The Role of Occupational Pension Funds in Mauritius
Mauritius belongs to a select group of developing countries where contractual savings-savings with insurance companies and pension funds-exceed 40 percent of GDP and represent a major potential force in the local financial system. Pension funds acc...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2003/04/2329626/role-occupational-pension-funds-mauritius http://hdl.handle.net/10986/18271 |
| id |
okr-10986-18271 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
PENSION FUNDS CONTRACTUAL SAVINGS GOVERNMENT SECURITIES CORPORATE SECURITY REAL ESTATE INVESTMENT BANK DEPOSITS GOVERNMENT BONDS DEBENTURE MORTGAGE BONDS MORTGAGE-BACKED SECURITIES PENSION INSURANCE CIVIL SERVICE OPERATING COSTS INVESTMENT RETURNS PRIVATE PENSION FUNDS GOVERNMENT SECURITIES REGULATORY FRAMEWORK ACCOUNTING STANDARDS PENSION SYSTEMS SUPERVISION ACCOUNTING ACCOUNTING STANDARDS ACTUARIES ANNUITIES ANNUITY ANNUITY CONVERSION ANNUITY CONVERSION FACTOR ASSET DIVERSIFICATION ASSET MANAGEMENT ASSET MANAGERS ASSETS ASSURANCE AUDITORS AUDITS BALANCE SHEET BANK OF MAURITIUS BONDS CAPITAL GAINS CAPITALIZATION CIVIL SERVICE COMMERCIAL BANKS COMPENSATION CONSOLIDATION CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS ]INSTITUTIONS CONTRACTUAL SAVINGS INSTITUTIONS CONTRIBUTION RATE CONTRIBUTION RATES COVERAGE DEBT DEFINED BENEFIT PLANS DEPOSITS DISABILITY INSURANCE EMPLOYMENT FINANCIAL INSTITUTIONS FINANCIAL SERVICES FOREIGN ASSETS FRAUD FUNDED SCHEMES HOUSING HOUSING FINANCE INFLATION INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE PREMIUMS INSURED FUNDS INTEREST RATES INTERNATIONAL ACCOUNTING STANDARDS INVESTMENT MANAGEMENT INVESTMENT PERFORMANCE INVESTMENT RETURN INVESTMENT RETURNS INVESTMENT RISK LAWS LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LOCAL GOVERNMENT MARKET VALUE MINISTRIES OF FINANCE MUTUAL FUNDS NATIONAL PENSIONS NET ASSETS OPERATING COSTS OPERATING EXPENSES PENSION FUND PENSION FUND MANAGERS PENSION FUNDS PENSION INSURANCE PENSION LIABILITIES PENSION PLANS PENSION RIGHTS PENSION SCHEMES PENSION SYSTEM PENSIONS PERSONAL PENSION PLANS PRIVATE PENSION PRIVATE PENSION FUNDS PUBLIC DEBT REGULATORY FRAMEWORK REPLACEMENT RATE RETIREMENT RETIREMENT AGE RISK DIVERSIFICATION SECURITIES SECURITIZATION SOCIAL SECURITY TAX BENEFITS TAX INCENTIVES TAX TREATMENT VALUATION VARIABLE RATE LOANS WAGE GROWTH WAGES SUPERVISION ACCOUNTING |
| spellingShingle |
PENSION FUNDS CONTRACTUAL SAVINGS GOVERNMENT SECURITIES CORPORATE SECURITY REAL ESTATE INVESTMENT BANK DEPOSITS GOVERNMENT BONDS DEBENTURE MORTGAGE BONDS MORTGAGE-BACKED SECURITIES PENSION INSURANCE CIVIL SERVICE OPERATING COSTS INVESTMENT RETURNS PRIVATE PENSION FUNDS GOVERNMENT SECURITIES REGULATORY FRAMEWORK ACCOUNTING STANDARDS PENSION SYSTEMS SUPERVISION ACCOUNTING ACCOUNTING STANDARDS ACTUARIES ANNUITIES ANNUITY ANNUITY CONVERSION ANNUITY CONVERSION FACTOR ASSET DIVERSIFICATION ASSET MANAGEMENT ASSET MANAGERS ASSETS ASSURANCE AUDITORS AUDITS BALANCE SHEET BANK OF MAURITIUS BONDS CAPITAL GAINS CAPITALIZATION CIVIL SERVICE COMMERCIAL BANKS COMPENSATION CONSOLIDATION CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS ]INSTITUTIONS CONTRACTUAL SAVINGS INSTITUTIONS CONTRIBUTION RATE CONTRIBUTION RATES COVERAGE DEBT DEFINED BENEFIT PLANS DEPOSITS DISABILITY INSURANCE EMPLOYMENT FINANCIAL INSTITUTIONS FINANCIAL SERVICES FOREIGN ASSETS FRAUD FUNDED SCHEMES HOUSING HOUSING FINANCE INFLATION INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE PREMIUMS INSURED FUNDS INTEREST RATES INTERNATIONAL ACCOUNTING STANDARDS INVESTMENT MANAGEMENT INVESTMENT PERFORMANCE INVESTMENT RETURN INVESTMENT RETURNS INVESTMENT RISK LAWS LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LOCAL GOVERNMENT MARKET VALUE MINISTRIES OF FINANCE MUTUAL FUNDS NATIONAL PENSIONS NET ASSETS OPERATING COSTS OPERATING EXPENSES PENSION FUND PENSION FUND MANAGERS PENSION FUNDS PENSION INSURANCE PENSION LIABILITIES PENSION PLANS PENSION RIGHTS PENSION SCHEMES PENSION SYSTEM PENSIONS PERSONAL PENSION PLANS PRIVATE PENSION PRIVATE PENSION FUNDS PUBLIC DEBT REGULATORY FRAMEWORK REPLACEMENT RATE RETIREMENT RETIREMENT AGE RISK DIVERSIFICATION SECURITIES SECURITIZATION SOCIAL SECURITY TAX BENEFITS TAX INCENTIVES TAX TREATMENT VALUATION VARIABLE RATE LOANS WAGE GROWTH WAGES SUPERVISION ACCOUNTING Vittas, Dimitri The Role of Occupational Pension Funds in Mauritius |
