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ARTICLE · 05 FEBRUARY 2020

Bermuda Amends National Pension Scheme - UPDATE

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Following our alert of 30 December on recent amendments to the National Pension Scheme, there are two updates: the National Pension Scheme (Occupational Pensions) Amendment Act 2019 (No. 2)

BermudaEmployment and HR
Conyers
Conyers
Craig MacIntyre
Craig MacIntyre
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Following our alert of 30 December on recent amendments to the National Pension Scheme, there are two updates: the National Pension Scheme (Occupational Pensions) Amendment Act 2019 (No. 2) Commencement Notice 2019 (the "No. 2 Notice") and the National Pension Scheme (Occupational Pensions) Temporary Amendment Act 2019 (the "Temporary Act").

The No. 2 Notice

The National Pension Scheme (Occupational Pensions) Amendment Act 2019 Commencement Notice 2019 has been revoked by the No. 2 Notice. The only substantive change occasioned by the issuance of the No. 2 Notice is a change to the operative date for the amendment to the variation of payment to disabled persons provision. With effect from 2 March 2020, a pension plan that permits variation in the terms of payment of a pension by reason of a member having a mental or physical disability requires an opinion of a qualified medical practitioner that the disability is likely to reduce the member's life expectancy to

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