Minister Eugene Cox to put on hold legislation for a national pension scheme.

BEC President Gerald Simons said the Minister was right to postpone the date of the Occupational Pensions Act so that "outstanding questions can be answered''.

The Act, which sets out regulations for all employers and employees to pay into a pension fund, was due to come into effect in January 2000.

"The delay will provide time for many outstanding questions to be answered and, if necessary, any amendments to be made to the Act,'' Mr. Simons said.

"Most importantly the delay will enable there to be greater dialogue between the various organisations in Bermuda which have an interest in pensions. The Bermuda Employers' Council hopes that the Minister will provide a forum within which trade unions, employers, pension providers and others can address the outstanding issues.'' Earlier this month Shadow Finance Minister Grant Gibbons accused the Government of "dropping the ball'' when it decided to postpone the legislation.

"Delays in implementation could create confusion and incur unnecessary expenses and lost time for both service companies and employers,'' Dr. Gibbons said.