW: What does self-care/unwinding look like for you?

GS: For me, self-care is simply getting lost in an engaging book/movie and a relaxing foot rub.

AW: What’s your biggest pet peeve?

GS: My biggest pet peeve is dishonesty. This practice shows a lack of accountability and waivers trust at all levels.

AW: If you could only eat one meal for the rest of your life, what would it be?

GS: Escoveitch fish with pickled onions and pepper and festival!

AW: If you could live in any country in the world, where would you choose and why?

GS: From the countries I have visited so far, I would still choose to live in Jamaica. I love our culture, food, climate and beaches. I am truly in love with the charm and vibrancy of our people and music.