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 30, 2023 to apply for the Temporary Pension Refund of up to $6,000. There is no time limit for those 65 and over to make an application for the 25% lump sum withdrawal.