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Business Hours: Monday – Friday, 8:00am to 5:00pm. We encourage you to reach us by phone or online.
For customer service and all business enquiries, call +1 441 295 5566  ◦  For website support or to set up an online account, call +1 441 298 0301
 
The application process for the one-time Pension Withdrawal of up to $6,000 per the COVID-19 Pension Act Amendment is NOW OPEN.  Click here for details or to apply
For questions regarding the pension withdrawal, call +1 441 298 0358 or email customercare@bfm.bm

Back to FAQs

What are my pension options upon leaving employment?

When you know you will be leaving your employment, you should ask your HR representative for a Termination Form to complete. The form needs to be completed by both you and your employer. You will have to make an election on what to do with your pension funds. The options available to you depend on the following criteria:

  • Type of plan you are in (e.g. registered versus non-registered)
  • Whether or not you are vested, and
  • The amount you have in your account
  • If you are in a registered pension plan and you are vested, your funds will be locked in.

The options available to you are:

  • Transfer your funds to a Prescribed Retirement Product
  • Transfer your funds to your new employer’s plan or another financial institution pension plan
  • Purchase a deferred annuity
  • It is important to realize that there are very few circumstances under which you can receive your funds as a lump-sum payment. This option is only available if you are not vested, have nonlocked-in funds, or are a member of a non-registered plan that allows for lump sum refunds.

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