The Government of Bermuda recently announced in the 2022 Budgetary Statement that there will be a further amendment to the National Pension Scheme (Occupational Pensions) Act 1998, in relation to the Temporary Refund Withdrawal.
PLEASE NOTE the existing $6,000 temporary pension refund withdrawal is still in effect and is not set to expire until June 30th, 2022. Therefore, the proposed final onetime emergency temporary pension refund withdrawal would not be effective until at least July 1st, 2022 when the previous temporary pension refund withdrawal expires.
The below noted criteria will help you determine whether you may be considered eligible.
1. Are you a member of a defined contribution pension plan or local retirement product?
If you answer yes – then you might be eligible.
2. Are you under the age of 65 years?
If you answer yes – then you might be eligible.
We are asking all pension members who are interested in applying for the final onetime emergency temporary pension refund to ensure they are ready; this means making sure you have all the information available:
Do you have the following:
*Valid government issued photo identification
*Up to date utility bill – showing residential address
*Bank account details
*Email address
*Access to a computer and printer / cell phone with scanning capabilities
Once we have received confirmation from the Pension Commission regarding the effective start date of the final onetime emergency temporary pension refund, along with any updates in eligibility criteria, we will make the necessary updates to our online form. To learn more, please check our NEWSROOM updates regularly.