Administrative Fees Reduced for Pension Scheme

The Board of the Pension Office has opted to decrease the administrative fees associated with the Maldives Retirement Pension Scheme. 

As of now, both pre-retirement and post-retirement funds levy an annual charge of 0.6%. Following the fee reduction, pre-retirement funds will see a reduction to 0.5%, while post-retirement funds will incur a reduced charge of 0.3%.

The revised fees are slated to take effect from January 1, as communicated by the Pension Office.

A pension, in essence, is a financial reserve earmarked for use in one’s old age or post-employment years. This encompasses state benefits designed to support elderly individuals without an active income.