Govt to amend pension law to permit wider withdrawals
At present, pension funds may be withdrawn for housing or pilgrimage.
President Mohamed Muizzu on Sunday said the government will amend the law to allow people to withdraw money from their pension fund in special circumstances.
He made the remarks during a meeting with residents of Henveiru held at Kalaafaanu School. A member of the public raised concerns that he was unable to use the savings in his pension account for personal needs, noting that existing withdrawal options were limited and not useful in his situation.
At present, pension funds may be withdrawn for housing or pilgrimage.
President Muizzu said the government has decided to expand these options by proposing amendments to the Pension Act in the next parliamentary session.
“This is something I have already pledged. Work has begun to make the pension fund more accessible. To provide more opportunities, amendments will be proposed to the Pension Act,” he said.
He added that the planned amendment would specify the special circumstances under which withdrawals may be allowed and would broaden the purposes for which pension savings can be used. He did not provide further details.
