Mauritius: Private Pension Schemes Bill

The main object of the Private Pension Schemes Bill is to provide for a regulatory and supervisory framework for the operation of private pension schemes in order to ensure the protection of beneficiaries and the soundness of such schemes.

2. The Bill provides that the Financial Services Commission shall be responsible for the administration of this Act and shall, while regulating private pension schemes –

(a) maintain a fair, safe, stable and efficient private pension industry;

(b) promote confidence in the private pension industry;

(c) ensure fair treatment to beneficiaries of private pension schemes;

(d) ensure that the activities of a private pension scheme are not used in furtherance of, or for a purpose connected with, a financial crime;

(e) ensure the orderly growth of the private pension industry in Mauritius; and

(f) maintain the good repute of Mauritius as a financial centre.

3. The Bill further makes provision for –

(a) the administration and constitution of private pension schemes;

(b) the management of the assets of private pension schemes;

(c) the alteration, transfer and amalgamation of private pension schemes;

(d) investigations to be carried out on the activities of private pension schemes;

(e) the suspension, termination or revocation of private pension schemes; and

(f) other related matters.