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.

National Pension Scheme

Special Amendment—Temporary Pension Refund

Temporary Pension Refund application process now open

In response to the Covid-19 crisis, the National Pension Scheme (Occupational Pensions) Act 1998 has been amended to allow temporary access to a one-time withdrawal by eligible persons from their occupational pension plan or local retirement product for a limited time. The application process is now open.

Applications can be made until June 30, 2021 only.
After this date, the window to apply for temporary access will be closed.

We encourage you to consider that funds are invested with a long-term view. Withdrawing funds in a volatile market may negatively impact the amount a member has available to upon retirement. We want to ensure that members are not short of funds upon which they may be dependent when they reach pensionable age.


Are you eligible?

The law permits one of two possible withdrawals, provided you meet the requirements for eligibility.

  • A one-time withdrawal of up to $12,000 of vested contributions, for which you must be under the age of 65 and a member of a defined contribution pension plan or local retirement product. Applications for these funds are made through your Pension Plan Administrator—the BF&M form you need can be filled and submitted through this website, available here.

  • A 25% lump sum refund from your current balance, for which you must be 65 or older. You must have a defined contribution plan or local retirement product. Applications for these funds are made directly through the Pension Commission—BF&M cannot process applications for this refund.

Effective 10 August, 2020
You no longer have to show that you are not retired to apply for the $12,000 refund.
You no longer have to be retired to apply for the 25% refund.

Members of defined benefit or annuity plans are not eligible for the one-time refunds under the Pensions Act amendment.


How do you apply?

There are two parts to the application process. To apply, you must:

  1. Complete and submit the online-fillable Form available below
  2. Complete an ID verification process. This is done separately via a link that will be emailed to you by BF&M once your Form has been received.

ID verification

Once you have submitted your Form, you will receive an email from BF&M with a link to our online ID verification platform. It is very important that you provide your correctly-typed email address in the Form, so that you receive the link promptly. Please check your email junk folder if you haven't received the email with your link to the ID verification process within three business days.
When you click the ID verification link, you will need to upload an image of your government-issued picture ID and a selfie (with no filters applied). Your application is not complete without the ID verification process.


Assuming I am eligible, when will I be paid?

The approval of a standard and complete application can take up to 10 business days after the application is submitted. If your application is successful and the appropriate supporting documents are provided, you will receive notice that your application has been approved. The law states that you must be paid within 20 business days of the approval of your application.


Do you require additional help or need to contact us?

  • Before you apply: If you have any questions about eligibility or the process itself and would like to speak with a BF&M representative, please call 298 0358.

  • Following a new or for an open application: if you have questions about your submitted application, please email us at