National Pension Scheme (Occupational Pensions) Amendment Act
Passed
Simplified for You
What this bill does
This bill allows people to withdraw up to $6,000 from their workplace pension savings as a one-time lump sum payment, even if they haven't reached retirement age yet. It's a temporary measure that lets workers access some of their pension money early during a specific time period that the government will set.
If Passed (Voted Yes)
Workers and former workers can take out up to $6,000 from their defined contribution pension plans or local retirement products before retiring
This early withdrawal is allowed even if someone already received a pension refund in the past under existing rules
The withdrawal will only be available during a specific time period that the government decides
If Rejected (Voted No)
People would continue to be unable to access their pension savings before reaching normal retirement age
Workers would have to wait until they retire to access these funds, except in very limited circumstances already allowed by law
No temporary relief option would be available for people who need early access to their retirement savings
Who It Affects
This primarily affects current and former employees in Bermuda who have workplace pension plans or local retirement products and haven't reached retirement age yet. It especially benefits those who may need financial assistance but whose money is currently locked away in their pension accounts.
Vote counts are not published.
The Bermuda Parliament does not publicly record individual vote counts or how each member voted.
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Related Bill
National Pension Scheme (Occupational Pensions) Amendment Act
Download bill PDF