MPs pension fund statements for 2007 tabled – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password

MPs pension fund statements for 2007 tabled

The financial statements for the Ministers and Senators pension fund are four years out of date.

Yesterday the 2007 statement for the fund was tabled, it stated there were $7.28 million in net assets available for benefits.

This was up $560,000 from the previous year.

Their pension plan is a contributory, defined benefit pension scheme.

Their contributions represent 25 percent of their salaries, which range from $30,367 for Opposition Senators to $224,092 for the Premier.

Auditor Heather Jacobs Matthews said the statements fairly presented the financial position of the fund that year.

In December Senator David Burt Sen said the Ministers and members of the Legislature Pension Fund had $9.4 million in assets as of March 31, 2010.

Spuring a debate about increasing pension payments he said the net assets were roughly 21 times more than the annual projected payout of some $454,000 in pension benefits.

Sen Burt added that the increase in pensions for Ministers and members of the legislature only amounted to $59,000 in additional benefit payments this year.

The pension increase meant benefits went up $1,379 bringing the total to $35,857.

You must be Registered or to post comment or to vote.

Published March 19, 2011 at 7:07 am (Updated March 19, 2011 at 7:07 am)

MPs pension fund statements for 2007 tabled

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon