Sweeping changes to Bermuda's pensions regime are underway
that could result in private-sector employers and their employees
seeing significant alterations to their existing pension
arrangements.
Royal Assent was given at the end of last year to the National
Pension Scheme (Occupational Pensions) Amendment Act 2019 and the
National Pension Scheme (Occupational Pensions) Temporary Amendment
Act 2019.
The new laws have attracted much interest during their passage
through the legislative process.
Among the most eye-catching changes is the requirement that,
from March 2, 2020, employers will need to provide pensions for all
employees over the age of 23 who have not reached retirement age,
regardless of immigration status, save for American work permit
holders who already contribute to a 401(k) pension plan and work
permit holders who permit is for a period of 12 months or less.
