This application form pertains to the pension withdrawal of up to $6,000 of your vested account balance legislated in 2022, which opened as of July 1st, 2022 and closes on June 30th, 2023. Any questions related to this withdrawal can be emailed to firstname.lastname@example.org
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.
- You have already applied during this withdrawal opportunity 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- Part of the money you seek to have withdrawn represents voluntary contributions, since approval is not required to withdraw from any voluntary pension contributions.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 during this withdrawal opportunity from other providers, which, when added to this request, amount to more than $6,000.00
- 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 In such cases, your funds are locked-in and may not be withdrawn.
- If you are 65 and older, you cannot apply for a pension withdrawal.
1. Member Information
2. Payment Instructions
A. Local bank information (Complete for payment to banks in Bermuda)
B. Overseas bank account information (Complete this section for payment to banks outside of Bermuda)
3. Member Status
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 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.