Bermuda Monetary Authority employees will be allowed to leave BMA's private pension plan and rejoin the Public Service Superannuation Fund, under legislation passed in the Senate yesterday.

The amendment to the Public Service Superannuation Act applies to current BMA employees who were with the authority when it established its own private pension scheme on January 1, 2002; and to those who had been contributing to the PSSF immediately before joining BMA in the years since then.

However, Attorney General Kim Wilson, reading the brief on behalf of the Finance Ministry, told the Upper House the act will also officially disapply the PSSF to BMA employees going forward.

Sen. Wilson said: "This proposal supports the operational independence of the BMA, while at the same time allowing eligible BMA employees to retain valuable pension benefits if they opt to."

Also yesterday, senators approved the Institute of Chartered Accountants of Bermuda Amendment Act, which aims to help regulate the discipline and professional conduct of ICAB's members and students.

The act allows for two non-members of ICAB to sit aboard its council, one of whom can be appointed by its affiliated group, the Canadian Institute of Chartered Accountants.