This is the version of this Act as it was from 19 August 2005 to 15 July 2007. Read the latest available version.
Seychelles Pension Fund Act, 2005
Act 8 of 2005
- Published on 19 August 2005
- There are multiple commencements
- [This is the version of this document as it was from 19 August 2005 to 15 July 2007.]
|Part I (section 1–2); Part II (section 3–4); Part III (section 5–14); Part IV (section 15–16)||commenced on 19 August 2005.|
|Part V (section 17–29); Part VI (section 30–46); Part VII (section 47–55); Part VIII (section 56); Part IX (section 57–64); Part X (section 65–73)||commenced on 1 January 2006.|
Part I – Preliminary
1. Short title and commencementThis Act may be cited as the Seychelles Pension Fund Act, 2005 and Parts I to IV shall come into operation on the date of publication of the Act in the Official Gazette and Parts V to X shall come into operation on 1st January 2006.
2. InterpretationIn this Act—"benefit" means a benefit under section 30;"Board" means the Board of Trustees of the Seychelles Pension Fund constituted under section 5;"Chief Executive Officer" means the Chief Executive Officer of the Fund appointed under section 15;"contribution" means the mandatory or voluntary contribution payable under this Act;"Continuous contribution" in relation to any period, means regular payment of contributions to the Seychelles Pension Scheme, the Fund or the Social Security Fund, as the case may be, provided that a break in the payment of monthly contributions for a period not exceeding ninety days shall not be considered as a break of continuous contribution, for the purpose of a claim for a retirement pension, incapacity pension, surviving spouse's pension or children's pension;"court" means the Supreme Court;"dependant" means a person who is maintained by a member at the time of the member's death, but does not include the spouse of that member;"employer" means a person who or which employs a worker and includes the Government of Seychelles;"Fund" means the Fund established by section 3;"mandatory contribution" means the contribution payable under section 18(1), (2) and (3);"member" means a person who is or becomes a member of the Fund under section 17;"Minister" means the Minister responsible for Finance;"self-employed person" means an individual—(a)who is carrying on a business of his own; or(b)who is a partner in a partnership which is carrying on a business and who shows to the satisfaction of the Chief Executive Officer that he is liable to pay business tax in relation to the business under the Business Tax Act whether or not the income of the business is exempt under that Act;"retirement" means retirement at the age of 60 or at the compulsory retirement age of 63 or at such other age as is prescribed by law for the retirement of holders of particular offices;"spouse", in relation to a deceased member, means—(a)where the member was married and was at the time of the member’s death living with and maintaining his married partner, that married partner; or(b)where the member had, at the time of the member’s death, been cohabiting with a person as the common law wife or husband of the member, even if the member had not been divorced, for a period of at least three years before the member’s death and had maintained that person during that period that person;"voluntary contribution" means a contribution payable under section 18(4) and (5);"worker" means a person of or above the age of 15 years in full time or part time employment in Seychelles or on a Seychelles ship or aircraft or in an agency or diplomatic mission of Seychelles abroad and liable to pay Social Security contributions under the Social Security Act.
Part II – Establishment of the Fund
3. Establishment of the Seychelles Pension Fund
4. ObjectivesThe objectives of the Fund shall be—
Part III – Board of Trustees
5. Establishment of the Board etc.
6. Membership of the Board etc.
7. Eligibility for appointmentNo person shall be appointed as a Member of the Board if that person—
8. Disqualification, removal etc of Board Member
9. Reports of the BoardThe Board shall make half-yearly reports on the administration of the Fund to the Minister and furnish such other reports as the Minister may require.
10. Board meetings
11. Remuneration of Board MembersMembers of the Board shall be paid such allowances and the Chief Executive Officer such a salary as may be determined by the Minister.
12. ConfidentialityA Member of the Board or an employee of the Fund shall not disclose to any person information relating to the affairs of the Fund which is acquired in the performance of his duties except for the purpose of the performance of his duties or when ordered by the Court.
13. Disclosure of interest
14. Resignation of MemberA Member of the Board may resign his office by letter addressed to the President. The Chairman and the Chief Executive Officer shall give three months' prior notice and any other Member shall give not less than one month's prior notice of his resignation.
Part IV – Management of the Fund
15. Responsibilities of the Chief Executive OfficerThe President shall appoint a Chief Executive Officer of the Fund who shall, subject to this Act and decisions of the Board, be responsible for the day to day administration of the Fund, including—
16. Employment of staffThe Fund may employ such staff as may be necessary for the administration of the Fund on such terms and conditions as it may determine.
Part V – Membership of the Fund and contributions
17. Membership of the Fund
18. Contributions to the Fund
19. Transfer of part of social security contributions
20. Cessation of contributions
21. When contributions are due and payable
22. Contributions deducted to be held for the FundAny sum deducted by an employer under section 21 shall be held by the employer for and on behalf of the Fund and, notwithstanding any other written law, shall not be subject to attachment in respect of any debt or liability of the employer, and in the event of any liquidation, assignment or bankruptcy of the employer, the sum deducted shall be paid in full to the Fund before any distribution is made in the liquidation, assignment or bankruptcy.
23. Late payment and non-payment of contributions
24. Contributions and surcharge
25. Security on contributionWhere the Chief Executive Officer has reason to believe that an employer may not be able to pay the employer's contribution to the Fund as a result of indebtedness or otherwise, he may require the employer to provide a security in the form of a cash or bank guarantee not exceeding the total of the employer's and workers' monthly contributions for 3 months.
