Pension Commission

Effective January 1, 2000 a mandatory pension system was established for Bermudians and spouses of Bermudians employed in Bermuda. Effective January 1, 2000 a mandatory pension system was established for Bermuda. This pension system is governed by the National Pension Scheme (Occupational Pensions) Act 1998 and its respective Amendments and Regulations , also referred to as the National Pension Scheme or the Act. The Pension Commission does not provide pension plans but is responsible for ensuring that the documentation and administration, which establish and maintain the plans, are in accordance with the Act . The National Pension Scheme requires that employers have private pension plans that meet the minimum standards under the Act. The legislation contains rovisions to ensure that all savings in such pension plans are reasonably protected. The Pension Commission is a Quasi autonomous non-government organization or QUANGO