National Pension Scheme (Occupational Pensions) Amendment Act 2006
NATIONAL PENSION SCHEME (OCCUPATIONAL PENSIONS)
AMENDMENT ACT 2006
BERMUDA
2006 : 32
NATIONAL PENSION SCHEME (OCCUPATIONAL PENSIONS)
AMENDMENT ACT 2006
Date of Assent: 7 December 2006
Operative Date: 7 December 2006
WHEREAS it is expedient to amend the National Pension Scheme
(Occupational Pensions) Act 1998;
Be it enacted by The Queen's Most Excellent Majesty, by and
with the advice and consent of the Senate and the House of Assembly of
Bermuda, and by the authority of the same, as follows:
Short title
1 This Act may be cited as the National Pension Scheme
(Occupational Pensions) Amendment Act 2006.
Inserts new section 19A
2 The National Pension Scheme (Occupational Pensions) Act 1998
is amended by inserting next after section 19 the following —
“Civil proceedings
19A (1) All contributions due to the pension fund of a pension
plan by an employer, including members’ contributions withheld
under section 19(5), are recoverable as a debt due to the pension
fund, and without prejudice to any other remedy, may be
recovered summarily as a civil debt by the Commission, on
behalf of the pension fund, or by a person, including an
administrator, authorized in writing by the Commission.
1
NATIONAL PENSION SCHEME (OCCUPATIONAL PENSIONS)
AMENDMENT ACT 2006
2
(2) Without prejudice to any other remedy for recovery of
contributions that are due to be paid to a pension fund by an
employer, including members’ contributions withheld under
section 19(5), the directors and officers of a company or other
body corporate that, as an employer, owes contributions are
liable jointly and severally for contributions that became due
while they were directors or officers, and proceedings may be
taken under this section against all or any of them for recovery
of those contributions.
(3) For greater certainty, proceedings may be taken under
this section against persons who were directors or officers after
they cease to be directors or officers, including persons who
ceased to be directors or officers before the coming into force of
this section.
(4) A director or officer who has paid contributions
pursuant to proceedings under this section has a right of
contribution against any other directors and officers of the
company or other body corporate who are liable under this
section for the contributions paid by that director or officer, and
a right to be indemnified by the company or body corporate in
respect of those contributions.
(5) For the purposes of subsections (2) to (4), “officer”
means —
(a) in the case of a company as defined in section 2 of
the Companies Act 1981, an individual appointed
as an officer of the company pursuant to section
91(4) of that Act; and
(b) in the case of other companies and bodies
corporate, an individual who performs functions
for a company or other body corporate similar to
those normally performed by an individual
appointed as an officer of a company pursuant to
section 91(4) of the Companies Act 1981.”.
