Pension Office opens applications for four private‑sector board positions under new Pensions Act reforms

The Maldives Pension Administration Office has reopened applications for four private‑sector seats on its Board of Directors, following the enactment of the Sixth Amendment to the Pensions Act, a reform described as one of the most significant overhauls in the system’s history.

The amendment, ratified by the President on May 21, introduces new governance standards for the Pension Office, requiring board members and the CEO to meet strengthened eligibility and accountability criteria. The Office said this creates a rare opportunity for qualified professionals to help steer one of the country’s largest financial institutions at a pivotal moment.

Key changes to the Act include measures to ensure the basic pension remains sustainable and targeted to those most in need. These include suspending the basic pension for individuals holding elected office, serving in state employment, or receiving income above the pension threshold.

The amendment also expands access to pension funds, allowing withdrawals for housing construction and repairs, and for individuals diagnosed with terminal or incurable illnesses. It further permits the use of pension savings to secure pilgrimage slots, and opens the Maldives Retirement Pension Scheme to self‑employed workers.

The opportunity to be a Member of the Pension Office Board is now open.

To apply, please visit: https://t.co/7fWEFf5ktW pic.twitter.com/UIJLxJjHve

— Pension Office (@PensionOffice) June 9, 2026

In addition, the law strengthens rules governing the management and investment of pension assets, with the aim of improving long‑term returns for a fund that manages billions of rufiyaa and is directly tied to the financial future of Maldivian workers.

The Pension Office said several regulations and administrative frameworks must be drafted within the next three months to implement the reforms, making this an important moment for new board members to help modernize the institution.

Eligibility requirements

Applicants must be Maldivian citizens aged 35 or above, hold at least a bachelor’s degree in pensions or finance, and have a minimum of five years’ professional experience. They must not be bankrupt, hold political office, or be members of a political party.

Candidates must also not be employed by the state, a government‑owned company, or any entity in which the government holds more than 50 percent. They must not be officers or employees of the Pension Office’s asset managers or custodians. Applicants must be working in the private sector and must have been continuously employed in the private sector for at least one year at the time of appointment.

Applications for the four private‑sector board positions are open until 16:00 on June 16.  

Submissions can be made via Google Forms: https://forms.gle/rocN9hn9wCcowxcy6