{"id":13155,"date":"2022-08-23T08:45:02","date_gmt":"2022-08-23T08:45:02","guid":{"rendered":"https:\/\/www.megaserverstore.com\/mcsmutualaid\/?page_id=13155"},"modified":"2024-08-12T07:47:04","modified_gmt":"2024-08-12T07:47:04","slug":"retirement-savings-scheme","status":"publish","type":"page","link":"https:\/\/www.megaserverstore.com\/mcsmutualaid\/retirement-savings-scheme\/","title":{"rendered":"Retirement Savings Scheme"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"13155\" class=\"elementor elementor-13155\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9551ee0 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9551ee0\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-50ac7ed\" data-id=\"50ac7ed\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d079ba5 elementor-widget-mobile__width-initial elementor-widget elementor-widget-tf-heading-section\" data-id=\"d079ba5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"tf-heading-section.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"tf-heading-section-d079ba5\" class=\"tf-heading-section style2\" data-tabid=\"d079ba5\"> \r\n\t\t\t\t\r\n\t\t\t<div class=\"heading-section\">\r\n\t\t\t\t<div class=\"before-title\">Retirement Savings Scheme<\/div>\r\n\t\t\t\t\r\n\t\t\t<\/div>                \r\n            <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bdacefd elementor-widget elementor-widget-text-editor\" data-id=\"bdacefd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: justify;\"><em><strong>Save as you earn and secure your future.<\/strong><\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b099c9 elementor-widget-mobile__width-initial elementor-widget elementor-widget-tf-heading-section\" data-id=\"7b099c9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"tf-heading-section.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"tf-heading-section-7b099c9\" class=\"tf-heading-section style2\" data-tabid=\"7b099c9\"> \r\n\t\t\t\t\r\n\t\t\t<div class=\"heading-section\">\r\n\t\t\t\t\r\n\t\t\t\t\r\n\t\t\t<\/div>                \r\n            <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0008e95 elementor-widget__width-initial elementor-widget elementor-widget-tf-heading-section\" data-id=\"0008e95\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"tf-heading-section.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"tf-heading-section-0008e95\" class=\"tf-heading-section style2\" data-tabid=\"0008e95\"> \r\n\t\t\t\t\r\n\t\t\t<div class=\"heading-section\">\r\n\t\t\t\t<div class=\"before-title\">Know more about:<\/div>\r\n\t\t\t\t\r\n\t\t\t<\/div>                \r\n            <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ed54e11 elementor-widget-mobile__width-initial elementor-widget elementor-widget-tfaccordion\" data-id=\"ed54e11\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"tfaccordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"tf-accordion\"> \r\n\t\t\t\t<div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">What is the Retirement Savings Scheme (RSS)?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p style=\"text-align: justify;\">The RSS is a quasi-deposit scheme launched by the <strong>Mutual Aid<\/strong> <strong>Association<\/strong> in <strong>April 2001<\/strong> to encourage members to contribute towards their retirement. Since June 2003, it has been opened to members of the public.<\/p><p style=\"text-align: justify;\">Beneficiary name and Copy of ID to be submitted with application.<\/p><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">What are the advantages of RSS?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><ul><li style=\"text-align: justify;\">Contributions are credited with interests at a minimum rate of <strong>2% above the weighted average savings rate.<\/strong><\/li><\/ul><p style=\"text-align: justify;\"><strong>\u00a0*Note <\/strong>: For the financial year ending\u00a0<strong>30 June 2025 (July 2024 to June 2025), <\/strong>the RSS rate has been fixed at <strong>5.10% p.a.<\/strong><\/p><ul><li style=\"text-align: justify;\">It is a flexible plan where contributions can be tailored to customer needs.<\/li><li style=\"text-align: justify;\">A\u00a0<strong>lump sum<\/strong>\u00a0is payable on retirement or even after.<\/li><li style=\"text-align: justify;\">The minimum contribution is Rs 100 per month.<\/li><li style=\"text-align: justify;\">It allows early withdrawal, subject to certain conditions.<\/li><li style=\"text-align: justify;\">Interest rate is approved in June for the next financial year and it is adjusted in case of change in savings rate.