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
Pension Office plays a pivotal role in the development of the social security system in the country. Over the past two years, the initial focus of Pension Office has been to establish pension schemes and introduce it to the public by creating awareness to gain greater public acceptance for the new pension system.
With the successful implementation of both the schemes (BP & MRPS), the focus has moved on to further improve and sustain the operation through innovative means.