Contributory Old Age Pension/Gratuity

There are two types of Contributory Old Age Pension benefits - an old age gratuity or pension. You are not able to choose which option you receive. 

You are entitled to receive a monthly Contributory Old Age Pension if you:

·         are 65 years of age or over; and

·         and you meet the qualifying contributions

o   have paid (or been credited with) at least 484 contributions

o   your yearly average of contributions is at least 25

 

The amount you receive is dependent on the total contributions and number of years you paid into the fund, and you may qualify whether you stop working or not.

 

Contributory Old Age Gratuity

  • A one-time payment that is made to a person who has not satisfied the required number of contributions to the Contributory Pension Fund during their working years. The gratuity is a refund of the total value of all contributions paid.

 

Important Information

  • All benefits are paid subject to the completion of an application. You can begin receiving payments as early as thirty days after your 65th birthday, provided a complete application is received at least 1 month prior to your 65th birthday. 
  • The payment period is the 16th of the month to the 15th of the following month i.e. August 16th to September 15th
  • Benefits paid into a bank outside of Bermuda are facilitated by an overseas partner and a payment mandate must be completed. Payments will not be authorized if the mandate is incomplete, illegible, or missing the required documentation. There is a monthly processing fee.
  • The bank account provided must be in the beneficiary’s name solely or jointly, payments are not made into third party accounts.
  • Benefit applications must be received by the department within 13 weeks after the date of eligibility. The Director may extend this period if he is satisfied that there was good cause for the delay.

To complete the Payment Mandate Form:

 Download the Payment Mandate Form

Fill Out Sections 1 & 2 Only
 

Section 1: Beneficiary Information - Provide your full name, address, and date of birth. If applicable, include your UK National Insurance number.
Section 2: Bank Details - Enter your bank’s name, IBAN/Account number, Swift Code/Routing number, and Sort Code. Ensure that all details are accurate to avoid delays in payment.

Submit the Form - Attach Submission: Once the form and all supporting documents are completed, please attach under banking information on application.