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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 new 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 weighted average savings rate.

 *   Note : For the financial year ending 30 June 2026 (July 2025 to June 2026), the RSS rate has been fixed at 4.95% 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 – FY 2025/2026

Years of Contribution

Monthly Contribution

Rs 100

Rs 200

Rs 500

Rs 1,000

Rs 1,500

Rs 2,000

RSS Rate of 4.95% per annum

Rs

Rs

Rs

Rs

Rs

Rs

5

6,802

13,604

34,010

68,020

102,030

136,040

10

15,462

30,924

77,310

154,620

231,930

309,240

15

26,489

52,978

132,445

264,890

397,335

529,780

20

40,528

81,056

202,640

405,825

607,920

810,560

25

58,404

116,808

292,020

584,040

876,060

1,168,080

30

81,165

162,330

405,825

811,650

1,217,475

1,623,300

35

110,145

220,290

550,725

1,101,450

1,652,175

2,202,900

40

147,043

294,086

735,215

1,470,430

2,205,645

2,940,860

 

 

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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