National Pension Scheme Amendments

Here’s what we know to help you prepare

Last updated: June 1, 2020. We will update this page as new information becomes available.

What is happening?

The amendment to the National Pension Scheme (Occupational Pensions) Amendment Act 2020 (‘NPS’) legislation was passed in the House of Assembly and is effective from June 1, 2020 until June 30, 2021.


What amendments were approved?

  • Access to a Temporary Refund from defined contribution pension plans and/or local retirement products up to $12,000. You will be able to make your one time application up until June 2021.

  • At retirement, a Lump Sum cash withdrawal of 25% of your current pension balance.

Who can apply?

  • Temporary Refund - a member or former member of a group or individual defined contribution pension plan or a local retirement product under the age of 65 who has not retired, can make a one-time application for this refund of their vested contributions.

  • 25% Lump Sum – you must be 65 or older and have retired from the workforce and not already receiving an annuity.

How will I know what my vested account balance is for the Temporary Refund?

Refer to your latest pension statement, available via our Argus Vantage portal. Alternatively, you can send an email to pensionsqueries@argus.bm to request a statement.

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How do I apply for a Temporary Refund or 25% Lump Sum?

  • Temporary Refund – Once you have reviewed your current pension statement and determined your vested account balance, here is what you need to apply:

    • Completed Application form. Photos of the completed and signed application form will be accepted
    • Valid Government issued photo ID
    • Clear photo of you holding your Government issued ID next to your face
    • Completed application form and additional documentation should be emailed to pensionsqueries@argus.bm.

  • 25% Lump Sum – The application form is available from the Pension Commission and should be submitted directly to the Pension Commission along with any additional required documentation. The Pension Commission can be contacted via email at info@pensioncommission.bm or on 295-8672.

How long will it take to receive my Temporary Refund?

Upon receipt of a fully completed application, Argus will review and approve the request within 10 working days and provide the refund to members via cheque or bank transfer within 20 working days. Any missing information will delay the approval process.


How long will it take to receive my 25% Lump Sum?

Once the Pension Commission approves your application, Argus will provide the payment within 20 working days.

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