This fund belonging to the People of Seychelles is today guaranteeing a pension to each and every Seychellois in one way or another on retirement age.
A journalist from the near-by island of Mauritius recently dug into what it is the Seychelles Pension Fund that is able to cover all employees in formal employment, self employed, part-time and casual workers a pension on reaching retirement age.
Seychelles today has a mandatory retirement age of 63 and an optional retirement age of 60. The contributions to this Seychelles Fund is at 4% of which 2% is contributed by employees and 2% is contributed by the employers.
This is no easy feat for a small country with only a relatively small work force by the Fund that is managed outside of the island’s Civil Service has its own Board but is a Fund that remains for and belongs to the People of Seychelles.
The Vision of the Seychelles Pension Fund established in 2006 states that it will be a leader and a model retirement system by providing the best retirement and related benefit package for it members. The Fund under the management of its CEO is investing on what they say is ‘prudent investments’.
Mrs Nair says that contributions in the fund she manages is the lowest in the world at 4% only whereas in OECD countries it stands at 14 to 17 %, on Mauritius it stands at 10%.