FAQ

Contribution - 1

  1. How much will a member of the Fund draw as a pension upon retirement?

    The monthly pension is based on the worker’s average monthly salary received during the period of five years preceding retirement. The rates are stipulated in schedules 1, 3, 4 and 5 of the Seychelles Pension Fund (Benefits (Amendment) Regulations 2011 (SI99) which can be downloaded. However, the percentage of pension payable is as follows:

    Salary Band  SR

    SPF

    SPF & SSF

    < minimum wage of 3,100

    18%

    106%

    > 3,101 to 7,500

    35%

    86%

    > 7,501 to 15,000

    31%

    50%

    > 15,001 to 20,000

    35%

    48%

    > 20,001

    38%

    47%

    Average

    31%

    67%

     

    The maximum of pension is currently at SR17, 000 per month from 1 January 2012 excluding social security retirement pension of SR2,750 per month.

    In order to keep pace with the rise in cost of living retirement pension increase from 1st January 2013 is linked to the consumer price index subject to a maximum 5% in order to protect the fund against high inflation rate in accordance with Section 46 of the Seychelles Pension Fund Act 2005. This was possible with introduction of the percentage rate of contribution linked to wages from the 1st January 2011.

  2. What other benefit is included as part of your pension?

    Further to Pension Fund benefit is also the SSF retirement pension.

  3. How to claim the Pension?

    Payment is not automatic. Applicant should submit an application form to the Fund (Benefit Section) to claim for the retirement pension. Claims are processed within a period of 7 days.

    Forms can be collected at our offices at Caravelle House on Mahe, Pension Complex on Praslin or La Passe Pension House on La Digue. Alternatively it can be downloaded from the download page on our website.

  4. How secure is your voluntary Contribution at the Seychelles Pension Fund?

    Surplus funds held by the Fund are invested in long term government securities and bank deposits, both highly secured instruments.

    Also in property investment which has an average return of 9%. The investment policy of the Fund is one aspect of its operation that is regularly reviewed by its Board of Trustees.

  5.  

Contribution - 2

  1. What will be the value of your voluntary contribution over the years?

    Your Contribution attracts interest currently at 4.5%. The table below shows the total amount standing at your credit over the years depending on your monthly contribution.

    For example:

    Savings/Month 5yrs 10 yrs 15yrs 20 yrs  25 yrs
    100 6,683 15,024 24,416 38,362 54,490
    200 13,367 30,049 50,832 76,724 108,981
    300 20,050 45,073 76,248 115,086 163,471
    400 26,733 60,097 101,664 153,448 217,961
    500 33,416 75,122 127,079 191,809.55 272,452

    Therefore save with the pension Fund for your retirement.

  2. What other benefit is included as part of your pension?

    Further to Pension Fund benefit is also the SSF retirement pension.

  3. What other benefit is included as part of your pension?

    Further to Pension Fund benefit is also the SSF retirement pension.

  4. What other benefit is included as part of your pension?

    Further to Pension Fund benefit is also the SSF retirement pension.