What could my pension be worth?
This Plan, known as the Hotel Pension Plan [HPP], was designed to provide a lifetime pension for those employees who work in the hotel industry until age 65, with at least 2 years of service within the industry.
The Hotel Pension Plan [HPP] is a private pension plan covering employees who work in a job classification covered by the collective bargaining agreement between the Hotel Employers of Bermuda and the Bermuda Industrial Union [BUI].
You automatically become a participant of the plan as soon as you start work in a hotel whose conditions of employment are guided by the collective bargaining agreement between the Hotel Employers of Bermuda and the BUI.
You can receive pension benefits at age 65 if you have enough service credit. Should you continue to work in covered employment, within the hotel industry, you will no longer be required to make contributions to the Plan.
The cost you will pay is subject to the amount negotiated via the Collective Bargaining Agreement, for example in 2018-2019 it is $0.46 for each compensated hour.
The cost your employer will pay on your behalf is also subject to the amount negotiated via the Collective Bargaining Agreement. For example, in 2018-2019 it is $0.52 for each compensated hour.
The day‑to‑day administration is handled by The Hotel Pension Fund Office under the direction of Mr. Dennis Tucker, Plan Administrator. The Trustees are responsible for investing all plan assets and adopting rules and regulations governing benefit payments.
The Trustees are nominated by the Bermuda Industrial Union and the Hotel Employers of Bermuda (3 by each body), and approved by the Minister of Finance, who also appoints the Chairman of the Board.
Pension payments start as soon as you have met all of the requirements such as age and service and file a completed Pension Application form. Payments are made on the first day of the month.