Bermuda Amends National Pension Scheme

The National Pension Scheme (Occupational Pensions) Amendment Act 2019 (the NPS Amendment Act), the provisions of which come into force on different dates, amends the existing legislation and regulations requiring employers to establish, register, fund and maintain occupational pension plans. The NPS Amendment Act contains extensive amendments to the National Pension Scheme (Occupational Pensions) Act 1998 (the NPS Act) as amended that enhance existing provisions and introduce new provisions including provisions relating to non-Bermudian employees, civil penalties, Guidance Notes and hardship benefits for persons who are retired.  The most significant amendments and the dates they come into operation are highlighted below.