Legislative Amendments To The National Pension Scheme – Part II

Following our advisory on the legislative amendments to the National Pension Scheme dated 17 February 2020, the Minister of Finance announced on Friday 28 February 2020 that certain provisions of the National Pension Scheme (Occupational Pensions) Amendment Act 2019 (the "Amendment Act") would not become operative on 2 March 2020 as originally intended.

In accordance with the Amendment Act, it was anticipated that as of 2 March 2020, the enrolment in a registered pension plan was no longer limited to Bermudians or the spouse of a Bermudian, as the definition of 'employee' had been extended to any person who is employed by an employer, except those persons who had been granted permission under the Bermuda Immigration and Protection Act 1956 to engage in gainful occupation in Bermuda, unless that person has been granted such permission for an aggregate period not exceeding 12 months. However, as announced by the Minister, the National Pension Scheme (Occupational