Mauritius
Private Pension Schemes Act
Act 15 of 2012
- Commenced on 1 November 2012
- [This is the version of this document at 30 June 2017.]
Part I – Preliminary
1. Short title
This Act may be cited as the Private Pension Schemes Act.2. Interpretation
In this Act—"actuary" means a person—(a)holding such actuarial qualifications as may be specified in FSC Rules; and(b)appointed by a private pension scheme;"admissible assets" means the kinds of assets and the concentration limits of each kind of asset which a private pension scheme may invest in such manner as may be specified in FSC Rules;"agent" means a law practitioner, public accountant or pension scheme administrator;"Articles of a Foundation" means the Articles made under section 10 of the Foundations Act;"asset manager" means a person holding an asset management licence under the Financial Services Act;"auditor" means a person—(a)qualified to act as an auditor under the Financial Reporting Act; and(b)appointed by a private pension scheme;"authorised person" means a person who is authorised as such under section 10;"beneficiary"—(a)means a person who is entitled to pension benefits in terms of the rules of a private pension scheme; and(b)includes a member, a deferred member, the dependant of a member or a deferred member, or such other person as may be nominated by a member or a deferred member who is entitled to pension benefits in terms of the rules of a private pension scheme;"charter" has the same meaning as in the Foundations Act;"Chief Executive" has the same meaning as in the Financial Services Act;"CIS manager" has the same meaning as in the Securities Act;"Commission" has the same meaning as in the Financial Services Act;"conservator" means a person appointed under section 6 (c) (iv);"constitutive documents"—(a)means the documents governing the formation of a private pension scheme, including the constitution of the scheme; and(b)includes the rules of the private pension scheme, trust deeds, charter or Articles of a Foundation, memorandum and articles of association or such other document as may be specified in FSC Rules;"deferred member" means a person to whom pension benefits from a private pension scheme no longer accrue, but who is entitled to pension benefits from the scheme;"defined benefit scheme" means a private pension scheme which is not a defined contribution scheme;"defined contribution scheme" means any private pension scheme by which—(a)each member receives a pension benefit, the amount of which is determined by the balance in that member's individual account, on the date of the retirement, death, disability, withdrawal or termination of employment of that member;(b)any pension benefit payable on retirement is secured through the purchase of an annuity in the name of the member, or paid to the member in accordance with such other form of payment as may be specified in FSC Rules; and(c)no reserves are held by the scheme as a guarantee in respect of capital, investment income or rates of return, longevity or other contingency affecting the amount or duration of pension benefits, or of annuity purchase rates or adequacy of expense charges or amounts held in such respect;"dependant", in relation to a member, means—(a)the spouse of the member;(b)the child of the member; or(c)such other person as may be specified in the rules of a private pension scheme;"employer" has the same meaning as in the Employment Rights Act;"Enforcement Committee" has the same meaning as in the Financial Services Act;"external pension scheme" means a scheme, whether or not sponsored by an employer or several employers, which—(a)is regulated in Mauritius, with the primary objective of providing pension benefits to beneficiaries; and(b)holds a Global Business Licence;"external pension scheme licence" means an external pension scheme licence issued under section 12;"foreign pension scheme" means a scheme, whether or not sponsored by an employer or several employers, which is regulated in a foreign jurisdiction, with the primary objective of providing pension benefits to beneficiaries;"Foundation" has the same meaning as in the Foundations Act;"FSC Rules" has the same meaning as in the Financial Services Act;"funds of private pension scheme"—(a)means the assets of the scheme; and(b)includes the funds out of which the pension benefits provided by the scheme are payable, the proceeds of any policy of insurance taken out, or annuity contract entered into, for the purposes of the scheme;"Global Business Licence" has the same meaning as in the Financial Services Act;"governing body" means—(a)in the case of a trust, its board of trustees;(b)in the case of a fund registered under the repealed Employees Superannuation Fund Act, its managing committee;(c)in the case of a Foundation, its Council; or(d)such body of persons as may be specified in FSC Rules,which is responsible for the administration of the private pension scheme and for the management or investment of the assets of the scheme;"investment adviser" has the same meaning as in the Securities Act;"law practitioner" has the same meaning as in the Law Practitioners Act;"licence" means a pension scheme licence or an external pension scheme licence;"long-term insurer" has the same meaning as in the Insurance Act;"management company" has the same meaning as in the Financial Services Act;"member" means a person to whom pension benefits accrue from a private pension scheme;"Minister" means the Minister to whom responsibility for the subject of finance is assigned;"officer" has the same meaning as in the Financial Services Act;"pension benefit"—(a)means a pension, compensation, gratuity or allowance payable to a beneficiary; and(b)includes—(i)a retirement benefit;(ii)a death benefit;(iii)a disability benefit; or(iv)such other allowance as may be specified in the rules of a private pension scheme;"pension scheme" means a scheme, whether or not sponsored by an employer or several employers, which is regulated in Mauritius, with the primary objective of providing pension benefits to beneficiaries;"pension scheme administrator" means a person licensed by the Commission to administer a private pension scheme;"pension scheme licence" means a pension scheme licence issued under section 9;"private pension scheme"—(a)means