<\/li><\/ul><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">Who can join?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p style=\"text-align: justify;\"><strong>Any person between the age of 18 to statutory retirement age can join this plan, including:<\/strong><\/p><ul><li style=\"text-align: justify;\">Civil servants.<\/li><li style=\"text-align: justify;\">Employees of parastatal bodies.<\/li><li style=\"text-align: justify;\">Employees of private sector.<\/li><li style=\"text-align: justify;\">Self-employed.<\/li><li style=\"text-align: justify;\">Persons employed on contract.<\/li><li style=\"text-align: justify;\">General public<\/li><\/ul><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">How can I contribute?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><div class=\"acc-content\"><div class=\"acc-content-inner\"><p style=\"text-align: justify;\">Contribution can be made on a monthly basis or in a lump sum through:<\/p><ul><li style=\"text-align: justify;\">Check off from salary for members of the Association or other employees in the public sector.<\/li><li style=\"text-align: justify;\">Bank standing order for the general public.<\/li><li style=\"text-align: justify;\">Cash\/office cheque payment (Personal cheques are not accepted).<\/li><li>Bank transfer to the following Bank Account No. of the Association:<ul><li style=\"text-align: justify;\">Mauritius Commercial Bank <strong>010 704 647<\/strong><\/li><li style=\"text-align: justify;\">State Bank of Mauritius <strong>610 301 0000 2233<\/strong><\/li><\/ul><\/li><\/ul><\/div><\/div><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">How long and how much do I have to contribute?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p style=\"text-align: justify;\">Members of the RSS have the possibility to contribute to this scheme up to retirement or even after if they so desire.<\/p><p style=\"text-align: justify;\">A person may join the RSS by contributing a minimum of <strong>Rs 100<\/strong>. A person has the option to contribute a fixed amount monthly or <strong>any amount<\/strong> as and when he wishes.<\/p><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">Can I withdraw from the plan at any time?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p style=\"text-align: justify;\">In the event a member ceases to contribute to the scheme, he\/she will still benefit from the full amount contributed including accumulated interests <strong>on retirement.<\/strong><\/p><p style=\"text-align: justify;\">However, in case of withdrawal from the Scheme, a penalty will be applied on both capital and accrued interest as per table below:<\/p><p style=\"text-align: justify;\">\n<table id=\"tablepress-19\" class=\"tablepress tablepress-id-19\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">SN<\/th><th class=\"column-2\">YEARS OF CONTRIBUTION<\/th><th class=\"column-3\">% PENALTY<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">1<\/td><td class=\"column-2\">0 \u2264 10<\/td><td class=\"column-3\">25<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">2<\/td><td class=\"column-2\">> 10 \u2264 20<\/td><td class=\"column-3\">15<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">3<\/td><td class=\"column-2\">> 20 \u2264 30<\/td><td class=\"column-3\">10<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">4<\/td><td class=\"column-2\">> 30 \u2264 40<\/td><td class=\"column-3\">5<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">5<\/td><td class=\"column-2\">> 40<\/td><td class=\"column-3\">0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-19 from cache --><\/p><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">When is the lump sum payable?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p>A contributor shall be qualified for full lump sum under 'resignation' and 'dismissal' subject to the condition that the contributor has not opted for a new job and\/or has not continued contributions to the Scheme.<\/p><p>\u00a0<\/p><p>In case of self-employed,<\/p><p>(i) if contributor joined scheme on or before 26 September 2012, then full refund without penalty on reaching the age of 60.<\/p><p>(ii) if contributor joined scheme after 26 September 2012, then full refund without penalty on reaching the statutory retirement age.<\/p><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">What amount of lump sum will be paid?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p style=\"text-align: justify;\">The table below gives an indication of the lump sum payable on the assumption that the contributions are credited with interest at a minimum of 2% p.a above the average savings rate.