Maldives Retirement Pension Scheme (MRPS) is the first defined contributory pension scheme in the Maldives. It is funded through contributions from both employees and employers. Presently, the Pension Act mandates a contribution of 7% of the pensionable wage from both employee and employer. It also allows voluntary contributions. The scheme participants are required to drawdown on their pension plan upon reaching pensionable age of 65 years.