QU OF NT AT A FE RU

BERMUDA

CONTRIBUTORY PENSIONS (AMENDMENT OF BENEFITS AND VALIDATION) ACT 2024

2024 : 35

WHEREAS it is expedient to amend the Contributory Pensions Act 1970 to provide for the increase in benefit rates for the period 16 August 2018 to 15 August 2019 and to validate the payment of such increase in benefits during that period; Be it enacted by The King’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:

Citation

1 This Act may be cited as the Contributory Pensions (Amendment of Benefits and Validation) Act 2024.

Interpretation

2 In this Act, “Director” has the meaning assigned under the Contributory Pensions Act 1970 (the “principal Act”).

3. Retrospective increase and validation of benefits rates

(1) The benefit rates referred to in the provisions of the principal Act referred to in column 1 of the Schedule shall be deemed to have been repealed and replaced by the amounts set out in column 2 (“the increased amounts”) with respect to the relevant period.

(2) Any payment of benefits based on the increased amounts made by or on behalf of the Director with respect to the relevant period shall be deemed to have been properly and validly paid.

(3) In this section, “relevant period” means 16 August 2018 to 15 August 2019.

CONTRIBUTORY PENSIONS (AMENDMENT OF BENEFITS AND VALIDATION) ACT 2024

SCHEDULE

AMENDMENTS TO BENEFIT RATES

Column 1 Column 2 Provisions amended New amount Section 13(1) $112.40 The proviso to section 13(1) $115.68 Section 17A(1) $163.27 Section 17B(1) $112.40 Paragraph 1 of Second Schedule $244.95 Paragraph 2 of Second Schedule $1.44 Proviso to paragraph 3 of Second Schedule $115.68 Paragraph 1 of Third Schedule $244.95 Proviso to paragraph 2 of Third Schedule $115.68 Paragraph 3(1) of Third Schedule $24.44

[Assent Date: 16 December 2024]

[Operative Date: 16 December 2024]