In light of the stay-at-home order from the Bermuda Government, BF&M’s Bermuda offices are closed to walk-in customers until further notice.

Please note that physical dropbox collections are also discontinued until further notice.

We remain open for business online and by phone.

  • For customer service and for all business enquiries, call +1 441 295 5566.
  • For website support or to set up an online account, call +1 441 298 0301.

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What is a surplus account and how does it work?

A surplus account, otherwise referred to as a forfeiture account, is an account relevant for group pension plans. Pension plans provide specific vesting (entitlement to a share in a pension fund) provisions which indicate how long an employee needs to be with the company before they become vested in the employer’s contributions to the plan. If an employee terminates employment before vesting, the employer portion of the contributions to the plan on behalf of that member is redirected to the surplus account. These forfeiture amounts may be applied against future contributions of the plan only if the plan is up-to-date with all contributions and any reporting requirements.

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