Pension Office Timeline

2018-01-24 08:59

2009

May: Ratification of Pension Act and establishment of MPAO

 

2010

May: Introduction of MRPS and participation of all state employees

May: Appointment of custodian for MRPS funds

Jun: First investment of pension funds

Oct: Commencement of disbursement of pensions from MRPS

Dec: Issuance of recognition bond for accrued pension rights

 

2011

April: Implementation of centralized state pension disbursement mechanism

May: Participation of private sector employees in MRPS

Oct: Member online access to Retirement Savings Account

Nov: First MRPS investment in Equity

Nov: Commence disbursement of pension for foreigners

 

2012

May: Launch of “Koshaaru” – Pension Management System

 

2013

Feb: First MRPS investment in Fixed Income Corporate Bond issued by HDFC

Dec: MRPS investment in Sukuk issued by HDFC

 

2014

Feb: Commencement of disbursement of Senior Citizen Allowance.

Mar: First trade in secondary stock market

Jun: Commencement of work towards formulation of a Disability Insurance Scheme for MRPS members

Aug: Commencement of participation of self-employed persons in MRPS

Sep: Establishment of an Investment Compliance and Internal Audit function within MPAO

Oct: Published MPAO’s first e-Bulletin.

Dec: Completion of the first year as a financially independent institution. 

 

2015

Jan: Admin fee levied on MRPS members reduced from 1% to 0.9%

May: Establishment of a the MPAO Contact Centre

May: Release of MPAO Mobile Application

 

2016

April: Third Amendment to Maldives Pension Act was ratified

August: Regulation on Collateralization of RSA Funds Towards Housing Schemes was published

August: MOUs signed with Bank of Maldives and Housing Development Financing Corporation to facilitate collateralization of RSA funds for housing schemes

August: The new MPAO website, including a new Dhivehi version, was launched

November: MOU signed with Maldives Islamic Bank to facilitate collateralization of RSA funds for housing schemes

December: MPAO moved its operations to Umar Shopping Arcade building

 

2017

Jan: Admin fee levied on MRPS members reduced from 0.9% to 0.8%

March: First disbursement of funds towards collateralization of RSA funds for housing schemes, via Housing Development Financing Corporation

 

2018

Jan: Admin fee levied on MRPS members reduced from 0.8% to 0.6%