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MPs pass bill allowing further pension withdrawals

Helping those in need: David Burt, the Premier (File photograph)

People suffering from financial hardship because of the coronavirus pandemic will have another opportunity to dip into their pension pots.

MPs passed the National Pension Scheme (Occupational Pensions) Amendment and Validation Act 2022 on Monday. The bill allows those under the age of 65 to withdraw up to $6,000 from their pension plans.

Presenting the bill to the House, David Burt, the Premier and minister of finance, said the legislation “reflects Government’s commitment to provide an additional avenue of relief to those Bermudians who really need it”.

Government introduced similar bills in 2020 and 2021 after the pandemic put hundreds of people out of work.

But Mr Burt insisted that this would be the final time that residents will get a chance to cash in on their pension contributions early.

Mr Burt said: “The financial impact of the pandemic is still with us and many in our community are still facing economic challenges, so the Government is providing additional support and relief.

“This bill reflects government’s commitment to provide an additional avenue of relief to those Bermudians who really need it by providing – for a final time – a further voluntary withdrawal for up to $6,000.”

The bill was supported by the Opposition One Bermuda Alliance.

Cole Simons, the leader of the OBA, said: “I understand the intent and support the intent for people who are under the normal retirement age.“

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Published March 24, 2022 at 7:42 am (Updated March 24, 2022 at 7:42 am)

MPs pass bill allowing further pension withdrawals

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