Expats allowed to withdraw pension funds when leaving Maldives

The rules on participation of foreign employees in the retirement pension scheme have been amended to allow foreign employees to claim pension money once they decide to leave Maldives.

According to new rules issued by the pension office on Thursday, foreigners who have once withdrawn their pensions can participate in the scheme again. However, the second retirement will be paid when the person reaches the age of 65.

Previously, if a foreign employee did not apply for a pension three months before leaving Maldives, pension payouts would be paid when he reached the age of 65.

According to the rules, foreign employees will be paid pension payouts in Maldivian Rufiyaa. Pension payouts can be deposited into an account opened or designated by the person in a bank operating in Maldives.

If the foreign employee dies, their heirs can request to recover all the money deposited in the retirement pension account. A document issued by a court in the country of origin stating that the heirs are entitled to the pension must also be submitted.