Retirement Savings Fund
 

Retirement Savings Fund

 

Save as you earn and secure your future

What is the Retirement Savings Fund (RSF)?

The RSF is a scheme launched by the Mutual Aid Association in April 2001 to encourage members to contribute towards their retirement. Since June 2003, it has been opened to members of the public.

Beneficiary name and Copy of ID to be submitted with application.

What are the advantages of RSF?

  • Contributions are credited with interests at a minimum rate of 2% above the savings rate plus an annual bonus.

 *   Note : For the financial year ending 30 June 2018, the RSF rate has been fixed at 4.00% p.a against average savings rate of 1.85% p.a

  • It is a flexible plan where contributions can be tailored to customer needs
  • A lump sum is payable on retirement or even after.
  • The minimum contribution is Rs100 per month.
  • It allows early withdrawal, subject to certain conditions.
  • Interest rate is approved in June for the next Financial Year and it is adjusted in case of change in savings rate.

Who can join?

Any person between the age of 18 to statutory retirement age can join this plan, including:

  • Civil servants.
  • Employees of parastatal bodies.
  • Employees of private sector.
  • Self-employed.
  • Persons employed on contract.
  • General Public

How can I contribute?

Contribution can be made on a monthly basis or in a lump sum through:

  • Check off from salary for members of the Association or other employees in the public sector.
  • Bank Standing order for the general public.
  • Cash/ Office cheque payment (Personal cheques are not accepted).
  • Bank transfer to the following Bank Account Nos. of the Association:
    1. Mauritius Commercial Bank 010 704 647
    2. State Bank of Mauritius  610 301 0000 2233

How long and how much do I have to contribute?

Members of the RSF have the possibility to contribute to this Fund up to retirement or even after if they so desire.

A person may join the RSF by contributing a minimum of Rs100.  A person has the option to contribute a fixed amount monthly or any amount as and when he wishes.

Can I withdraw from the plan at any time?

In the event a member ceases to contribute to the Fund, he/she will still benefit from the full amount contributed including accumulated interests on retirement.

However if a member decides to withdraw from the Fund and to be paid back his/her contributions, payment will be effected net of re-adjustment. The re-adjustment will be applicable on both capital and accrued interests as follows:

SN.

YEARS OF CONTRIBUTION

% RE-ADJUSTMENT

1

0 ≤ 10

25

2

>  10 ≤ 20

15

3

>  20 ≤ 30

10

4

>  30 ≤ 40

5

5

>  40

0

When is the lump sum payable?

The full amount is payable on:

  • In case of self employed, if contributor joined scheme on or before 26 september 2012,then full refund at age of 60.

What amount of lump sum will be paid?

The table below gives an indication of the lump sum payable on the assumption that the contributions are credited with interest at a minimum of 2% p.a above the average savings rate.

 

COMPARATIVE TABLE OF BENEFITS

YOC*  
Rs 100 Rs 200 Rs 500 Rs 1000
  RSF RATE 4.00% P.A AVERAGE SAVINGS RATE 1.85% P.A RSF RATE 4.00% P.A AVERAGE SAVINGS RATE 1.85% P.A RSF RATE 4.00% P.A AVERAGE SAVINGS RATE 1.85% P.A RSF RATE 4.00% P.A AVERAGE SAVINGS RATE 1.85% P.A
5 6,640 6,289 13,280 12,577 33,200 31,433 66,400 62,885
10 14,719 13,181 29,438 26,361 73,595 65,903 147,190 131,807
15 24,549 20,734 49,098 41,469 122,745 103,672 245,490 207,344
20 36,508 29,013 73,016 58,026 182,540 145,066 365,080 290,132
25 51,058 38,087 102,116 76,173 255,289 190,433 510,579 380,866
30 68,660 47,931 137,320 95,862 343,300 239,654 686,600 479,309
 
* YOC : Years of contribution

Note: This table is for indication only.

 

FAQ

  • What is the RSF?
    • The Retirement Savings Fund (RSF) is a scheme launched by the Association in April 2001 to encourage members to contribute towards their retirement. Since June 2003, it has been opened to members of the public.
  • Who can contribute to the RSF?
    • RSF is open to the general public.
  • Is it open to Non Mauritian?
    • Only citizen of Mauritius can contribute to the RSF.
  • What Documents are needed?
    • NID, recent proof of address, Payslip, Bank account details and NID of beneficiary if applicable.
  • What happens in case of death before Retirement?
    • The total contribution plus accrued interest will be paid to the beneficiary of contributor or to his succession.
  • When is the RSF amount payable?
    • Full amount is payable on retirement, death, resignation or dismissal.
  • Is the return guaranteed?
    • Yes. Contributions are credited with interests at a minimum of 2% above the average savings rate plus an annual bonus.
  • Can withdrawal be effected at any time prior to maturity date?
    • Yes, subject to conditions.
  • Can part refund be effected?
    • No.
  • Can loans be provided if RSF balance is pledged at the Association?
    • Yes.
  • Can the amount of RSF contribution be increased?
    • Yes, a new form needs to be signed, NID and recent payslip should be submitted.
  • Is RSF contribution tax deductible?
    • No.

 

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