26. Action for recovery of sum due to the Fund
27. Employer liable for contributions leaving Seychelles
28. Member's account and interest
29. Sums in account and pension etc., not to be assignedNotwithstanding any other written law, but subject to section 44, any sum standing to the credit of a member in his account in the Fund shall not be subject to attachment in respect of any debt or liability of the member and upon the bankruptcy or insolvency of a member that sum or any benefits including pension or gratuity granted under this Act shall not be assignable or transferable or liable to be attached, sequestered or levied upon for or in respect of any debt or claim whatsoever.
Part VI – Benefits
30. BenefitsBenefits payable to or in respect of members under this Act shall be—
31. Monthly retirement pension
32. Rates of pensionThe rates of monthly pensions payable shall be prescribed by regulations. The regulations shall also prescribe circumstances in which a retirement pension may be varied.
33. Qualifying period for pension
34. Pre-retirement death gratuity
35. Post-retirement death gratuityWhere a person who is receiving a retirement pension dies, his surviving spouse or dependant shall be entitled to receive a post-retirement death gratuity as provided by regulations if the surviving spouse or dependant does not qualify for the benefit under section 37.
36. Pre-retirement surviving spouse's pensionWhere a member dies before reaching the retirement age, his surviving spouse who is living with him at the time of his death shall be entitled to receive a surviving spouse's pension and the refund of the member's voluntary contributions, if any, standing to his credit in the Fund with interest as prescribed by regulations.
37. Post-retirement surviving spouse's pension and children's pension
38. Children's pension
39. Migration allowanceWhere a member satisfies the Chief Executive Officer that he has migrated or is about to migrate from Seychelles to another country as a permanent resident of that country before reaching the retirement age, he shall be entitled to a migration allowance equal to the total amount standing to his credit in the Fund.
40. Permanent incapacity pension
41. Application of retirement and invalidity pensionsAny person who would have qualified for a benefit under section 33 but retired on attaining the age of 63 or was granted a retirement benefit or incapacity benefit in a lump sum under the Pension Scheme during the year 2005 shall be entitled to receive the pension prescribed by regulations as if the person retired on 1st January 2006 on coming into force of this Act.
42. Members not qualifying for pension
43. Refund of voluntary contributions by lump sum on retirement
44. Contributions as securityNotwithstanding section 29, the voluntary contributions paid by a member standing to his credit in the Fund under section 18(4) and (5) may be used with the consent of the Chief Executive Officer as security to enable the member to obtain a housing loan or a loan for medical treatment.
45. Rejoining the FundWhere a person who had migrated to another country having received his migration allowance later returns to Seychelles permanently, the person may rejoin the Fund.
46. Pension review
Part VII – Financial provisions and investment
47. Pension Fund
48. BudgetThe budget of the Fund in respect of a financial year shall be determined by the Board before the 15th day of December of the preceding financial year.
49. Financial yearThe financial year of the Fund shall be the period of twelve months ending on the 31st day of December.
51. Investment principles
52. Choosing investments
53. Accounts and audit
54. Report on activities of the FundThe Board shall prepare in respect of each financial year of the Fund a report of its activities and submit a copy of the report and the audited statement of accounts to the Minister and the Minister shall cause the report to be tabled in the National Assembly and published in the Official Gazette.
55. Actuarial investigation of the FundThe Board shall at intervals of not more than 3 years cause an actuarial investigation of the assets and liabilities of the Fund to be made by an approved actuary. In this section, "approved actuary" means an actuary who is a Fellow of the Institute of Actuaries or a Fellow of the Faculty of Actuaries and is approved by the Minister.
Part VIII – Medical Board
56. Appointment etc. of Medical Board
Part IX – Obligations and offences
57. Obligation of employers to furnish records etc.The Chief Executive Officer or any person authorised by him in writing may require any employer to provide him monthly or when required with the books of account, registers or other documents concerning the employees or their employmer or answer such questions as he may put to the employer.
58. Social security recordsThe Director of the Social Security Fund shall make any record of the Social Security Fund available to the Chief Executive Officer or a person authorised by the Chief Executive Officer for examination for the purpose of this Act.
59. Unlawful claim or receipts of benefit
60. Non-disclosure of informationNo person who, in his capacity as Chief Executive Officer or an employee of the Fund, has acquired any information relating to the account of a member of the Fund shall disclose such information except -
61. Power of entry
62. Offences and penalties
63. Employers' and management liabilityWhere an act or omission which constitutes an offence for which an employer is liable under this Act has in fact been committed or made by a manager, agent, servant or other person, the manager, agent, servant or other person shall be liable to be proceeded against for the offence in the same manner as if he were the employer, either together with the employer or before or after the conviction of the employer and shall be liable to the like punishment as if he were the employer.
64. Compounding of offences
Part X – Miscellaneous
65. Private schemes
66. Sales agentsThe Board may appoint sales agents on such terms and conditions as may be determined by the Board for the purpose of promoting the Fund and encouraging self-employed persons to be members of the Fund.
67. Priority of claim under this ActA claim against an employer in respect of any contribution payable under this Act shall have priority over all other claims.
68. RegulationsThe Minister may on the recommendation of the Board make regulations for carrying into effect the purposes and provisions of this Act and without prejudice to the generality of the foregoing—
69. Tax exemptionThe Seychelles Pension Fund shall be exempt from stamp duty, business tax, trade tax, goods and services tax and all other taxes, fees and duties on its assets, documents, instruments, profits, operations and properties.
70. Application of certain Penal Code provisionsThe Members of the Board and the staff of the Fund shall be deemed to be public officers for the purpose of sections 91 to 96 of the Penal Code.
71. Protection of acts done in good faithA Member of the Board or an employee of the Fund shall not be liable for damages for anything done or omitted to be done in good faith in the discharge or purported discharge of his functions.
72. Repeal of Cap 220
73. Repeal of Cap 140
History of this document
02 January 2023 amendment not yet applied
01 January 2006
19 August 2005 this version