Regulatory Alerts2023-01-01
Private Pension Schemes (Non-Citizens) Rules 2023
The Financial Services Commission of Mauritius issued these rules to govern the transfer of total accrued benefits for non-citizen members from domestic private pension schemes to overseas pension arrangements. The regulations mandate prior Commission approval and require sponsoring schemes to submit specific documentation, including governance resolutions, due diligence confirmations, and written requests from the non-citizen. The framework establishes a valuation method based on the higher of the cash equivalent transfer value or accumulated contributions with returns, while enforcing strict one-month timelines for notifying members, receiving responses, and completing the transfers.
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