As Hurricane Teddy passes by Bermuda, the BF&M office is closed today, Monday, September 21.
Please note our online Quote and Buy service for Marine and Home Insurance is currently suspended. Please call 295 5566 option 4 for assistance.

The application process for a one-time Pension refund per the Covid-19 Pension Act Amendment is NOW OPEN.  Click here to apply

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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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+1-441-295-5566