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Under Bermuda law, all Bermuda employers (including self-employed persons) must offer a pension plan to their employees. Plans may be either Defined Benefit or Defined Contribution plans. By law, contributions amount to 5% of the employee’s salary which must be matched by the employer. The vesting period for an employee within a registered plan is 2 years, although employers may choose to set basic conditions at more generous levels.

In recent years Defined Benefit plans have become less popular for employers due to the higher implicit cost structure of the plans with the result that virtually all employers these days utilize a Defined Contribution structure. Under a Defined Contribution structure, employers set aside a precise amount that effectively caps their expenditure but at the same time permits employees to exert a greater influence on how their plan assets are invested which would not be the case with a Defined Benefit plan. Employees therefore are joined with employers in ensuring their pension assets provide adequate retirement support.

 

Features of BIAS Service Offerings

BIAS Registered Group Pension Plans comply with Bermuda National Pension Scheme (Occupational Pensions) Act 1998. They have a master trust structure and can be transferred to other registered plans on employment change. BIAS Registered Group Pension Plans also offer the following features:

 

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