From the age of 60 onwards, qualifying members can access their Retirement Pension – a guaranteed pension that is available for life – from the Pension Fund.
Members who are Seychellois workers in full-time or part-time employment – or who are self-employed – can access their pension from the age of 60, if: 1) they have contributed for the last 10 years immediately prior to retirement, or 2) they have contributed for any period of 20 years total (with breaks in between) since 1979.
SPF uses a transparent and easy-to-understand formula, to calculate a member’s pension. This formula encourages members to contribute and work longer, in order to have a better pension in their retirement.
In the event that a member becomes incapacitated due to medical reasons prior to the retirement age, he or she becomes eligible to apply for an Incapacity Pension – either temporarily or indefinitely – depending on the outcome of the Medical Board’s findings.
SPF reiterates that all contributions made by members are either returned to them or their dependents, depending on the situation. Given that a member may die before retirement age, his or her surviving spouse and/or children: 1) below the age of 25, and 2) still in full-time employment, becomes eligible to either a pension or a lump sum refund of all contributions with accrued interest, depending on the deceased member’s contribution status. You can click here to learn more about SPF’s Surviving Spouse Pension.
In the event that the dependents are all above 18 and not in full-time education – and in the absence of anyone recognised as children and/or a surviving spouse – (as defined in the SPF Act 2005), the adult children will receive a lump sum refund of all contributions made by the deceased member, inclusive of any accrued interest. You can click here to learn more about SPF’s Children’s Pension.
More Stories on our Website:
- Click here to learn more about our participation in the Mayor of Victoria’s clean-up initiative of the capital city;
- Click here to learn more about our most recent outreach activity, to encourage our members to register for our e-services;
- Click here to read more about our most recent promotion with Paradise FM to register members for our e-Services;
- Click here to read more about how we are governed and regulated.