Premier Paula Cox promised to take a detailed look at the Island's pension system as part of her plan for Bermuda.

Listed in her National Plan presented to Progressive Labour Party delegates, the new Premier said Government would look at both public and private pensions to determine if they are at appropriate levels, and consider closing the gap between the pensions received by Bermudians and non-nationals.

Government pensions were not increased this year after eight years of successive increases and the level of contributions to the Contributory Pension Fund were frozen.

While Shadow Health Minister Louise Jackson said the freeze was due to overspending, Mrs. Cox said past increases have put pensions high enough that another increase was not needed. She however said that an increase could occur next summer.

"For seniors, the near 50 percent increase in pension benefits put through by this administration since its time in Government is above the underlying trend rate of inflation," Ms. Cox said in June.

"It is anticipated that both contributions and benefits will be adjusted during the next review period and uplifted in August 2011."

The plan also includes a review of the eligibility requirements for non-contributory pensions and looking at the possibility of giving public sector employees more flexibility in accessing their benefits early.

The National Pension Scheme Amendment Act currently allows some Bermudians to access some of their private pension before retirement.

To be eligible, residents must be unemployed for at least a year and be struggling to pay for their homes, medical treatment of children's education. The maximum refund amount is 20 percent of the balance.

Only one application is allowed in a five-year period, and only two successful applications can be made in the applicant's lifetime.

When the amendments were debated in the House of Assembly, Mrs. Cox said during the current period of high employment, it was important to give people at risk of losing their homes or unable to educate their children some relief.

Shadow Finance Minister Bob Richards however stressed how important it is to be strict and careful about allowing people to reach into their pensions early.