75 Front Street, Hamilton HM 12 - Phone: +1 441 2963600 - Fax: +1 441 2956209 - E-mail: info@fmgroup.bm - Mailing Address: P.O. Box HM 836, Hamilton HM CX, Bermuda

Click here to apply online for a Temporary Pension Refund of Money from an Occupational Pension Plan and/or Local Retirement Product under the National Pension Scheme (Refund) (Temporary) Regulations 2020.

August 2020 Amendment to Pension Legislation

A recent announcement was made by the Government of Bermuda, amending several provisions within the Pension Act allowing members more accessibility to their funds.

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-Meyer Insurance Services Ltd at 296-3600 or email fmpension@fmgroup.bm

 

Click here to learn more about our Pension products.

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