Bermuda amends National Pension Scheme – Update #3

Following our alert of March 2020, providing an update about the amendments to the National Pension Scheme, we further update on amendments passed in Bermuda’s House of Assembly on Friday 8 May 2020, to section 24 of the National Pension Scheme (Occupational Pensions) Act 1998 which expands the ability of members and former members of defined contribution pension plans and local retirement products to obtain limited refunds from their pension balances.

Related briefings

Norway Practice Bulletin 2020

In this issue we highlight the impressive growth in the number of Bermuda companies listed on the Oslo Stock Exchange and the Norway Over-the-Counter market over the last five years – a dozen new listings between them, including BW Energy’s IPO on the Oslo Børs in February.

Insolvent trading – British Virgin Islands companies

Many businesses are currently experiencing unprecedented pressure on their cash flow as a result of the COVID-19 pandemic and the governmental restrictions which are being implemented around the world. It is very important therefore that directors of British Virgin Islands (BVI) companies which may be approaching insolvency take steps to evaluate the position of the company with a view to avoiding personal liability.

Bermuda commercial leases and Covid-19

Covid-19 has clearly had a huge impact on both landlords and tenants of commercial premises. In this article we aim to deal with queries that both landlords and tenants may have in respect of their obligations and liabilities under their leases and related insurance claims. This is intended as general advice only since, as with any contract, it will be necessary to review the terms of the lease or insurance policy before giving specific advice.

Latest Briefings

Why you might be accepting fake news without realising it

Do you believe everything you see? No matter how discerning or intelligent you are, we are all pre-programmed to be more accepting of information in certain contexts than others. While most of us are wise to the ‘Nigerian prince’ phishing scams of old, we are less likely to question an email from someone we know. We might question news on a website we’ve never seen before – but not in a publication we know well. And if we follow somebody high-profile on a social media platform we’re familiar with, like Instagram, chances are we take what they say at face value. It’s precisely because of this that mainstream media recently described influencer and celebrity accounts as ‘the gateway drug to fake news’.

Coronavirus: Impact of exceptional and temporary measures on enforcement proceedings [Portugal]

A number of exceptional measures have been introduced in the justice sector. These measures are set out in Law 1-A/2020 of 18 March and Decree‑Law 10-A/2020 of 13 March (as amended by Law 4-A/2020 of 6 April). The measures include exceptional rules on the extension of time limits and of the periods to take judicial steps. The rules will remain in place until the end of the exceptional situation to prevent, contain, mitigate and treat COVID-19.

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