As 2020 is coming to an end, just a friendly reminder of the forms that are now available online and what to expect for January 2021.
- Temporary Refund Withdrawal Form – https://www.fmgroup.bm/pension-refund-form/
As a reminder, all applications for the $12,000 pension withdrawal must be completed and submitted before June 30th, 2021 and it is only a ONETIME withdrawal. Please click on the link above to learn about all the eligibility requirements.
- Small Pension Balance Withdrawal Form – https://www.fmgroup.bm/small-pensions-application/
As a reminder, this new legislation is now in effect, allowing pension members 65 years of age or older who collectively have pension balances $50,000 or less to take those proceeds as a onetime distribution. Please click on the link above to learn about all the eligibility requirements.
- 25% Lumpsum Withdrawal
As a reminder, this new legislation is now in effect, allowing pension members 65 years of age or older to withdrawal 25% of their defined contribution pension plan or personal retirement plan. However, the application is made directly with the Pension Commission but you will need a statement. Just log in to your account https://www.fmgroup.bm/products/pensions/pension-plans/ – click account login tab.
- Pension Locator Form – https://www.fmgroup.bm/pension-plan-locator-form/
Trying to figure out whether you have a pension account with Freisenbruch-Meyer, use the about link and complete the information required, providing some supporting documents. We are then happy to do the research.
- Retiree pension distributions for 2021
Tis’ the season, just a reminder Freisenbruch-Meyer calculates the 2021 pension distributions on December 31st, 2020 which means we will not know how much your annual drawdown amount will be until after that date, so hang tight, we will let you know shortly in the New Year!