The Temporary Pension Refund application process is open
In response to the Covid-19 crisis, the National Pension Scheme (Occupational Pensions) Act 1998 has been amended to allow temporary one-time withdrawals by eligible persons from their occupational pension plan or local retirement product for a limited time. The application process is currently open for a withdrawal of up to $12,000 of your vested account balance until June 30th, 2021 at 11:59pm AST.
Effective July 1st, 2021, the application process will open for withdrawals of up to $6,000 of your vested account balance. Please note that applications will not be accepted in advance, and we thank you for your patience as we prepare to fulfill these future requests.
We encourage you to consider that your pension contributions are invested with a long-term view. Withdrawing funds prematurely may negatively impact the amount you have available upon retirement, potentially putting retirement plans at risk. If you do ultimately decide to take the refund, it’s a good idea to plan how and when you will replace the funds.
Are you eligible?
In order to be eligible, 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—and the BF&M form you need can be filled and submitted through this website, available here.
Members of defined benefit plans and members who are 65 or older are not eligible for the one-time Temporary Pension Refund under the Pensions Act amendment.
How do you apply?
There are two parts to the application process. To apply, you must:
- Complete and submit the online-fillable Form available below
- 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.
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. Following the approval your application should 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 +1 441 298 0358.
- To follow up on a new or open application: if you have questions about your submitted application, please email us at email@example.com