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Bermuda’s National Pension Scheme (Occupational Pensions) Act 1998 introduced a mandatory pension scheme for all Bermudians and those non-Bermudians within Bermuda registered plans. The basic scheme called for 5% minimum contributions by both employer and employee within a Defined Contribution Plan structure with a maximum vesting period of 2 years.

Normal retirement age under Bermuda pension law is 65 but income may be drawn from plans after age 55 at a frequency dependent on the retirement income vehicle.

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BIAS’ Personal Retirement Plan (PRP) is fully compliant with the National Pension Scheme (Occupational Pensions) Act 1998 and operates within a master trust structure. BIAS’ plan is one of the few licenced personal plans operating in Bermuda. The plan is for individuals only who may join either at retirement or during their working career when they change jobs. The minimum asset size for new plan members is $50,000.

The most efficient way of benefiting from your pension fund under Bermuda pension law is the drawdown method. This alternative is particularly attractive when interest rates are low as annuity income levels are also low.

Annuities vs Drawdown

 

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