Old-age pensions

Bermuda: Lump-Sum Withdrawals for Occupational Pension Plans for members younger than the retirement age

Submitted by mmarquez on

ssa.gov (01.06.2020) For members from certain occupational pension plans that are younger than age 65 (the normal retirement age) and who are not yet retired may request one-time withdrawals of up to B$12,000 (US$12,000) from their account balances. The deadline for requests is June 30, 2021, and pension plan administrators must process the withdrawals within 20 business days after approving a request. This measure is part of an economic relief package for persons affected by the COVID-19.

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bermuda
Global challenges
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Old-age pensions

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