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Under the direction of the Ministry of Finance, we are committed to administering the Contributory Pension

Under the direction of the Ministry of Finance, we are committed to administering the Contributory Pension

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Under the direction of the Ministry of Finance, we are committed to administering the Contributory Pension

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  1. Under the direction of the Ministry of Finance, we are committed to administering the Contributory Pension Fund and the Health Insurance Plan in accordance with legislation, to protect and provide social benefits to the people of Bermuda. We will endeavour to deliver these services Effectively and Conscientiously.

  2. The Contributory Pensions Act 1970 & RegulationsRequiresevery person over school leaving age who is gainfully employed for more than 4 hours per week to pay Social Insurance contributions. The Act also mandates various pension benefits for persons reaching age 65. The Contributory Pension Fund is managed by the Public Funds Investment Committee and administered by the Department of Social Insurance.

  3. Pensions from the CPF are a significant source of income for a lot of elderly Bermudians, however the CPF is meant to supplement the incomes of retired persons. In 2000 the Government made it mandatory that all employed persons have a second pension fund which is overseen by the Pension Commission.

  4. Contributions • Persons working 4 or more hours/week • Employer/Employee 50/50 • Only employed persons liable • Contribution week Monday - Sunday • Contribution year 1st Monday in August • One contribution per week • Deducted at time of payment • Current weekly rate $60.80/$30.40

  5. Benefits • Contributory old age pension • Widow’s allowance or widower’s allowance • Contributory disability benefit • Non-Contributory Pension • Non-Contributory Disability • Credits of contributions • Old age gratuity • Other gratuities

  6. Do you have to pay Social Insurance for work permit holders? Yes, all persons over school leaving age who work more than 4 hours per week must pay into the CPF. The only exception are those on temporary work permits for a period of less than 26 weeks. When work permit holders leave the island do they immediately receive their contributions back? No, benefits are payable at age 65. If you do not qualify to receive a monthly benefit based on contributions paid a gratuity or lump sum payment will be paid. Does the employer receive back contributions made on behalf of work permit holders? No, all contributions paid on behalf of and by an employed person are deemedto be paid by the employed person.

  7. The Hospital Insurance Act 1970 & Regulations Requires all employed and self-employed persons to have a contract of health insurance either with a private insurer or the Health Insurance Plan (HIP) for all employees and their non-employed spouses. The Health Council manages HIP. The Act makes provision for all matters relating to health insurance in Bermuda. Effective April 1st 2009 the Health Insurance Section of DOSI will come under The Ministry of Health.

  8. REGISTRATION

  9. EMPLOYER REGISTRATION FORM

  10. Adjustment Form To add, terminate or periods of unpaid leave for employees. 

  11. Application For Registration This form used to issue Social Insurance numbers to individuals for the first time

  12. RECORD OF PAID/UNPAID CONTRIBUTIONS

  13. CONTRIBUTION YEAR AND CALENDAR A Contribution Year begins August of the Year and ends July the following year i.e. the 2009 Contribution Year began August 4th 2008 and ends July 31st 2009 Contributions due for each employed person are calculated by the number of Mondays in the month

  14. MONTHLY BILL Page 1 CPF BILLS ARE PRODUCED ONE MONTH IN ARREARS

  15. MONTHLY BILL Page 2 PAYMENT IS DUE BY THE LAST DAY OF THE MONTH

  16. DEPARTMENT CONTACTS Supervises: Accounting, Computerization Financial Reporting Pension Benefits Compliance Contributions Responsible to administer National Pensions National Health Insurance Manages all compliance functions for CPF & HIP Supervises Team of 5 Inspectors Supervises Team of 3 Benefits Processors Manages all aspects of benefits processing Manages all aspects of contributions processing Supervises Team of 5 Contributions Processors & Cashiers

  17. HOW TO CONTACT DOSI By Phone 441-294-9242 By Email socialinsurance@gov.bm On the Web www.socialinsurance.gov.bm In Person The Government Administration Building 30 Parliament Street Hamilton HM 12 By Mail P.O. Box HM 1537 Hamilton HM FX

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