So, what’s new and how do they apply to you?
1. Thinking of applying for the onetime $12,000 Temporary Refund?
Eligibility requirements:
• Applications must be made through a defined contribution pension plan or local retirement product
• Applications must be submitted by June 30th, 2021
• Must be under the age of 65
2. Thinking of applying for the 25% lump-sum withdrawal?
Eligibility requirements:
• Applications must be made through a defined contribution pension plan or local retirement product
• Must be 65 years or older
3. Small Balance Refund
Eligibility requirements:
• Applications must be made through a defined contribution pension plan or local retirement product
• Must be 65 years or older
• Pension balance must not exceed $50,000
For more information and to understand the rules surrounding these amendments, please contact Freisenbruch Insurance Services Ltd at 296-3600 or email fmpension@fmgroup.bm