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Local Pension Schemes
Grow sizeably on your accrual income.
For Employees
Workers can no longer rely solely on government pension for a financially secure retirement.
To encourage savings by employees, employers set up group pension schemes, which have several advantages for members:
A secured income at retirement: As we grow older, we find that we spend on medical care more than when we were active at work. We have to fight price increases when we no longer benefit of a fixed salary. With a pension scheme, employees can rest assured as they will have a regular inflow of income at retirement age, which is 65 in Mauritius for those born after August 1953.
Increased savings through payroll deductions: The contributions paid into a group pension scheme are directly withheld from the employee’s pay, thus making it much easier to save. It is proven that individuals will put more money aside when they don’t have to transfer manually an amount from their account to a retirement savings plan.
Investment solutions for everyone: Whether you are an expert or a novice in financial matters, group schemes offer various approaches for meeting your retirement objectives. Several tools and services are also available to guide you in the selection of investments.
Employer match: When an employer decides to make contributions to the group pension scheme, the scheme becomes even more profitable for employees as the accumulated funds will grow faster. No individual scheme allows for matching contributions as compared to group pension schemes!
Succession planning: Members of a pension scheme choose who they wish to receive their pension benefits when they are no more. It is very important to plan for our dependents in the event you pre-decease them to ensure that they keep on receiving an income when you pass away.
Portability: You can transfer your contributions to any other pension scheme after completion of two years in a scheme.
Peace of mind: You contribute according to the lifestyle you wish to have at retirement.
Retirement Options: There is a number of retirement options available to you to plan an income for yourself and your dependents. The general options are a full pension or a reduced pension with a lump sum.
Accessibility: Members can have access to their accumulated funds directly from pension administrators.
Low cost: Efficient administration services and low charging structure.
Ownership: The pension benefits belong solely to you and your appointed beneficiaries. They are protected in the event your employer goes bankrupt.
Flexibility: You can contribute any amount unless determined otherwise by the constitutive documents of the pension scheme.
For Corporates
A group pension scheme may also have several advantages for the employer:
Enhance productivity: A pension scheme is an incentive for your employees as it provides for better financial health for your employees during retirement.
Foster retention and attraction of employees: A pension scheme is a significant part of the employees’ total compensation. It results in greater employee commitment and satisfaction.
Maximise tax-effectiveness of compensation: An employer who grants a salary increase to employees must always consider the payroll taxes that will be payable on that increase. In a tax- pension scheme, the employer will not be subject to payroll taxes on contributions made to employees. Employer contributions are tax-free.
Offset the payment of severance allowance from pension contributions: Local corporates have the advantage of netting off 50% of the lump sum amount payment + 60 monthly pension instalments from the severance allowance payable to its employees at the time of retirement.
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