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Retirement Savings Scheme

 

Save as you earn and secure your future

What is the Retirement Savings Scheme (RSS)?

The RSS is a quasi-deposit 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 RSS?

  • 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 2022 (July 2021 to June 2022), the RSS rate has been fixed at 2.45% p.a against average savings rate of 0.37% 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 RSS have the possibility to contribute to this Scheme up to retirement or even after if they so desire.

A person may join the RSS 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 Scheme, he/she will still benefit from the full amount contributed including accumulated interests on retirement.

However if a member decides to withdraw from the Scheme 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.

 

INDICATION OF RSS LUMP SUM PAYABLE

 

Rs 100

Rs 200

Rs 500

Rs 1000

Rs 1500

Rs 2000

Years of

RSS

RSS

RSS

RSS

RSS

RSS

Contribution

RATE

RATE

RATE

RATE

RATE

RATE

 

2.45% P.A

2.45% P.A

2.45% P.A

2.45% P.A

2.45% P.A

2.45% P.A

 

Rs

Rs

Rs

Rs

Rs

Rs

5

6,385

12,770

31,925

63,850

95,775

127,700

10

13,591

27,182

67,955

135,910

203,865

271,820

15

21,725

43,450

108,625

217,250

325,875

434,500

20

30,905

61,810

154,525

309,050

463,575

618,100

25

41,265

82,530

206,325

412,650

618,975

825,300

30

52,959

105,918

264,795

529,590

794,385

1,059,180

35

66,157

132,314

330,785

661,570

992,355

1,323,140

40

81,053

162,106

405,265

810,530

1,215,795

1,621,060

 

Note: This table is for indication only.

AVERAGE SAVINGS RATE

 

Rs 100

Rs 200

Rs 500

Rs 1000

Rs 1500

Rs 2000

Years of

SAVINGS

SAVINGS

SAVINGS

SAVINGS

SAVINGS

SAVINGS

Contribution

RATE

RATE

RATE

RATE

RATE

RATE

 

0.37% P.A

0.37% P.A

0.37% P.A

0.37% P.A

0.37% P.A

0.37% P.A

 

Rs

Rs

Rs

Rs

Rs

Rs

5

6,057

12,114

30,285

60,570

90,855

121,140

10

12,226

24,452

61,130

122,260

183,390

244,520

15

18,511

37,022

92,555

185,110

277,665

370,220

20

24,912

49,824

124,560

249,120

373,680

498,240

25

31,433

62,866

157,165

314,330

471,495

628,660

30

38,076

76,152

190,380

380,760

571,140

761,520

35

44,842

89,684

224,210

448,420

672,630

896,840

40

51,735

103,470

258,675

517,350

776,025

1,034,700

Note: This table is for indication only.

FAQ

  • What is the RSS?
    • The Retirement Savings Scheme (RSS) 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 RSS?
    • RSS is open to the general public.
  • Is it open to Non Mauritian?
    • Only citizen of Mauritius can contribute to the RSS.
  • 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 RSS 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 RSS balance is pledged at the Association?
    • Yes.
  • Can the amount of RSS contribution be increased?
    • Yes, a new form needs to be signed, NID and recent payslip should be submitted.
  • Is RSS contribution tax deductible?
    • No.

 

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