<\/p><p style=\"text-align: justify;\">\n<table id=\"tablepress-20\" class=\"tablepress tablepress-id-20 tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<th colspan=\"7\" class=\"column-1\">INDICATION OF RSS LUMP SUM PAYABLE<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Monthly Contribution \u2192<\/td><td class=\"column-2\">Rs 100<\/td><td class=\"column-3\">Rs 200<\/td><td class=\"column-4\">Rs 500<\/td><td class=\"column-5\">Rs 1000<\/td><td class=\"column-6\">Rs 1500<\/td><td class=\"column-7\">Rs 2000<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td rowspan=\"2\" class=\"column-1\">Years of Contribution\u2193<\/td><td colspan=\"6\" rowspan=\"2\" class=\"column-2\">RSS Rate of 4.15% per annum<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\">Rs<\/td><td class=\"column-3\">Rs<\/td><td class=\"column-4\">Rs<\/td><td class=\"column-5\">Rs<\/td><td class=\"column-6\">Rs<\/td><td class=\"column-7\">Rs<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">5<\/td><td class=\"column-2\">6,666<\/td><td class=\"column-3\">13,332<\/td><td class=\"column-4\">33,330<\/td><td class=\"column-5\">66,660<\/td><td class=\"column-6\">99,990<\/td><td class=\"column-7\">133,320<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">10<\/td><td class=\"column-2\">14,834<\/td><td class=\"column-3\">29,668<\/td><td class=\"column-4\">74,170<\/td><td class=\"column-5\">148,340<\/td><td class=\"column-6\">222,510<\/td><td class=\"column-7\">296,680<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">15<\/td><td class=\"column-2\">24,844<\/td><td class=\"column-3\">49,688<\/td><td class=\"column-4\">124,220<\/td><td class=\"column-5\">248,440<\/td><td class=\"column-6\">372,660<\/td><td class=\"column-7\">496,880<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">20<\/td><td class=\"column-2\">37,111<\/td><td class=\"column-3\">74,222<\/td><td class=\"column-4\">185,555<\/td><td class=\"column-5\">371,110<\/td><td class=\"column-6\">556,665<\/td><td class=\"column-7\">742,220<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">25<\/td><td class=\"column-2\">52,143<\/td><td class=\"column-3\">104,286<\/td><td class=\"column-4\">260,715<\/td><td class=\"column-5\">521,430<\/td><td class=\"column-6\">782,145<\/td><td class=\"column-7\">1,042,860<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">30<\/td><td class=\"column-2\">70,565<\/td><td class=\"column-3\">141,130<\/td><td class=\"column-4\">352,825<\/td><td class=\"column-5\">705,650<\/td><td class=\"column-6\">1,058,475<\/td><td class=\"column-7\">1,411,300<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">35<\/td><td class=\"column-2\">93,139<\/td><td class=\"column-3\">186,278<\/td><td class=\"column-4\">465,695<\/td><td class=\"column-5\">931,390<\/td><td class=\"column-6\">1,397,085<\/td><td class=\"column-7\">1,862,780<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">40<\/td><td class=\"column-2\">120,803<\/td><td class=\"column-3\">241,606<\/td><td class=\"column-4\">604,015<\/td><td class=\"column-5\">1,208,030<\/td><td class=\"column-6\">1,812,045<\/td><td class=\"column-7\">2,416,060<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-20 from cache --><\/p><p style=\"text-align: justify;\"><strong>Note: <\/strong>This table is for indication only.<\/p><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">Click to download forms<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><ul><li style=\"text-align: justify;\"><a href=\"http:\/\/www.mcsmutualaid.mu\/files\/retirementform.pdf\" target=\"_blank\" rel=\"noopener\">Download Retirement Savings Scheme Form<\/a><\/li><li style=\"text-align: justify;\"><a href=\"http:\/\/www.mcsmutualaid.mu\/files\/Withdrawal_RSF_Scheme_form.pdf\" target=\"_blank\" rel=\"noopener\">Withdrawal from RSS Form<\/a><\/li><li style=\"text-align: justify;\"><a href=\"http:\/\/www.mcsmutualaid.mu\/files\/Changes_in_rsf.pdf\" target=\"_blank\" rel=\"noopener\">Changes in RSS contribution Form<\/a><\/li><li style=\"text-align: justify;\"><a href=\"http:\/\/www.mcsmutualaid.mu\/files\/RSS_PAMPHLET.pdf\" target=\"_blank\" rel=\"noopener\">RSS Pamphlet<\/a><\/li><\/ul><\/div><\/div>\r\n            <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-43b7234 elementor-widget elementor-widget-spacer\" data-id=\"43b7234\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-358fbf8 elementor-widget elementor-widget-tf-heading-section\" data-id=\"358fbf8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"tf-heading-section.