1. AM I ELIGIBLE TO JOIN?
You are eligible for Membership if you are over age 18.
2. HOW MUCH DO I PAY?
It is up to you to decide how much you want to pay as a percentage of your basic salary. You may contribute any amount of your basic salary. The higher your contribution, the larger your Pension will be at retirement. You can change your rate of contribution at any time by giving at least two months notice.
Your Employer pays a percentage of your basic salary. In addition, your Employer pays a further contribution towards the costs of Death & Disability cover, administration and actuarial fees etc.
3. WHEN DO I RETIRE?
Your Normal Retirement Date is on the last day of the month during which you reach your 60th birthday.
4. WHAT WILL MY PENSION BE WHEN I RETIRE?
The pension payable from your Normal Retirement Date will be determined by the value of your Total Accumulated Share. This value will be used to purchase a pension from an insurance company following a tender process.
5. CAN I TAKE SOME OF IT IN CASH?
Yes, you can take up to 25% of your Total Accumulated Share in cash. Accordingly, your Pension is then reduced by 25%.
6. CAN I SHARE IT WITH MY SPOUSE?
Yes, you can take a joint pension with your spouse that would continue to be paid as long as one of you is alive. This joint pension would of course be smaller than the full pension payable to you only.
7. WHAT IS THE TOTAL ACCUMULATED SHARE?
Each contribution made by you and by your Employer for you will purchase units in the global Investment Portfolio of the Super Fund. These units will increase in value with the interest, dividends and capital appreciation of the investments in the Portfolio.
8. WHAT HAPPENS IF I HAVE TO RETIRE EARLY?
Your Employer may allow you to retire at any time within 10 years preceding your Normal Retirement Date or you may retire on account of permanent ill health provided you have completed not less than 10 years of service. In such events you will be entitled to a pension commencing on the day following such retirement calculated in accordance with paragraph 4 above and depending on your age at early retirement.
9. WHAT HAPPENS IF I WANT TO WORK AFTER MY NORMAL RETIREMENT DATE?
If, with the consent of your Employer, retirement is postponed beyond Normal Retirement Date, payment of the pension will be deferred until actual retirement takes place. The amount of pension on late retirement will be increased depending on your then age and Total Accumulated Share. Should you die at any time whilst in the service after your Normal Retirement Date, your Total Accumulated Share calculated at the date of death will be paid to your succession. Contributions will cease as from your Normal Retirement Date.
10. WHAT HAPPENS IF I CHANGE JOBS?
If you join another Employer who is participating in the Super Fund, then your benefits continue unchanged.
A. You leave with more than two (2) years of service at your date of exit :
Options for the accumulated benefits: Since you had more than two (2) years of service at your date of exit, as per regulations governing pension benefits in Mauritius, you are entitled to the Total Personal Member Account (PMA) i.e. the accumulated value of your personal contributions (if applicable) and the contributions made by your previous employer in your respect.
This amount must be preserved for pension purposes only and will be considered as ‘portable’
You have the following options:
1. Transferring the amount of the PMA to the Approved Pension Scheme of your new Employer; or
2. Transferring the amount of the PMA to a Personal Pension Plan with an insurance company (these are approved by the Regulatory Body as the plans or schemes into which the retirement benefits accrued under an approved pension arrangement can be transferred); or
3. Keeping the PMA in the Super Fund until you reach an appropriate retirement age (in Mauritius the minimum age is 50), in which case no more contributions will be made to the Fund as from the date of leaving employment to the date you reach the selected retirement age. Your PMA will still be invested with the Fund until the date you choose to convert it to a pension or transfer it to another pension arrangement.
Should option 1 or 2 above be exercised, the actual value of your PMA at the date of transfer will be determined by the unit price at the valuation date following the cancellation of units. The unit price may go up or down.
B. You leave with less than two years of service at your date of exit:
1. If you have not transferred retirement benefits from a previous pension arrangement in the Super Fund, you will be entitled to a refund of your Employee share of your PMA in cash;
2. If you have transferred retirement benefits from a previous pension arrangement in the Super Fund, you will be entitled to the Total accumulated share. However this amount will be considered as ‘portable’ and the above conditions (A) will apply.
11. WHAT HAPPENS IF I DIE IN SERVICE BEFORE MY NORMAL RETIREMENT DATE?
If your employer has secured a group life cover under Super Fund, your dependants will receive a cash payment equal to a multiple of your monthly salary at the date of death.
In addition, the Member Accumulated Share would be used to purchase a pension for your dependants or will be paid as a lump sum.
The Employer Accumulated Share could also be payable to purchase a pension for your dependants or pay a lump sum (at the discretion of the employer).
12. WHAT HAPPENS IF I BECOME TOTALLY AND PERMANENTLY DISABLED IN SERVICE?
If you become totally and permanently disabled, you will receive a benefit equal to that set out in paragraph 11, except that the pension would be paid to you during your lifetime.
13. WHAT EVIDENCE OF HEALTH MUST I PRODUCE?
Medical evidence may be required on entry into the Super Fund and on subsequent increase in death and disablement benefits. Pending submission of such evidence, these benefits may be limited. Members are therefore strongly advised in their own interests to submit such evidence whenever this is required.
14. HOW IS THE SUPER FUND MANAGED?
A Management Committee consisting of 9 officials, of whom 3 officials represent the Members, manages the Super Fund. The day to day running is contracted out to Administrators as well as the Investment of funds, the Actuarial work and Auditors.
15. IS THE SUPER FUND INSURED?
If your employer has secured a group life cover under Super Fund, the Death and Disablement benefits are insured.
However, the investments of your contributions are not insured.
16. CAN THE SUPER FUND BE AMENDED OR DISCONTINUED?
While it is hoped to maintain the Super Fund in its present form, it can be discontinued or amended at any time but no such discontinuance or amendment will prejudice in any way:
(a) Pensions already being paid to Members and,
(b) The Total Accumulated Share of Members up to the date of amendment or discontinuance.
NOTE: It should be noted that this Résumé is intended to provide only a general explanation of the Super Fund and does not over-ride the registered Rules.