Seychelles Pension Fund (Benefits) (Amendment) Regulations, 2013

Date of assent: 
31 December 2012
Date of promulgation: 
07 January 2013
Date of commencement: 
07 January 2013
Issuing Authority: 
Minister for Finance, Trade and Investment
In-force: 
Yes
Link to Related Consol Act: 
Seychelles Pension Fund Act
Download of Original File: 
PDF icon si_3_seychelles_pension_fund_benefits_amendment_20941.pdf

 

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S.I. 3 of 2013

                                                                                                              

SEYCHELLES PENSION FUND ACT, 2008

 

(Cap 240)

 

Seychelles Pension Fund (Benefits) (Amendment) Regulations, 2013

 

In the exercise of the powers conferred by section 68 of the Seychelles Pension Fund Act, the Minister of Finance, Trade and Investment hereby makes the following Regulations —

 

1.                 

Citation

 These Regulations may be cited as the Seychelles Pension Fund (Benefits) (Amendment) Regulations, 2013.

 

 
 

Amendment of S.I 46 of 2005

 


2.                  The Seychelles Pension Fund (Benefits) Regulations is amended by adding after Regulation 35 the following —

 

 
 

“Indexation and increase of pension

 


                  36.(1)         Notwithstanding the average price index exceeding 5% in any one year, the retirement pension, incapacity pension, surviving spouse’s pension, post surviving spouse’s pension, children pension and post children’s pension shall be increased based on average yearly price increase published in  the Consumer Price Index (CPI), not exceeding 5%.

 

                       (2)         Where a yearly increase factor is less than —

 

                                    (I)       5% of the Consumer Price Index; or

 

                                               (ii)        Change in the Consumer Price Index for a year commencing on 31st October,

 

The pension shall be based on the following formula —

 

New Pension = Current Pension x (100% + Yearly Increase Factor)

 

(3)         Where a member or his or her surviving spouse or children have received a pension for a period of less than 12 months, the increase in pension shall be computed pro-rata based on the following formula —

 

               New Pension = Current Pension x (100% + Yearly Increase Factor) x (number of months since commencement)/12)

 

 

 

MADE this 31st day of December, 2012.

 

 

 

 

PIERRE LAPORTE

MINISTER OF FINANCE, TRADE

AND INVESTMENT