National Pension Scheme (Occupational Pensions) Amendment Act 2024

What this bill does

This bill allows people with pension accounts to withdraw some of their retirement savings early to help buy their first home in Bermuda. It also gives the government power to create rules that would let people invest part of their pension money in Bermuda-based investments before they retire.

If passed (voted YES)

• People under 45 can withdraw up to 30% of their pension savings, and people 45-64 can withdraw up to 15%, to buy their first home in Bermuda for themselves, their spouse, or their child
• The government can create new rules allowing people to invest part of their pension money in local Bermuda investments before retirement
• If a home purchase falls through, the seller must return the pension money, and the government can take legal action to recover it if needed

If rejected (voted NO)

• People cannot access their pension savings early for home purchases and must wait until retirement age
• No new local investment options would be available for pension funds
• Current pension rules remain unchanged, with limited early withdrawal options

Who it affects

This primarily affects working Bermudians with defined contribution pension plans or local retirement products who want to buy their first home or invest locally before reaching retirement age. It especially benefits younger workers under 45 who can access a larger percentage of their savings.