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Bermuda as a Base for International Pensions

A number of international companies have for many years chosen Bermuda as the location for the establishment of one or more pension plans. In recent years, largely as a consequence of the enactment of the National Pension Scheme (Occupational Pensions) Act 1998, as amended (which mandates pension provision for Bermudians and their husbands and wives pursuant to pension regulations of some complexity), Bermuda based pension service suppliers have developed and are continuing to develop an increased level of expertise and have put in place systems to comply with the provisions of that act. This is resulting in a new, focused industry addressed to providing the trustee, administration and investment management functions associated with the provision of pensions.

As a business-friendly international financial centre, Bermuda is now well placed to employ those same services to meet the pension requirements of international pension plans formed in Bermuda. Bermuda is particularly well placed as a base for the pensions of globally mobile employees who move from jurisdiction to jurisdiction and who can remain in one Bermuda international pension plan rather than be moved from one jurisdiction based plan to another. Such international pension plans can be either registered under a voluntary registration mechanism contained in the Pension Trust Funds Act, 1966, as amended (“the Act”) or unregistered.

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Bermuda as a Base for International Pensions

 




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Articles

Bermuda as a Base for International Pensions

A number of international companies have for many years chosen Bermuda as the location for the establishment of one or more pension plans. In recent years, largely as a consequence of the enactment of the National Pension Scheme (Occupational Pensions) Act 1998, as amended (which mandates pension provision for Bermudians and their husbands and wives pursuant to pension regulations of some complexity), Bermuda based pension service suppliers have developed and are continuing to develop an increased level of expertise and have put in place systems to comply with the provisions of that act. This is resulting in a new, focused industry addressed to providing the trustee, administration and investment management functions associated with the provision of pensions.

As a business-friendly international financial centre, Bermuda is now well placed to employ those same services to meet the pension requirements of international pension plans formed in Bermuda. Bermuda is particularly well placed as a base for the pensions of globally mobile employees who move from jurisdiction to jurisdiction and who can remain in one Bermuda international pension plan rather than be moved from one jurisdiction based plan to another. Such international pension plans can be either registered under a voluntary registration mechanism contained in the Pension Trust Funds Act, 1966, as amended (“the Act”) or unregistered.

Learn more in the article below.

 

To continue reading full articles in PDF format:
Bermuda as a Base for International Pensions

 




 

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