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Who We Are
Effective January 1, 2000 a mandatory pension system was established for Bermuda. This pension system is governed by the National Pension Scheme (Occupational Pensions) Act 1998 and its respective Amendments and Regulations , also referred to as the National Pension Scheme or the “Act”.

The Pension Commission does not provide pension plans but is responsible for ensuring that the documentation and administration, which establish and maintain the plans, are in accordance with the Act . The National Pension Scheme requires that employers have private pension plans that meet the minimum standards under the Act. The legislation contains rovisions to ensure that all savings in such pension plans are reasonably protected. The Pension Commission is a Quasi autonomous non-government organization or QUANGO.
 
Our Mission

To protect beneficiaries in Occupational Pension Schemes under the National Pension Scheme (Occupational Pensions) Act 1998.

Our Functions

The Pension Commission is a body corporate with perpetual succession and a common seal. The functions of the Pension Commission are detailed in section 56 of the Act, and are outlined as follows:

  • To administer the Act and the regulations .
  • To consider and determine applications for the registration of pension plans.
  • To promote and ensure compliance, by pension plans, with the provisions of the Act and the regulations .
  • To monitor the administration, and funding, of pension plans and to enforce the provisions of the Act and the regulations in respect of such administration and funding.
  • To verify the payment of benefits under pension plans.
  • To promote public education on pension plans and their benefits.
  • To advise the Minister of Finance on any matter relating to pensions, including the development of laws relating to pension plans.
  • To provide such information relating to its functions as the Minister of Finance may require.
  • To investigate complaints relating to a pension plan and a pension fund.
  • To perform any other functions provided for in or under the Act.

 

 
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