Bermuda pension

Everyone who works in Bermuda makes contributions to their pension fund. You can access your pension fund at the age of 65.

Pension contribution

You must pay contributions into the Contributory Pension Fund (CPF) if you work more than four hours per week—even if you are self-employed. These contributions occur every Monday, as shown on the Contribution Calendar 2019/2020

Exceptions

In some circumstances, you can be exempted from contributing to the CPF. Apply to the Director of Social Insurance if you are a:

  • student who works during periods of vacation or public holidays (you can have your employer apply on your behalf);
  • person who earns less than $3,000 per year;
  • widow or widower currently receiving a widow’s or widower’s benefit;
  • non-resident who has worked for less than 26 consecutive weeks in Bermuda.

Voluntary contributions

You can make contributions to your CPF if you are living outside of Bermuda or currently unemployed. Contact the department to learn more about making voluntary contributions.

How much have I contributed to my Bermuda pension?

Request a copy of your contributions by calling (441) 294-9242 ext. 1117 or 1718, or send us an e-mail. You will need your social insurance number and date of birth.

Contribution rates

The following table indicates weekly contributions made to the CPF:

Category of person

Payable by Employee

Payable by Employer

Total

Employed person over school-leaving age and under the age of 65

$35.92

$35.92

$71.84

Employed persons over the age of 65

n/a

$35.92

$35.92

Self-employed persons over the school-leaving age and under the age of 65

$71.84

n/a

$71.84

Self-employed persons over the of 65

$35.92

n/a

$35.92

Voluntary contributions under age 65

 n/a

n/a

$71.84

Notes for Employees

  1. As a general rule, every person over the age of 18 who is gainfully occupied in Bermuda for a period of more than 4 hours per week is required to pay Social Insurance Contributions.
  2. If you are over pension age (i.e. age 65) you do not have to pay Social Insurance Contributions, but your employer is required to pay on your behalf.
  3. If you are a full time student under the age of 26 at a school, training institution, university or other similar body and intend working on a Saturday, Public Holiday or a period of vacation, then you are deemed not to be an employed person and you and your employer shall be exempt from liability for contributions. Employers and Employees are jointly responsible to ensure that employees are registered for Social Insurance and obtain a valid Social Insurance number.

Collecting a pension in Bermuda

The amount you receive will depend on the total contributions and number of years you have been part of the plan.  Apply to receive a pension.

Violations of the pension plan

Complete the Complaint-form.pdf if you observe any violations of pension protocol.

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