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ARTICLE · 08 JUNE 2020

Further Amendments To Bermuda's Pension Scheme

Carey Olsen
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On 8 May 2020, the Bermuda House of Assembly fast-tracked further amendments to the the National Pension Scheme (Occupational Pensions) Act 1998 (Act). The National Pension Scheme (Occupational Pensions)...

BermudaEmployment and HR
Michael Hanson
Michael Hanson
Jay Webster
Jay Webster
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The National Pension Scheme (Occupational Pensions) Act 1998 amendments

On 8 May 2020, the Bermuda House of Assembly fast-tracked further amendments to the the National Pension Scheme (Occupational Pensions) Act 1998 (Act). The National Pension Scheme (Occupational Pensions) Amendment Act 2020 (Amendment Act), which received approval by the Senate on 13 May 2020, awaits signature and confirmation by the Governor of Bermuda. Once approved and operational, the Amendment Act will provide persons with emergency relief to financial hardship during these unprecedented times.

Which sections of the Act will be amended?

  • Section 24; and
  • Section 35 of the Act.

What do the proposed amendments mean?

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