Age Pension — Seychelles Pension Fund (effective 1 January 2025)

Overview

The Seychelles Pension Fund (SPF) provides aged pension to its members as per the SPF Act and Benefit Regulations 2005 including all subsequent amendments. The Age pension paid is an earning replacement to enable the beneficiary to live in basic comfort

Who qualifies

  • The age pension is payable from age 65 and continues for life. Members aged 65+ may continue working while receiving the age pension.
  • Early age pension: Members aged 60–64 years can still access their pension at a reduced rate, however, to receive the early age pension they must cease employment.
  • Qualifying conditions (one of the following must be met):
    1. Continuous contributions to SPF for the last 10 years immediately prior to retirement; or
    2. Contributions aggregating 20 years or more since 1979 with SSF, SPS or SPF (with possible breaks)

Cessation of contributions

A member aged 65 years or over may elect to receive the age pension from a specified date and must cease making contributions from that date. The pension is calculated as at that election date.

 

The Formula

The pension amount is calculated using a transparent formula that links the pension to average earnings and years of contribution. The formula components are:

  • Average wage over the relevant period (16 years for 2026, to be increased by one year each year until the member retires);
  • Adjustment of past earnings by the wage growth.
  • Accrual rate (the rate at which pension entitlement accrues per year of contribution, 1.21% in 2026).
  • Years of contribution made by the member to the SPF.

Formula (summary): Average adjusted wage × accrual rate × years of contributions.

 

Policy intent

This approach strengthens the link between contributions and benefits, encourages longer working lives and consistent contributions, and aims to preserve fairness across members with different service lengths.

 

How to apply submit

Submit a completed pension claim form to the SPF Customer Relations Section with:

  • National Identity Card or passport copy.
  • Birth certificate.
  • Employment certificates.
  • Bank account details.