Dear valued customers,

Please note the following important information:

You may be eligible for the second temporary pension refund of up to $6,000 effective from July 5, 2021, to June 29, 2022, if you are:

  • Under the age of 65
  • A member of a defined contribution pension plan or a local retirement product that falls under the National Pension Scheme (Occupational Pensions) Act 1998

What you will need to apply:

  • A valid email address

  • Valid Government-issued Photo ID (certified). Under normal circumstances the ID must be certified, however while we are working remotely, we will accept a copy of your valid photo ID plus a close-up photo (selfie) of you holding the ID near your face. Your face and the ID must be clearly visible.

  • Current bank statement (within three months) showing your name and the complete bank account number.

  • The bank statement and certified ID must be uploaded to the online application form at the time of application.

YOU CANNOT APPLY FOR A REFUND OF MONEY IF:

  • The money you seek to have refunded is not governed by or under the National Pension Scheme (Occupational Pensions) Act 1998.
  • You have already applied for a temporary refund of pension funds in other National Pension Scheme occupational pension plans or local retirement products which, when added to the refund request from this plan or local retirement product, amounts to more than $6,000.
  • You have purchased an annuity. You cannot request a Pension refund from an annuity.
  • Your plan is a defined benefit plan.

Please note that the third and final temporary refund has not yet come into effect. Once the proposed legislation has been enacted, we will update our information on how and when to apply.

Regarding the up to 25% Lump Sum Cash Withdrawal for members of pension plans or retirement products under the National Pension Scheme who are aged 65 and older, please contact the Pension Commission directly on 441-295-8672 or email at info@pensioncommission.bm. Coralisle Pension Services Ltd. will be happy to provide you with a current statement to accompany the application.

National Pension Scheme (Occupational Pensions) Amendment Act 2021 Frequently Asked Questions (FAQs)

The Government of Bermuda recently amended the National Pension Scheme (Occupational Pensions) Act 1998 to permit eligible members of private occupational pension plans, and local retirement products as appropriate considering hardships which persons may face because of the COVID-19 pandemic:

  • a) to make a voluntary withdrawal of up to $6,000, or
  • b) take 25% of their pension account balances.

A. For the up to $6,000 Temporary Pension Refund, apply to Coralisle Pension Services Ltd. or other pension administrator.
Criteria: Applicants must be under 65. You cannot apply if you are in a defined benefit plan or have purchased an annuity.

B. For the 25% lump sum withdrawal, you must apply directly to the Pension Commission.
Criteria: Applicants must be 65 and older.

You may apply online and will need valid certified photo ID, a copy of your bank statement, and an email address.

You may log into your account online if you have set it up and view/print off a current statement. Otherwise, you may request a statement or instructions for how to set up your online account from CG Pensions by emailing pensions_members_bm@cgcoralisle.com.

There will be a seven (7) business day timeframe to receive a pension statement once requested. After the application has been received, there will be a review process of fourteen (14) days. Once the application has been approved, you will be notified, and CG Pensions will have twenty (20) business days to make the requested payment.

Yes, if an application is denied, you will be notified with the reasons for the denial.

Yes, if an application is denied and you are still eligible, you can apply again by resubmitting the application form and providing all requested information.

You can apply to more than one provider, however the total amount that you request cannot be more than $6,000.

Once the Pension Commission has approved the application they will notify CG Pensions and CG Pensions will have twenty (20) business days from the approval date to make the payment.

You will have until June 29, 2022 to apply for the Temporary Pension Refund up to $6,000. There is no time limit for those 65 and over to make an application for the 25% lump sum withdrawal.

How to contact us:

Pension Portal: https://mypension.cgcoralisle.com/LVdcWeb/
Pensions refund queries only: pensioncovid19_bm@cgcoralisle.com
General pension queries: pensions_members_bm@cgcoralisle.com
Web login queries: MyPension@cgcoralisle.com
Telephone: 441-296-7526

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