The Senate passed legislation allowing a person under the age of 65 who participates in a private pension plan to voluntarily withdraw up to $12,000, and the legislation will now be sent to the Governor for his signature.
Speaking at last night’s [May 13] press briefing, Finance Minister Curtis Dickinson said, “I am pleased to confirm that today the Senate passed the legislation amending the National Pension Scheme [Occupational Pensions] Act 1998 to permit a person under the age of 65 who participates in a private, defined contribution pension plan or local retirement product, to voluntarily withdraw up to $12,000. This legislation will now be sent to the Governor for his signature.
“Once the legislation has been brought into operation, a member or a former member of a pension plan or local retirement product under the age of 65 will be able to apply to their administrator for a one-time refund of up to $12,000. If their application is approved, their plan administrator will have up to 20 working days to make the payment,” the Minister explained.
“The Senate also passed regulations to allow members and former members of a pension plan or local retirement account to receive a refund of up to 25 percent of their account balance, provided they had attained normal retirement age [65] and had retired.
“The Pension Commission will be providing specific guidance to the plan administrators to make the entire process as efficient and timely as possible.”
The National Pension Scheme [Occupational Pensions] Amendment Act 2020 follows below [PDF here]
