PENSION TIPS COLUMN |16 January 2012

We invite members of the public to kindly send in their questions through the following contacts:

Tel: +248 29 46 50
Email: vdingwall@spf.sc
Fax: +248 22 50 37

Self-Employed Pension

Q: How can someone who is self-employed get a higher pension on retirement at the age of 60 or 63 years?

A) Paying contribution on your real salary or gross profit, if you do not declare a salary.  The higher your profit the more is your contribution and pension.

B) By opening a voluntary contribution account with the Fund and making contribution on a monthly or regular basis you will be improving your retirement income.

Q: Can I withdraw the voluntary contribution from my account before I reach retirement age?

A: No. The contribution is to assist you to increase the level of funds available upon retirement. However if you decide to retire at the age of 60 you can draw your voluntary contribution if you wish to be paid in a lump sum.

Q: How can I ensure that I qualify for pension apart from the payment of the voluntary contribution?

A: For a self employed to benefit with a pension he/she needs to contribute for a minimum period of ten (10) years of the mandatory contribution immediately prior to retirement or an aggregate period of 20 years prior to retirement to the Seychelles Pension Fund to qualify for a pension besides attaining retirement age of 60 or 63.