This advisory summarises key changes to Bermuda's national
pension scheme. The National Pension Scheme (Occupational Pension)
Amendment Act 2019 (the "Amendment
Act"), which amends the National Pension Scheme
(Occupational Pension) Act 1998 (the
"Act"), effects substantive changes to
Bermuda's National Pension Scheme. The Amendment Act makes
consequential amendments to the National Pension Scheme (General)
Regulations 1999 (the "General Regulations") and the
National Pension Scheme (Financial Hardship) Regulations 2010 (the
"Financial Hardship Regulations"), (together, the
"Regulations").
The Amendment Act came into force on 30 December 2019, with some
amendments effective immediately, and others coming into force on 2
January 2020 and 2 March 2020. The Amendment Act increases the
requirements under existing provisions and introduces new
provisions which affect administrators, employers and employees. It
also provides the Pension Commission (the
"Commission") with
