Under the Pension Act, it is mandatory for the employers to enroll their employees in the Maldives Retirement Pension Scheme(MRPS) and make monthly contributions on behalf of the employees.
The Pension Act requires the establishment of an Investment Committee to prepare maintain and publish a Statement of Investment Principles (SOlP) governing the decisions about investments of Contributions made by the Members of the Maldives Retirement Pension Scheme (MRPS).
Pension Office came into existence, under the Maldives Pension Act (Pension Act) which was ratified on 13th May 2009, as an independent legal entity.
The Pension Act mandates Pension Office to carry out the following functions:
- Administer and manage Pension Schemes established under the Pension Act
- Provide Retirement Pension
- Pay Old-Age Basic Pension
- Formulate regulations, standards and guidelines to operate schemes established under the Pension Act
- Conduct awareness programmes on schemes established under the Pension Act
- Administer a housing finance collateralization scheme of RSA Funds aimed at MRPS members in accordance with the Pension Act