New Pension Office CEO Yazmeed pledges secure, sustainable management of pension fund

Yazmeed Mohamed, the new Chief Executive Officer of the Maldives Pension Administration Office, said on Sunday that the Pension Fund would be managed with a focus on security and sustainability.

Yazmeed made the remarks at a ceremony held by Pension Office employees to welcome him as he assumed his duties.

He said the operations of the Pension Office would be structured around ensuring that the fund is managed securely and sustainably, while strengthening public confidence in the institution.

Yazmeed said he would work to develop the Pension Office into an institution that uses modern systems and approaches while maintaining public trust.

He also said employees would play a central role in achieving the office’s objectives and pledged to provide opportunities to staff on an equal basis.

Yazmeed said no employee should be left discouraged and that management would seek to establish a work environment in which staff can operate as one team. He called on employees to carry out their responsibilities with sincerity and integrity.

Yazmeed’s appointment comes after changes at the Pension Office following concerns over the management of Pension Fund investments.

Former CEO Sujatha Haleem resigned in February following disagreement over a transaction involving MVR 2.4 billion in Pension Fund investments.

The transaction involved the sale of MVR 2.4 billion worth of bonds held by the Pension Fund to the Maldives Monetary Authority (MMA), with the proceeds subsequently invested in government bonds.

Several board members and officials at the Pension Office also resigned over the transaction, citing concerns over its economic implications.

Yazmeed previously served as the President’s representative on the Judicial Service Commission (JSC) and was serving as its Vice-President before resigning in May.

He was appointed to the JSC in February 2025 following the removal of the President’s previous representative. Yazmeed also contested the most recent parliamentary election on the ruling People’s National Congress (PNC) ticket.

The Pension Office announced his appointment on Saturday.

The Maldives Pension Administration Office is an independent institution responsible for administering the country’s pension schemes and managing the Pension Fund. Its responsibilities include administering retirement and basic pensions, developing regulations governing pension schemes and managing funds intended to provide income to citizens after retirement.