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"tf-heading-section-358fbf8\" class=\"tf-heading-section style2\" data-tabid=\"358fbf8\"> \r\n\t\t\t\t\r\n\t\t\t<div class=\"heading-section\">\r\n\t\t\t\t<div class=\"before-title\">FAQ<\/div>\r\n\t\t\t\t\r\n\t\t\t<\/div>                \r\n            <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-227fd36 elementor-widget-mobile__width-initial elementor-widget elementor-widget-tfaccordion\" data-id=\"227fd36\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"tfaccordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"tf-accordion\"> \r\n\t\t\t\t<div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">What is the RSS?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p style=\"text-align: justify;\">The Retirement Savings Scheme (RSS) is a scheme launched by the Association in April 2001 to encourage members to contribute towards their retirement. Since June 2003, it has been opened to members of the public.<\/p><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">Who can contribute to the RSS? <\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p style=\"text-align: justify;\">RSS is open to the general public.<\/p><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">Is it open to Non Mauritian?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p style=\"text-align: justify;\">Only citizen of Mauritius can contribute to the RSS.<\/p><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">What Documents are needed?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p style=\"text-align: justify;\">NID, recent proof of address, payslip, bank account details and NID of beneficiary (if applicable).<\/p><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">What happens in case of death before Retirement? <\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p style=\"text-align: justify;\">The total contribution plus accrued interest will be paid to the beneficiary of contributor or to his succession.<\/p><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">When is the RSS amount payable? <\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p style=\"text-align: justify;\">Full amount is payable on retirement, death, resignation or dismissal.<\/p><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">Is the return guaranteed? <\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p style=\"text-align: justify;\">Yes. Contributions are credited with interests at a minimum of 2% above the average savings rate plus an annual bonus.<\/p><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">Can withdrawal be effected at any time prior to maturity date?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p style=\"text-align: justify;\">Yes, subject to conditions.<\/p><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">Can part refund be effected?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p style=\"text-align: justify;\">No.<\/p><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">Can loans be provided if RSS balance is pledged at the Association? <\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p style=\"text-align: justify;\">Yes.<\/p><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">Can the amount of RSS contribution be increased? <\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p style=\"text-align: justify;\">Yes, a new form needs to be signed. NID and recent payslip should be submitted.<\/p><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">Is RSS contribution tax deductible? <\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-arrow-right\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-arrow-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p style=\"text-align: justify;\">No.<\/p><\/div><\/div>\r\n            <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Retirement Savings Scheme Save as you earn and secure your future. Know more about: What is the Retirement Savings Scheme (RSS)? The RSS is a quasi-deposit scheme launched by the Mutual Aid Association in April 2001 to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-13155","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Retirement Savings Scheme | MCS Mutual Aid<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.megaserverstore.com\/mcsmutualaid\/retirement-savings-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retirement Savings Scheme | MCS Mutual Aid\" \/>\n<meta property=\"og:description\" content=\"Retirement Savings Scheme Save as you earn and secure your future. 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