The pension office aims to double fund to MVR 60 billion within five years, CEO says

The Maldives Pension Administration Office (MPAO) aims to double the asset under management by the Maldives Retirement Pension Scheme (MRPS) to MVR 60 billion within the next five years, its Chief Executive Officer Yazmeed Mohamed has said.

Yazmeed made the remarks at the launch of the Three Generation Walk (3Gen Walk), an event organized by the Pension Office in Haa Dhaalu Hanimaadhoo. He described the target as one of his biggest goals.

MVR 30 billion over 17 years

According to Yazmeed, MVR 30 billion has accumulated in the pension fund over the Pension Office’s 17 years of operation. The figure includes contributions from MRPS members and returns earned on investments.

Yazmeed said the office’s management system has been reorganized to support the target. The office will work proactively to find new investment opportunities, he said. The aim is to expand the pension fund and deliver its benefits to members in a sustainable way.

Employers outside the scheme

Yazmeed said some parties that are required to take part in the retirement pension scheme have not joined it. The office is now working to bring them into the pension system, he said.

He also said parties registered to pay pension contributions owe about MVR 100 million in unpaid contributions. The office will work to recover the money within the next year, he said.

Financial awareness event

The 3Gen Walk was organized with the Hanimaadhoo Council. According to the Pension Office, it aimed to raise financial awareness among families and promote healthy living. It also sought to build awareness of saving, investing, and preparing for retirement.

The office said the event also gave families and the wider community a chance to come together and spend time with each other.

Yazmeed thanked the Hanimaadhoo Council, local institutions, and residents for their support in holding the event.

The Pension Office publishes scheme statistics at data.pension.gov.mv.