National Pension Scheme (Occupational Pensions) Amendment (No 2) Act
Passed
Simplified for You
What this bill does
This bill makes it easier for people to access money from their pension plans early. It allows workers who haven't retired yet to withdraw up to $12,000 from their pension, and workers who reach retirement age to take out up to 25% as a lump sum even if they're still working.
If Passed (Voted Yes)
Workers under retirement age can withdraw up to $12,000 from their pension accounts during certain time periods
Workers who reach retirement age can take up to 25% of their pension as a lump sum, even if they haven't actually retired from their job
People with small pension balances under $50,000 can withdraw their entire amount when they reach retirement age
If Rejected (Voted No)
Current restrictions on early pension withdrawals remain in place
Workers would still need to actually retire before accessing most of their pension money
The rules for accessing pension funds would stay the same as they are now
Who It Affects
This affects all Bermuda workers who have occupational pension plans or local retirement products. It particularly helps people who need early access to their pension savings due to financial hardship or those who want to keep working past retirement age while accessing some of their pension money.
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 (No 2) Act
Download bill PDF