Group pension
Pension plans built for Bermuda businesses
Registered retirement plans
Non-registered retirement plans
401(k) plans for U.S. citizens
Investment options to support each employee’s retirement goals
Target date funds
Best for members who want a professionally managed investment approach that becomes lower risk as retirement gets closer.
Self-directed investing
A flexible option that gives employees full control over how their contributions are invested. Members can choose from a range of investment funds and build their own mix based on their preferences and goals.
Best for members who want more hands-on control and are comfortable making their own investment decisions.
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Our team will take the time to learn about your business and help set you up with the plan that best suits your employees’ long-term needs.
Frequently asked questions
Whether you are required to enrol in a pension plan depends on your employment status and your employer’s pension plan rules.
In Bermuda, Bermudians and the spouses of Bermudians are generally required to participate in a registered pension plan, subject to eligibility rules of the Pension Act.
Bermuda registered pension plans are designed to provide income during retirement, and a full cash payout at retirement is not permitted, except in limited circumstances.
Lump sum withdrawals may be permitted in certain circumstances, including:
- A retiree may take up to 25% of their pension account balance as a lump-sum cash withdrawal at retirement, with the remaining balance used to provide income.
- If your total pension account balance is $50,000 or below at retirement, you may withdraw the full amount as a lump sum.
If you need help understanding your options or transferring pension funds from a previous employer’s plan, please call us at 1-441-298-0888.
The minimum pension contribution is 5% from the employee and 5% from the employer.
If you are enrolled in a group pension plan through your employer, one simple option is to increase your contributions through a payroll deduction. You can ask your employer to withhold an additional amount or percentage from your paycheque and remit it to Allshores along with your regular pension contributions.
If you would like to make a voluntary contribution to your workplace pension plan or an individual retirement account, please call us at 1-441-298-0888.
If you’re leaving your current employer, and you’re currently enrolled in a registered pension plan, your required contributions will generally be locked in. In most cases, you may choose to:
- Transfer your funds to a prescribed retirement product
- Transfer your funds to your new employer’s pension plan
Lump-sum payments are only available in limited circumstances, permitted under the Pension Act.
If you’re leaving your job, you should ask your HR representative for a Termination Form. This form allows you to indicate what you would like to do with your pension funds. Both you and your employer must complete this form.
Yes. Under the Pension Act, you may continue contributing to your pension plan after age 65 if you remain employed and choose to defer drawing retirement income. Your options may vary depending on your pension plan rules.
Under the Pension Act, the normal retirement age is generally 65. When you reach normal retirement age, you may choose to begin drawing retirement income from your pension account, even if you continue working. Once you start receiving retirement income, contributions to the pension plan must stop, and no further benefits will accrue.
Your options for receiving retirement income benefits are:
- An annuity (guaranteed retirement income)
- Drawdown from your pension account (subject to prescribed maximum annual limits)
If you need help understanding your options, please call us at 1-441-298-0888.