| geographic_facet |
Africa Mauritius |
| relation |
Policy Research Working Paper;No. 3033 |
| description |
Mauritius belongs to a select group of
developing countries where contractual savings-savings with
insurance companies and pension funds-exceed 40 percent of
GDP and represent a major potential force in the local
financial system. Pension funds account for 75 percent of
contractual savings. Contractual savings institutions invest
in government securities, housing loans, corporate
securities, real estate and bank deposits. They currently
hold 35 percent of government securities and also account
for 36 percent of total outstanding housing loans.Given
their strong demand for long-duration assets, they can
stimulate the issue of long-term government bonds (both
inflation-linked and zero-coupon) and the development of
corporate debentures, mortgage bonds, and mortgage-backed
securities.Mauritius has a balanced and well-managed
multipillar pension system. In addition to several public
components, such as the Basic Retirement Pension, the
National Pensions Fund (NPF), the National Savings Fund, and
the Civil Service Pension Scheme, there are over 1,000
funded occupational pension schemes that play an
increasingly important part in the whole system. The funded
schemes are divided into two main groups-those insured
and/or administered by insurance companies, and those that
are self-administered and are registered with the Registrar
of Associations. Coverage of the funded schemes is estimated
at about 10 percent of the labor force. Together with the
unfunded civil service scheme, occupational pension schemes
cover about 100,000 employees or 20 percent of the labor
force. All types of pension funds, including the public
ones, report low operating costs. This reflects the absence
of marketing and selling costs and, in the case of large
private pension funds, the assumption of some costs by
sponsoring employers. The investment performance of the
self-administered funds was less than fully satisfactory in
the late 1990s, reflecting poor returns on the local and
foreign equity markets. Funds insured or administered by
insurance companies as well the NPF performed better during
this period because of their heavier allocations in
government securities and housing loans. However, over a
longer period, the private pension funds probably
outperformed the NPF. The regulatory framework, though
fragmented, is not unreasonable. It has many important
provisions, such as observance of internationally acceptable
accounting and actuarial standards and minimum vesting and
portability rules, and it does not impose prescribed limits
on investments. However, consolidation and modernization of
the regulatory framework is required, while supervision,
which is currently nonexistent, needs to be developed and to
be proactive. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Vittas, Dimitri |
| author_facet |
Vittas, Dimitri |
| author_sort |
Vittas, Dimitri |
| title |
The Role of Occupational Pension Funds in Mauritius |
| title_short |
The Role of Occupational Pension Funds in Mauritius |
| title_full |
The Role of Occupational Pension Funds in Mauritius |
| title_fullStr |
The Role of Occupational Pension Funds in Mauritius |
| title_full_unstemmed |
The Role of Occupational Pension Funds in Mauritius |
| title_sort |
role of occupational pension funds in mauritius |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2003/04/2329626/role-occupational-pension-funds-mauritius http://hdl.handle.net/10986/18271 |
| _version_ |
1764439186051432448 |
| spelling |
okr-10986-182712021-04-23T14:03:41Z The Role of Occupational Pension Funds in Mauritius Vittas, Dimitri PENSION FUNDS CONTRACTUAL SAVINGS GOVERNMENT SECURITIES CORPORATE SECURITY REAL ESTATE INVESTMENT BANK DEPOSITS GOVERNMENT BONDS DEBENTURE MORTGAGE BONDS MORTGAGE-BACKED SECURITIES PENSION INSURANCE CIVIL SERVICE OPERATING COSTS INVESTMENT RETURNS PRIVATE PENSION FUNDS GOVERNMENT SECURITIES REGULATORY FRAMEWORK ACCOUNTING STANDARDS PENSION SYSTEMS SUPERVISION ACCOUNTING ACCOUNTING STANDARDS ACTUARIES ANNUITIES ANNUITY ANNUITY CONVERSION ANNUITY CONVERSION FACTOR ASSET DIVERSIFICATION ASSET MANAGEMENT ASSET MANAGERS ASSETS ASSURANCE AUDITORS AUDITS BALANCE SHEET BANK OF MAURITIUS BONDS