The National Pension Scheme (Occupational Pensions) Act 1998 and Regulations made thereunder (click here: Act and Regulations) provide (amongst other things) for the establishment and functions of the Pension Commission as well as the statutory basis for the mandatory establishment, registration, administration, membership, funding, contributions, vesting, locking-in, retirement, benefits and overall regulation of private, occupational pension schemes in Bermuda.
Since 1 January, 2000 an employer in Bermuda, who employs a Bermudian or the husband or wife of a Bermudian employee in Bermuda that has attained the age of 23 and who has completed 720 hours of employment with them in any given calendar year prior to membership in the pension plan, must establish and enroll such employees as members of the employer’s registered pension plan and make required contributions. An employer may permit earlier enrollment for such employees. They may also voluntarily permit non-Bermudian employees to participate in their registered pension plan.
The Act and Regulations also require and provide for self-employed persons to establish and contribute to registered self-employment pension plans, subject to satisfying specified criteria. Various refunds are also provided under the Act and Regulations.