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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

Pension Withdrawal Form

This application form pertains to the one-time pension withdrawal of up to $6,000 of your vested account balance, which opened as of July 1st, 2021. Any questions related to this withdrawal can be emailed to customercare@bfm.bm.

Temporary Access to Pension Withdrawal–Application Form

Use this Application Form to apply for approval of a Pension Withdrawal from your occupational pension plan or retirement product under the National Pension Scheme (Occupational Pensions) Act 1998. There are two parts to the application process: the submission of this Form and an ID verification process to be completed separately via a link that will be provided by BF&M.

PLEASE NOTE: (i) Your payment will be made within 20 business days after your Application has been approved, which can take up to 10 business days. (ii) Your Application Form must be completed in full and accurately, with the required accompanying documentation outlined in this Form, to avoid delays or rejection. (iii) Applicants who are members of a Defined Benefit Plan or who are age 65 or older are not eligible.

Note: You cannot apply for a withdrawal of money using this form if:

  • The money you seek to withdraw is not governed by or under the National Pension Scheme (Occupational Pensions) Act 1998.
  • It is after June 30, 2022.
  • You have already applied and been approved for the $6,000.00 one-time withdrawal.
  • Part of the money you seek to have withdrawn represents voluntary contributions, since approval is not required to withdraw from any voluntary pension contributions.
  • You have sought pension withdrawals which, when added to this request, amount to more than $6,000.
  • You have purchased an annuity or this application relates to a defined benefit plan. In such cases, your funds are locked-in and may not be withdrawn.
  • You cannot apply for a pension withdrawal if you are 65 and older.

1. Member Information

* Denotes that these fields are mandatory

Have you previously completed a withdrawal since July 1st 2021?*:

Group policies only
First / Middle / Last
dd/mm/yyyy
SIN
Please use the following format for residential address: Street address/Parish or City/Postal code/Country
If different from Residential address
 

2. Payment Instructions

Select amount to be withdrawn*:
Amount to request for Withdrawal
Select currency*:

*Conversion and other applicable bank charges will be deducted

* Please note that the maximum withdrawal amount from your pensions is $6,000.00 or the entirety of your vested account balance if less than $6,000.00. The balance in your account is subject to daily market fluctuations. Please also note that you are making a one-time application for a withdrawal. Once your application is submitted, the amount cannot be amended or modified and you cannot submit another application.

Payment Method *:


 

** This transaction may be subject to market risk. The temporary pension withdrawal is an opportunity to unlock vested pension funds that you would not normally have access to until you reach retirement age. Rather than taking the funds in cash, you have the option of converting the funds in your pension plan to voluntary funds, ensuring funds remain invested. Withdrawals can be made from your voluntary funds whenever needed by simply completing a cash withdrawal form.

 

A. Local bank information (Complete for payment to banks in Bermuda)

* The Account Holder name MUST be in the name of the member (single or joint account). Any conversion or foreign exchange fees are at the cost of the Member. Payments can only be applied to Chequing or Savings Accounts.

 

B. Overseas bank account information (Complete this section for payment to banks outside of Bermuda)

* The Final beneficiary name MUST be in the name of the member (single or joint account). The Final beneficiary address MUST be linked to the bank account provided. Any conversion or foreign exchange fees are at the cost of the Member. Overseas transactions may be subject to additional bank fees deducted by the receiving bank. Transactions sent to any European Country requires an IBAN number. 

The beneficiary address must be linked to the overseas bank account.
If required
First/Middle/Last
IBAN is mandatory for European, Middle East and Caribbean Countries.

* Any costs associated with the foreign exchange conversion will be deducted from the amount to be paid.


3. Member Status

Have you made any other applications for a Temporary Pension Refund since July 1st 2021?:

*This excludes Hardship Withdrawals.

If you answered “Yes”, provide the date of any application(s), the amount(s) applied for and the name of the plan administrator(s) that provided the withdrawals.

Date of application Amount of Withdrawal(s) requested Plan administrator name(s)
dd-mm-yyyy
*Total amount withdrawn across all pension accounts cannot exceed $6,000. (Note – sum of three fields above must not exceed this amount).
 

Certification

By signing this form, I certify and understand that:

  • I have declared all applications for refunds that I have made from my pension account(s) from BF&M or other providers.
  • Including the amount requested by this withdrawal, I will not receive more than $6,000.00 in pension withdrawals.
  • I understand my account balance may go up and down and that I will receive the value of my account at the time of redemption.
  • All of the information supplied in this Application and any documents that accompany this Application are true copies and/or accurate.
  • I give consent to BF&M to process my personal data in accordance with BF&M’s Privacy Policy www.bfm.bm/privacy.
  • I understand that I will receive an email from BF&M with a link to BF&M's online ID verification process, and that I must complete that process for my application to be complete.
  • I authorise BF&M to contact the Pension Commission, any other person, including other pension plan administrators or retirement product administrators to confirm or verify any information provided by or about me in this Application.
  • I authorise the Pension Commission, any person, other pension plan administrator or retirement product administrator to provide information to BF&M with respect to information in this Application.

I submit this Application and fully understand that by checking the “ACCEPT TERMS” box below, I certify and confirm that I understand and agree with the declaration and authorisation of personal information set out above.