MPAO to reduce pension administration fee

Maldives Pension Administration Office (MPAO) has decided to reduce the pension administration fee for the Maldives Retirement Pension Scheme (MRPS) from 1 percent of the Retirement Savings Account’s year-end savings, to 0.9 percent.

Ismail Sujau, Director of MPAO told Sun Online today that the office's board of directors made a decision to reduce the MRPS administrative fee following a yearly review. The change will come into effect from 1 January 2015.

MPAO said that the MRPS administrative fee, collected as a custodian’s fee, is utilized for the administration of the office and to enhance the services of the pension office.