Maldives Retirement Pension Scheme

Maldives Retirement Pension Scheme

Maldives Retirement Pension Scheme (MRPS) is a contributory Pension Scheme introduced under the Pension Act of Maldives. The primary objective of this scheme is to ensure that individuals save during employment to cater for their livelihood in retirement.

Presently, the Pension Act mandates a monthly contribution of 14% of the pensionable wage of the employee and allows voluntary contributions.  Contributions collected is invested to increase its value and maximize savings for retirement.  

Contributions to the scheme stops at the age of 65 years and members may start to drawdown on the pension plan at this age.

Member Participation

As per the Pension Act, employees between 16 to 65 years of age and their employers are required to participate and pay contributions to MRPS. All administrative arrangements regarding employee enrolment, submitting pension statements and paying contributions to the scheme are handled by the employer.

Mandatory monthly contributions to the scheme is 14% of the Pensionable wage of the employee. A minimum of 7% of the total 14% must be paid by the employer while the remaining 7% is paid by the employee. The Act does not bar an employer from paying the total 14% of the pensionable wage without obtaining contributions from the employee.

Foreign nationals and self-employed individuals working in the Maldives can participate in MRPS voluntarily. Unlike the mandatory monthly contributions of employees there is no fixed contribution requirement for the self-employed, members are free to decide the amount and frequency of payments. However, annual contributions amount should not exceed the annual mandatory contribution amount of the highest paid state employee.

Retirement Savings Account

Under MRPS a Retirement Savings Account (RSA) is created for each member of the scheme. Pension Contributions and returns from its investments are credited to this account.

Members can check the balance of their RSA online through the Pension Office website or using Pension mobile application. Printed statements are also provided to members upon request.


Contributions to MRPS are invested to maximize its value and increase Pension Savings of members. Investment decisions are made as provided in the Pension Act and statement of investment principles.

Pension Withdrawal

MRPS members can start to drawdown from their RSA upon reaching the pensionable age (65 years) or at the age of 55 years, provided that they qualify for early retirement.

Application Process

When and how to apply

MRPS members who wish to apply for pension are required fill and submit 'Pension applicant’s information form' to Pension Office. This form can be submitted 6 months prior to reaching 65 years or any time after that. If the member qualifies for early retirement he/she can submit the application upon reaching 55 years or anytime after that.


Before starting to fill the application form please ensure that:

  • The applicant is eligible to receive pension from MRPS
  • The applicant has a valid National ID card
  • The applicant has an active bank account opened in the applicants name in a bank operated in the Maldives

Special Cases

If the applicant is unable to apply for MRPS or unable to open a bank account due to ill-health, his/her legal guardian may initiate the application process by requesting Pension Office to allow the legal beneficiary or guardian to apply and withdraw pension benefits of the person whose health condition does not permit him/her to fulfil the formalities required to apply for pension or withdraw pension benefits.  

Application form

‘Pension applicant’s information form’ can be downloaded from Pension Office website and is available from Pension Office reception and island/atoll council offices. Forms can be submitted:

  • Directly to Pension Office reception
  • By post
  • Through island/atoll council offices
  • By email (only for single account holders)

No supporting documents are required to be submitted with the application form.


The receiver (Pension Office/Council office) of the application provides an acknowledgement (the slip provided in the application form) of receipt to the applicant. The applicant must keep this acknowledgement slip until the first pension payment is received.

Payout Process

Data entry

Applications submitted with correct and complete information are entered into the Pension Management System within 3 days of receiving the application.


If there are any inconsistencies in the information provided in the application form the applicant will be notified. If any critical information such as bank account number is missing or incorrect  the application is rejected and the applicant is notified.

Bank Account verification

Step 1: Bank account information provided in the application form is verified against information available with the respective banks.  

Step 2: Forms received up to the last day of the previous month are sent for verification during the first week of the following month.

Step 3: Applicant is informed about inconsistencies in the bank account information identified during the verification process and request for corrective action.

Deposits to Accounts

Pension Office instructs banks to deposit monthly pension amounts to individual pensioner’s bank accounts during the last week of every month.

Pension Amount

Pensioners receiving pension upon reaching 65 years 

Balance in Retirement Savings Account / 14 years (168 months) 

Example 1: 1,000,000/168 = 5952 (will receive MVR 5952.38 monthly, until RSA balance is exhausted)

Example 2: 500,000/168 = 2976.19 (will receive minimum amount MVR 5000 monthly, until RSA balance is exhausted) 

Pensioners eligible for early retirement upon reaching 55 years 

Balance in Retirement Savings Account / 22 years (264 months) 

Example 1: 900,000/264 = 3409.09 (will receive MVR 3409.09 monthly until RSA balance is exhausted)

Demise of a member

Any funds left in the retirement saving account of the deceased member belongs to the legal heirs of the MRPS member. The legal beneficiaries are required to submit their claims through a legal court. Pension Office releases the funds to the respective court upon receipt of instructions from court.

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