National Pension Scheme (General) Amendment Regulations 2000

Link to law: http://www.bermudalaws.bm/Laws/Annual%20Laws/2000/Statutory%20Instruments/National%20Pension%20Scheme%20%28General%29%20Amendment%20Regulations%202000.pdf

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National Pension Scheme (General) Amendment Regulations 2000
NATIONAL PENSION SCHEME (GENERAL) AMENDMENT
REGULATIONS 2000


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BR 69/2000

NATIONAL PENSION SCHEME (OCCUPATIONAL PENSIONS)
ACT 1998

1998 : 36

THE NATIONAL PENSION SCHEME (GENERAL) AMENDMENT
REGULATIONS 2000



The Minister of Finance, in exercise of the powers conferred
upon him by section 69 of the National Pension Scheme (Occupational
Pensions) Act 1998 makes the following Regulations:⎯

Citation
1 These Regulations which amend the National Pension Scheme
(General) Regulations 1999 may be cited as the National Pension Scheme
(General) Amendment Regulations 2000.

Inserts new Part IV in National Pension Scheme (General)
Regulations 1999
2 The National Pension Scheme (General) Regulations 1999 are
amended by inserting next after Part III the following new Part—

" PART IV

SELF-EMPLOYMENT PENSION PLANS

Interpretation
20 In this Part—

NATIONAL PENSION SCHEME (GENERAL) AMENDMENT
REGULATIONS 2000


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"net earnings" means a self-employed person's revenues
less expenses (excluding any wages, salary, leave pay,
fee, commission, bonus or payments from a profit
sharing scheme paid to a self-employed person), from
operating a business in a calendar year;

"pensionable earnings from self-employment" in a
calendar year means net earnings from a business,
provided that such net earnings are calculated on a
consistent basis from year to year using either a cash
method or accrual method of accounting;

"self-employment pension plan" means a pension plan
organized and administered to provide pension
benefits in respect of the self-employment of a self-
employed person.

Self-employed person to register self-employment pension
plan
21 A self-employed person who has attained twenty-three,
but has not attained sixty-six, years of age and who in a
calendar year has pensionable earnings from self-employment
exceeding $20,000 shall apply for registration of a self-
employment pension plan in accordance with Part II of the Act.

Amount of contribution to self-employment pension plan
22 (1) A self-employed person referred to in regulation 21
shall within sixty days after the end of, and in respect of that
calendar year, contribute to a registered self-employment
pension plan an amount which, subject to paragraphs (2) and
(3), is the equivalent of two times the amount of the contribution
rate at the dates specified in the First Schedule and thereafter,
such amount as may be prescribed by regulations.

(2) A self-employed person referred to in paragraph (1)
shall not, in any one calendar year, be required to contribute an
amount which exceeds $5,000.

(3) A self-employed person referred to in paragraph (1)
may elect to contribute monthly to a registered self-employment
pension plan and, where he so elects, the amount of such
monthly contribution shall be calculated on the basis of a
reasonable estimate of the self-employed person's monthly
earnings.

(4) Where in a calendar year the amount contributed
by a self-employed person under paragraph (3) exceeds the
amount which that person, but for that paragraph, would have
contributed under paragraph (1) the excess may, at the election
of the self-employed person be carried forward and applied in

NATIONAL PENSION SCHEME (GENERAL) AMENDMENT
REGULATIONS 2000


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respect of contributions for a subsequent year, or be treated as
additional voluntary contribution.

Non-application of regulation 21 to certain self-employed
persons
23 (1) The requirement for registration of a self-
employment pension plan under regulation 21 does not apply to
a self-employed person who participates in⎯

(a) a financial institution pension plan; or

(b) a registered pension plan established or
maintained⎯

(i) for employees of the self-employed person;
or

(ii) for employees of a business carried on by
the self-employed person.

(2) A self-employed person who participates in a
financial institution pension plan or a registered pension plan
established or maintained for employees of the self-employed
person or for employees of the business carried on by the self-
employed person shall contribute thereto for the benefit of the
self-employed person at a rate of not less than the rate set out in
regulation 22.

Application of Act and Regulations to self-employed persons
24 Except as provided in this Part, the provisions of the Act,
other than section 17, and regulations applicable to pension
plans, employers and members shall apply with any necessary
changes to self-employment pension plans and to self-employed
persons as though they were employers and members.".





Dated this 13th day of September, 2000



Minister of Finance