CAPITAL GAINS CAPITALIZATION CIVIL SERVICE COMMERCIAL BANKS COMPENSATION CONSOLIDATION CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS ]INSTITUTIONS CONTRACTUAL SAVINGS INSTITUTIONS CONTRIBUTION RATE CONTRIBUTION RATES COVERAGE DEBT DEFINED BENEFIT PLANS DEPOSITS DISABILITY INSURANCE EMPLOYMENT FINANCIAL INSTITUTIONS FINANCIAL SERVICES FOREIGN ASSETS FRAUD FUNDED SCHEMES HOUSING HOUSING FINANCE INFLATION INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE PREMIUMS INSURED FUNDS INTEREST RATES INTERNATIONAL ACCOUNTING STANDARDS INVESTMENT MANAGEMENT INVESTMENT PERFORMANCE INVESTMENT RETURN INVESTMENT RETURNS INVESTMENT RISK LAWS LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LOCAL GOVERNMENT MARKET VALUE MINISTRIES OF FINANCE MUTUAL FUNDS NATIONAL PENSIONS NET ASSETS OPERATING COSTS OPERATING EXPENSES PENSION FUND PENSION FUND MANAGERS PENSION FUNDS PENSION INSURANCE PENSION LIABILITIES PENSION PLANS PENSION RIGHTS PENSION SCHEMES PENSION SYSTEM PENSIONS PERSONAL PENSION PLANS PRIVATE PENSION PRIVATE PENSION FUNDS PUBLIC DEBT REGULATORY FRAMEWORK REPLACEMENT RATE RETIREMENT RETIREMENT AGE RISK DIVERSIFICATION SECURITIES SECURITIZATION SOCIAL SECURITY TAX BENEFITS TAX INCENTIVES TAX TREATMENT VALUATION VARIABLE RATE LOANS WAGE GROWTH WAGES SUPERVISION ACCOUNTING Mauritius belongs to a select group of developing countries where contractual savings-savings with insurance companies and pension funds-exceed 40 percent of GDP and represent a major potential force in the local financial system. Pension funds account for 75 percent of contractual savings. Contractual savings institutions invest in government securities, housing loans, corporate securities, real estate and bank deposits. They currently hold 35 percent of government securities and also account for 36 percent of total outstanding housing loans.Given their strong demand for long-duration assets, they can stimulate the issue of long-term government bonds (both inflation-linked and zero-coupon) and the development of corporate debentures, mortgage bonds, and mortgage-backed securities.Mauritius has a balanced and well-managed multipillar pension system. In addition to several public components, such as the Basic Retirement Pension, the National Pensions Fund (NPF), the National Savings Fund, and the Civil Service Pension Scheme, there are over 1,000 funded occupational pension schemes that play an increasingly important part in the whole system. The funded schemes are divided into two main groups-those insured and/or administered by insurance companies, and those that are self-administered and are registered with the Registrar of Associations. Coverage of the funded schemes is estimated at about 10 percent of the labor force. Together with the unfunded civil service scheme, occupational pension schemes cover about 100,000 employees or 20 percent of the labor force. All types of pension funds, including the public ones, report low operating costs. This reflects the absence of marketing and selling costs and, in the case of large private pension funds, the assumption of some costs by sponsoring employers. The investment performance of the self-administered funds was less than fully satisfactory in the late 1990s, reflecting poor returns on the local and foreign equity markets. Funds insured or administered by insurance companies as well the NPF performed better during this period because of their heavier allocations in government securities and housing loans. However, over a longer period, the private pension funds probably outperformed the NPF. The regulatory framework, though fragmented, is not unreasonable. It has many important provisions, such as observance of internationally acceptable accounting and actuarial standards and minimum vesting and portability rules, and it does not impose prescribed limits on investments. However, consolidation and modernization of the regulatory framework is required, while supervision, which is currently nonexistent, needs to be developed and to be proactive. 2014-05-12T20:27:47Z 2014-05-12T20:27:47Z 2003-04 http://documents.worldbank.org/curated/en/2003/04/2329626/role-occupational-pension-funds-mauritius http://hdl.handle.net/10986/18271 English en_US Policy Research Working Paper;No. 3033 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Africa Mauritius |