a pension scheme, a foreign pension scheme or an external pension scheme; but(b)does not include a pension scheme specified in the Schedule;"professional adviser" includes an actuary or an auditor;"public accountant" has the same meaning as in the Financial Reporting Act;"relevant Acts" has the same meaning as in the Financial Services Act;"Review Panel" has the same meaning as in the Financial Services Act;"rules of private pension scheme" means the rules governing the constitution, pension benefits, administration and management of a private pension scheme;"sponsoring employer" means an employer sponsoring a private pension scheme for the benefit of his employees;"technical provisions" means the amount required, on an actuarial basis, to make provision for the liabilities of a private pension scheme;"trust" means a trust referred to in section 3 of the Trusts Act;"under-funded private pension scheme" means a private pension scheme which does not satisfy the technical funding requirement referred to in section 21;"vesting rights" means the accrued pension benefits to which a beneficiary is entitled.[S. 2 amended by s. 56 (a) of Act 11 of 2018 w.e.f. 9 August 2018.]3. Application of Act
4. Conflicting provisions
Where there is an inconsistency between this Act and any other enactment in relation to a private pension scheme, the provisions of this Act shall prevail to the extent of the inconsistency.Part II – The Commission
5. Administration of Act
The Commission shall be responsible for the administration of this Act.6. Objects, functions and powers of Commission
In addition to its objects, functions and powers under the Financial Services Act and the relevant Acts, the Commission shall, in administering this Act—7. Delegation of functions and powers
Part III – Regulation of private pension schemes
A – Status and licensing of private pension schemes
8. General restriction on private pension activities
B – Pension scheme
9. Licensing of pension scheme
C – Foreign pension scheme
10. Authorising foreign pension scheme
11. Facilities, information and assets in Mauritius
D – External pension scheme
12. Licensing of external pension scheme
E – Further information and false statements
13. Further information and verification
On receipt of an application made under section 9, 10 or 12, the Commission may—14. Material change
An applicant for a licence or an authorisation shall notify the Commission of any material change which may have occurred before or after the issue of a licence or granting of an authorisation.15. False and misleading statements to Commission
No person shall, in connection with an application made under section 9, 10 or 12—F – Unlicensed or unauthorised private pension schemes
16. Effect of unlicensed or unauthorised private pension schemes
Part IV – Constitution and management of private pension schemes
17. General provisions of private pension schemes
18. Technical funding requirement
The Commission may, in FSC Rules, make provision for—19. Maintenance of financially sound condition
20. Technical provisions
21. Under-funded private pension schemes
22. Schedules of contributions
23. Investment rules
24. Prohibitions concerning assets and liabilities
25. Avoidance of exclusion clauses
Every constitutive document or other document to which a private pension scheme is party shall be void in so far as it would have the effect of exempting its governing body, pension scheme administrator, professional adviser, investment adviser, asset manager, long-term insurer or any other person appointed for managing the assets of the scheme from liability for any failure to exercise due care and diligence in the discharge of its or his respective functions in respect of the scheme.Part V – Administration of private pension schemes
26. Pension scheme administrator
27. Governing body or long-term insurer to administer private pension scheme
A private pension scheme may be administered by—28. Responsibilities of pension scheme administrator, long-term insurer and governing body
Part VI – Alteration, transfer and amalgamation
29. Alteration
30. Transfer or amalgamation
31. Conditions of approval
The Commission shall not approve a transaction under section 30, except where it is satisfied that—32. Approved transaction
Part VII – Accounts and audit
33. Accountability
Every private pension scheme shall—34. Accounting period
The accounting period of a private pension scheme shall not be changed without the approval of the Commission.35. Appointment of auditor and actuary
36. Appointment of auditor and actuary by Commission
37. Returns to Commission
38. Disclosure to beneficiaries
A private pension scheme shall make such disclosure to its beneficiaries, as may be specified in FSC Rules or determined by the Commission.39. Content of rules of private pension scheme
A private pension scheme, its pension scheme administrator or long-term insurer in administering the private pension scheme shall keep a record of the rules of the scheme which shall include, at the minimum, such terms and conditions as may be specified in FSC Rules.40. Notification to Commission
Part VIII – Variation, termination, suspension and revocation of licence or authorisation
41. Variation of licence or authorisation
42. Termination of licence or authorisation
43. Suspension of licence or authorisation
44. Revocation of licence or authorisation
Part IX – Winding up
45. Voluntary winding up
46. Winding up by Court
47. Provisions for winding up
The Commission may, in FSC Rules, make provision for—Part X – Miscellaneous
48. Disinvestment
49. Public notice
50. Composition of governing body
51. Service of process
Service of process by or on a private pension scheme shall be sufficient if made on behalf of its or on its governing body agent or contact person.52. Legal proceedings
A private pension scheme shall act, sue, and be sued, in the case of—53. Offences
Any person who contravenes this Act or the FSC Rules shall commit an offence and shall, on conviction, be liable to a fine not exceeding 500,000 rupees and to imprisonment for a term not exceeding 5 years.54. Jurisdiction
55. Regulations
56. ***
57. ***
58. Savings and transitional provisions
59. ***
History of this document
30 June 2017 this version
Consolidation
01 November 2012
Commenced