Acts & Legislations

Hard copies of the official versions of Seychelles legislation can only be obtained from the Department of Legal Affairs.

SEYCHELLES PENSION FUND ACT, 2005

[Parts I to IV – 19^th August 2005]

[Parts V to X – 1^st January 2006]

Act 8 of 2005

Act 3 of 2007

Act 21 of 2010

ARRANGEMENT OF SECTIONS

Part I – Preliminary

1. Short title and commencement
2. Interpretation

Part 2 – Establishment of the Fund

1. Establishment of the Seychelles Pension Fund
2. Objectives

Part 3 – Board of Trustees

1. Establishment of the Board etc.
2. Membership of the Board etc.
3. Eligibility for appointment
4. Disqualification, removal etc of Board Members
5. Reports of the Board
6. Board meetings
7. Remuneration of Members
8. Confidentiality
9. Disclosure of interest
10. Resignation of Members

Part 4 – Management of the Fund

1. Responsibilities of the Chief Executive Officer
2. Employment of staff

Part 5 – Membership of the Fund and contributions

1. Membership of the Fund
2. Contributions to Fund
3. Transfer of part of Social Security contributions
4. Cessation of contributions
5. When contribution are due and payable
6. Contributions deducted to be held for the Fund
7. Late payment and non-payment of contributions
8. Contributions and surcharge
9. Security on contribution
10. Action for recovery of sum due to the Fund
11. Employer liable for contributions leaving Seychelles
12. Member’s account and interest
13. Sums in account and pension etc., not to be assigned

29A.    Documents to be provided to a member

Part 6 – Benefits

1. Benefits
2. Monthly retirement pension
3. Rates of pension
4. Qualifying period for pension
5. Pre-retirement death gratuity
6. Post-retirement death gratuity
7. Pre-retirement Surviving Spouse’s pension
8. Post-retirement Surviving Spouse’s pension and Children’s pension
9. Children’s pension
10. Migration allowance
11. Permanent incapacity pension
12. Application of retirement and invalidity pensions
13. Members not qualifying for pension
14. Refund of voluntary contributions by lump sum on retirement
15. Contribution as security
16. Rejoining the Fund
17. Pension review

Part 7 – Financial Provisions and Investment

1. Pension Fund
2. Budget
3. Financial year
4. Investments
5. Investment principles
6. Choosing investments
7. Accounts and audit
8. Report on activities of the Fund
9. Actuarial investigation of the Fund

Part 8 – Medical Board

1. Appointment etc. of Medical Board

Part 9 – Obligations and Offences

1. Obligation of employers to furnish records etc.

57A. Revenue Commissioner to remit contributions collected

1. Social Security records
2. Unlawful claim or receipts of benefit
3. Non-disclosure of information
4. Power of entry
5. Offences and penalties
6. Employers and management liability
7. Compounding of offences

Part 10 – Miscellaneous

1. Private Schemes
2. Sales agents
3. Priority of claim under this Act
4. Regulations
5. Tax exemption
6. Application of certain Penal Code provisions
7. Protection of Acts done in good faith
8. Repeal of Cap 220
9. Repeal of Cap 140