The Construction Pension Fund (the “Fund”) was established by a declaration of trust dated 1 January, 1987 in recognition of the employers in the construction industry and the Bermuda Industrial Union entering into a collective bargaining agreement to provide retirement benefits to eligible employees.
Effective 28 February, 2011 in recognition that there were no more active employers or employees participating in the Fund, the trustees terminated the Fund and made attempts to contact former members to provide them with any refunds they were entitled to. Despite these efforts and a number of former members receiving such refunds, there were still a large number that were not able to be reached or when reached, decided not to claim their refunds.
The Commission received an application in 2014 from the trustees to wind-up the Fund, which was subsequently approved. Nevertheless, the trustees continued to make efforts to contact the Fund’s former members.
In 2018, the remaining trustee resigned, and the funds were transferred to the Commission’s accounts in 2019 to enable former members to be able to make claims for their eligible refunds.
Former members or their beneficiaries are invited to contact the Commission in order to determine if they are entitled to a refund from the Fund.