Pension fund rules amended to allow Hajj payments after age 65
Members must have at least MVR 336,000 in their Retirement Savings Accounts to qualify for Hajj financing under the scheme.
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The Maldives Pension Administration Office has amended its regulations to allow members of the retirement pension scheme to use their pension savings to finance the Hajj pilgrimage even after reaching the age of 65.
The Pension Office published the amendments on Thursday, revising the regulations governing the release of funds from the retirement pension scheme for the performance of the obligatory Hajj pilgrimage.
Under the revised rules, scheme members aged 65 and above can use funds held in their Retirement Savings Accounts to reserve places for Hajj through the Hajj Corporation or other authorised Hajj service providers.
Previously, members who had passed the age of 65, or who would reach that age by the time their Hajj booking was confirmed, were not permitted to use their retirement savings to secure a place.
The amendments remove this restriction while retaining the existing financial eligibility requirements.
Members must have at least MVR 336,000 in their Retirement Savings Accounts to qualify for Hajj financing under the scheme.
Under the application procedure, individuals seeking to perform Hajj must first pay 20 per cent of the Hajj Corporation's package price.
They can then apply to the Pension Office to arrange payment of the remaining amount from their retirement savings. Hajj places will be reserved according to the prescribed procedures.
The regulations also specify that funds allocated for Hajj will not be included when calculating pension payments for existing pension recipients or individuals entering retirement.
In addition, members who have already reserved Hajj places using their own funds may apply to have the relevant costs covered through their Retirement Savings Accounts, subject to the regulations.
This provision applies to individuals who paid for their Hajj bookings because they had reached retirement age, would turn 65 during the year of their pilgrimage, or were otherwise required to make the payment themselves.
The amendments expand access to pension-funded Hajj arrangements for older scheme members while maintaining the existing minimum savings requirement.
