Argus Insurance yesterday unveiled an investment package for employees aimed at helping them save money as a payroll deduction ? the first of its kind in Bermuda.

The company hopes that having savings taken off wages at source will help workers save for their futures as well as being a welcome perk that employers can offer employees to entice them to stay in the company.

This will mean that savings will be taken off an employee?s wage, along with pension and medical insurance.

?For over 50 years Argus has been an innovative leader in the insurance industry, providing high quality insurance and retirement products to the Bermudian community,? said the company in a release.

?We were the first to offer group health, major medical and dental insurance in Bermuda and the first to offer mutual fund investment opportunities and on-line balances under our pension plans.

Now we are the first to offer individual investment plans via a payroll deduction.?

Argus said that the continued success of any business was dependent on attracting, and keeping, key employees and one of the most effective ways to do this was by providing good employee benefits.

And Argus is hoping that companies and their employees will take up this new way of saving as a perk that will help attract and keep employees at the same job.

Deposits will be for a minimum amount of $3,000 by the end of the first full calendar year, with minimum required deposits of $1,200 for each calendar year after that.

The money will be put into a pre-determined investment option, which will include funds, called the Argus Select Portfolio.

There are no guaranteed rates of return as the markets fluctuate, but a five year interest rate is credited to the fixed income portion of the account based on rates of fixed interest securities.

Argus said that there were advantages to the employer as there is no cost to set it up and simple administration with the option of electronic payments.

The employee gets reduced fees, flexibility in the amount paid out and the convenience of payroll deduction and access to their balance on-line

As with Argus pensions, there are several investment options, which range from guaranteed interest, to conservative growth with 40 percent equity and 30 percent guaranteed interest, 25 percent bond funds and five percent alternative funds.

Moderate growth is 50 percent equity funds, 25 percent bond funds, 20 percent guaranteed interest and five percent alternative funds. Aggressive growth is 65 percent equity funds, 15 percent bond funds and 10 percent each of guaranteed interest and alternative fund.

The Argus Select Portfolio is managed by the Argus Group, with Kast Investment Management as its investment advisor.

Withdrawals are allowed twice in any year, as long as they do not reduce the account balance below $3,000 a year, but Argus said it encourages investing for specific periods and purposes.

And when the person finishes working at their post, they can transfer the value of the account to a separate individual plan.

Employers just have to get a package from Argus which includes a sign-up sheet for interested employees and presentations for staff.