What is a Foreign Pension Plan?

Foreign pension plans are retirement schemes set up and licensed in a foreign jurisdiction but administered in Mauritius upon the approval of the Mauritius Financial Services Commission. The objective is to provide retirement benefits to its members.

To enjoy affordable administration costs and local expertise, foreign pension plans are invited to appoint Enwealth (Mauritius) Limited as their preferred pension fund administrator.

Poor standards of administration put members’ benefits at risk and can have great cost implications for schemes and the sponsoring employer will be funding a scheme that is not valued by employees, and resolving complaints and disputes will become a full-time occupation for the trustees or managers and therefore it is crucial for trustees and scheme managers to stay up-to-date with the latest best practices.

In many cases, data shortcomings with respect to pension schemes have become prominent. For some, the need for accurate data to deliver many of the upcoming requirements underscores the inadequacy. Moreover, schemes also face potentially conflicting priorities, with costs and member experience all demanding imminent attention. If data is not right, it is a waste of money in trying to improve the member experience.

Administration is a complex area as recognised by those who see the complexity of legislation as a key factor in making administration decisions. Transparency and honesty in terms of pricing and the level of service that schemes can expect are vital if administrators are to maintain a service that achieves schemes’ expectations, whilst being cost-effective to deliver.

When it comes to communicating current or future pension information to members, members’ expectations on future service delivery options are interesting when compared to current practice. While email or online materials are already widely used, the other areas where clients anticipate a growth in importance are online self-service portals, member service centres or helplines.

People drawing their pension expect payments to fully reflect the record of contributions they paid during their working life. Getting the administration correct is central to any pension arrangement – member benefits are placed at risk where records or data have not been properly maintained.

Improving scheme administration can have long-term gains for trustees. In the life of a scheme, the chances of a wind-up or a buy-out are fairly likely. If records are improved and validated now, it will cost less than in the future, providing members with better benefits.

Based on the above, Enwealth (Mauritius) Limited shall contribute to the efficient running of pension schemes using latest technology and provide sponsoring employers, trustees and members with a unique experience in using platforms where pension administration is made easier and less costly.