Senators yesterday gave the green light to legislation which will allow employers and their staff to agree to suspend private pension contributions for a year.Junior Finance Minister David Burt introduced the National Pension Scheme (Occupational Pensions) Temporary Amendment Act 2012, which he said was aimed at helping struggling employers and boosting the economy.The temporary measure will allow employers and their staff to voluntarily opt out of paying occupational pension contributions for 12 months. The self-employed can also take advantage of the law.Sen Burt said the average salary in Bermuda was $68,000 a year, which would translate to about $65 extra a week in the pay packet of those opting to suspend pension payments. “I think that’s a significant amount of money,” he said.Opposition Senate Leader Michael Dunkley said the One Bermuda Alliance supported the bill. He said it was important to get the “delicate balance” right of helping those in need now and ensuring they could provide for themselves in the future.Noting that the average life expectancy for a Bermudian was now about 81, he said citizens needed to be encouraged to put away funds for their retirement. “It’s going to be more difficult to have the funding required to live in your sunset years,” he said.Attorney General Kim Wilson said the legislation would aid both employers and employees. “It will help stimulate the economy,” she said. “It strikes a delicate balance and it allows for individual companies, as well as their employees, to take advantage of a temporary freeze, almost like a rest period.”Senators also approved the Marine Board Amendment Act 2012, which changes the boat licence renewal period from December to April, and the Insurance Amendment Act 2012, which enhances the powers of the Bermuda Monetary Authority to regulate the insurance industry.Useful website: www.parliament.bm.