National Pension Scheme Amendments

Here’s what we know to help you prepare


Application Form

You can apply for the $6,000 Temporary Pensions Refund here.

Complete Form


What withdrawal options are available?

  • Temporary Refund - as of July 1, 2021, individuals will be able to make a one-time application for up to $6,000 from a defined contribution pension plan and/or local retirement product. The deadline to apply is June 30, 2022. (The application for the first Temporary Refund of up to $12,000 closed on June 30, 2021).

  • 25% Lump Sum – individuals over 65 will be able to withdraw 25% of their current pension balance, there is currently no application deadline.

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, can make a one-time application for this refund of their vested contributions.

  • 25% Lump Sum – you must be 65 or older 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 how to apply:

    • Complete an online Application Form for your pension plan. You will be instructed to upload the following: 
      • Valid Government issued photo ID
      • Clear photo of you holding your Government issued ID next to your face

  • 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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