Super Fund was set up in 1999 and provides retirement, withdrawal, death and disability benefits to its members. It is an umbrella pension fund open to employees of enterprises that are members of the Mauritius Employers’ Federation (MEF). It is targeted at enterprises wanting to pool together their contributions into a common fund, in order to benefit from better investment opportunities and economies of scale. Super Fund also acts as a promoter by encouraging employers to fulfil their social responsibility in order to enhance employees’ welfare. As it is a not-for-profit organisation, any surplus is reinvested back into members’ accounts and directly enhances the value of their fund. Super Fund is of the “Defined Contribution (DC)” type pension scheme, which implies that the employer’s contribution is calculated as a percentage of salaries of its own choosing and known at the outset. Employees willing to top up are free to do so by making personal contributions to the Fund. In fact, they can contribute any percentage of their salaries.

Investment Choice

Super Fund is structured to offer a mix of asset allocations based on life stage and risk preference. Members have the choice to select their investment options or follow the proposed lifestyle guide set by the Management Committee, under the guidance of the Fund Manager and the Actuarial and Investment Consultant, consistent with a variety of risk tolerances and individual choices. This new structure helps to grow and develop a body of wealth through market-linked investments. The member’s account of each individual will be invested on the basis of his risk appetite.

Transparency and Professionalism

Super Fund is governed under the Private Pensions Schemes Act 2012 and is regulated and supervised by the Financial Services Commission. Super Fund is managed by a Management Committee who is responsible for the strategy and policy-making of the Fund. It is comprised of representatives of both employers and employees elected at the annual general meeting. This ensures that both interested parties play an active role in the decision-making of the running of the fund. The Management Committee is totally independent and its sole objective is to act in the best interest of its members. Unlike under an insured arrangement whereby all the functions pertaining to a pension scheme such as administration, investment actuarial services and risk benefits provision are performed by the insurance company, the services have been unbundled and open to professionals. All their service providers are leaders in their own fields and have appropriate expertise and experience. They report and are accountable to the Management Committee, which meets on a quarterly basis.