Hello,
I have been employed in Mauritius since 2004, I have contributed to the National Pension Fund since then, I guess I am entitled to a little pension as from the age of 60 despite the short time I contributed (22 years by the time I will be 60).
I would like to calculate how much the national pension will be, to anticipate my retirement budget and top it up with other investments, can anyone help with the calculation method?
I tried to call the NPF several times, they never answer, I could go to the NPF building and waste half a day, but if possible I'd rather calculate myself...
Also for info to all who think it may be a good idea to take a private pension in Mauritius, be very very careful. I subscribed to a private pension/life insurance with one of the most reputable insurance company in Mauritius with a 50/50 ratio for safe investments. I signed for it 15 years ago and duly paid a heavy monthly premium since then, with an expected minimum monthly payout of Rs 50,000 at age 55 ( payout not guaranteed, but wording mentioned it is expected) and all annual fund reports received looked positive to this effect.
In 2020 after the first covid, I questioned the company about the health of the retirement fund and to estimate again the monthly payout at retirement. No reply. I insisted a few times, and after 3 months I received a reply from a very embarrassed broker, who informed that the fund had not been performing as expected, and that if I retire at 60(!) instead of 55, I will only receive a monthly pension of.....Rs 13,000!!!
I had not been informed that the pension fund was doing so bad all these years... the annual reports were totally misleading, it is scandalous, so much that the insurance company offered to pay me back discreetly the total amount of contributions, minus the small life insurance premium, and I got it all back. I feel lucky as I am sure if all subscribers ask for the same, this company will go bankrupt. Normally such contribution to a pension scheme cannot be reimbursed, but it was clear I was going to expose the lack of transparency if I don't get a refund. I advise all who have a private pension in Mauritius to check if the payout amount is still on track as per expectation, and if not, to either review the deal, or get a refund!
Thanks and regards,