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NPF calculation + warning reg. private pension in Mauritius

Dernière activité 15 Juin 2021 par delco

Nouvelle discussion

Max Headroom

Hello,


I have been employed in Mauritius since 2004, I have contributed to the National Pension Fund since then, I guess I am entitled to a little pension as from the age of 60 despite the short time I contributed (22 years by the time I will be 60).
I would like to calculate how much the national pension will be, to anticipate my retirement budget and top it up with other investments, can anyone help with the calculation method?
I tried to call the NPF several times, they never answer, I could go to the NPF building and waste half a day, but if possible I'd rather calculate myself...
Also for info to all who think it may be a good idea to take a private pension in Mauritius, be very very careful. I subscribed to a private pension/life insurance with one of the most reputable insurance company in Mauritius with a 50/50 ratio for safe investments. I signed for it 15 years ago and duly paid a heavy monthly premium since then, with an expected minimum monthly payout of Rs 50,000 at age 55 ( payout not guaranteed, but wording mentioned it is expected) and all annual fund reports received looked positive to this effect.
In 2020 after the first covid, I questioned the company about the health of the retirement fund and to estimate again the monthly payout at retirement. No reply. I insisted a few times, and after 3 months I received a reply from a very embarrassed broker, who informed that the fund had not been performing as expected, and that if I retire at 60(!) instead of 55, I will only receive a monthly pension of.....Rs 13,000!!!
I had not been informed that the pension fund was doing so bad all these years... the annual reports were totally misleading, it is scandalous, so much that the insurance company offered to pay me back discreetly the total amount of contributions, minus the small life insurance premium, and I got it all back. I feel lucky as I am sure if all subscribers ask for the same, this company will go bankrupt. Normally such contribution to a pension scheme cannot be reimbursed, but it was clear I was going to expose the lack of transparency if I don't get a refund. I advise all who have a private pension in Mauritius to check if the payout amount is still on track as per expectation, and if not, to either review the deal, or get a refund!

Thanks and regards,

Georgio 27

Max Headroom a écrit:

Hello,


I have been employed in Mauritius since 2004, I have contributed to the National Pension Fund since then, I guess I am entitled to a little pension as from the age of 60 despite the short time I contributed (22 years by the time I will be 60).
I would like to calculate how much the national pension will be, to anticipate my retirement budget and top it up with other investments, can anyone help with the calculation method?
I tried to call the NPF several times, they never answer, I could go to the NPF building and waste half a day, but if possible I'd rather calculate myself...
Also for info to all who think it may be a good idea to take a private pension in Mauritius, be very very careful. I subscribed to a private pension/life insurance with one of the most reputable insurance company in Mauritius with a 50/50 ratio for safe investments. I signed for it 15 years ago and duly paid a heavy monthly premium since then, with an expected minimum monthly payout of Rs 50,000 at age 55 ( payout not guaranteed, but wording mentioned it is expected) and all annual fund reports received looked positive to this effect.
In 2020 after the first covid, I questioned the company about the health of the retirement fund and to estimate again the monthly payout at retirement. No reply. I insisted a few times, and after 3 months I received a reply from a very embarrassed broker, who informed that the fund had not been performing as expected, and that if I retire at 60(!) instead of 55, I will only receive a monthly pension of.....Rs 13,000!!!
I had not been informed that the pension fund was doing so bad all these years... the annual reports were totally misleading, it is scandalous, so much that the insurance company offered to pay me back discreetly the total amount of contributions, minus the small life insurance premium, and I got it all back. I feel lucky as I am sure if all subscribers ask for the same, this company will go bankrupt. Normally such contribution to a pension scheme cannot be reimbursed, but it was clear I was going to expose the lack of transparency if I don't get a refund. I advise all who have a private pension in Mauritius to check if the payout amount is still on track as per expectation, and if not, to either review the deal, or get a refund!

Thanks and regards,


Mince, je pensais que j'étais sur le forum français 😀😀
Georgio

Max Headroom

j'essaie en francais, mais cela le traduit automatiquement en anglais....

Max Headroom

.

blue-bay66

@ Georgio Voici la traduction

Bonjour,


  Je suis employé à Maurice depuis 2004, j'ai cotisé au National Pension Fund depuis, je suppose que j'ai droit à une petite pension à partir de l'âge de 60 ans malgré le peu de temps que j'ai cotisé (22 ans au moment où je serai  60).
  Je souhaite calculer le montant de la pension nationale, anticiper mon budget retraite et le compléter avec d'autres investissements, quelqu'un peut-il m'aider sur la méthode de calcul ?
  J'ai essayé d'appeler la NPF plusieurs fois, ils ne répondent jamais, je pourrais aller au bâtiment de la NPF et perdre une demi-journée, mais si possible je préfère calculer moi-même...
  Aussi pour info à tous ceux qui pensent que cela peut être une bonne idée de prendre une pension privée à l'île Maurice, soyez très très prudent.  J'ai souscrit une assurance retraite/vie privée auprès de l'une des compagnies d'assurance les plus réputées de l'île Maurice avec un ratio 50/50 pour des investissements sûrs.  J'ai signé il y a 15 ans et j'ai dûment payé une forte prime mensuelle depuis lors, avec un paiement mensuel minimum prévu de Rs 50 000 à 55 ans (paiement non garanti, mais le libellé mentionné est attendu) et tous les rapports de fonds annuels reçus semblaient positifs pour  cet effet.
  En 2020 après le premier covid, j'ai interrogé l'entreprise sur la santé de la caisse de retraite et pour estimer à nouveau la mensualité à la retraite.  Pas de réponses.  J'ai insisté quelques fois, et au bout de 3 mois j'ai reçu une réponse d'un courtier très embarrassé, qui m'a informé que le fonds n'avait pas fonctionné comme prévu, et que si je prends ma retraite à 60 (!) Au lieu de 55, je ne recevrai que  une pension mensuelle de ..... Rs 13 000 !!!
  Je n'avais pas été informé que la caisse de retraite allait si mal toutes ces années... les rapports annuels étaient totalement trompeurs, c'est scandaleux, à tel point que la compagnie d'assurance m'a proposé de me rembourser discrètement le montant total des cotisations, moins les  petite prime d'assurance-vie, et j'ai tout récupéré.  Je me sens chanceux car je suis sûr que si tous les abonnés demandent la même chose, cette entreprise fera faillite.  Normalement, une telle contribution à un régime de retraite ne peut pas être remboursée, mais il était clair que j'allais dénoncer le manque de transparence si je n'obtenais pas de remboursement.  Je conseille à tous ceux qui ont une pension privée à Maurice de vérifier si le montant du paiement est toujours conforme aux attentes, et sinon, de revoir l'accord ou d'obtenir un remboursement !

Max Headroom

it is still in English ( and uncomplete), at least for me, weird...sent in in  a message in French to Georgio, it went in English! I guess Georgio needs to translate it himself...

Georgio 27

Lol,
C'était juste pour un petit joke 😀
Georgio

delco

Pour toucher la retraite à laquelle tu as cotisé sur ton salaire il te faudra  vivre plus de six mois par an à Maurice.
J'ai cru lire mais je ne sais plus où qu'il fallait côtiser trente ans (à voir si il y a une décote).
Le système a changé récemment, système dans lequel les expats ne sont plud inclus.

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