Legislative Amendments to the National Pension Scheme

This advisory summarises key changes to Bermuda's national pension scheme. The National Pension Scheme (Occupational Pension) Amendment Act 2019 (the "Amendment Act"), which amends the National Pension Scheme (Occupational Pension) Act 1998 (the "Act"), effects substantive changes to Bermuda's National Pension Scheme. The Amendment Act makes consequential amendments to the National Pension Scheme (General) Regulations 1999 (the "General Regulations") and the National Pension Scheme (Financial Hardship) Regulations 2010 (the "Financial Hardship Regulations"), (together, the "Regulations").

The Amendment Act came into force on 30 December 2019, with some amendments effective immediately, and others coming into force on 2 January 2020 and 2 March 2020. The Amendment Act increases the requirements under existing provisions and introduces new provisions which affect administrators, employers and employees. It also provides the Pension Commission (the "Commission") with wider powers over the administration of pension plans, pension funds and local retirement products.

 

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