Section 2: Interpretation

2. Interpretation In this Act— “actuary” means a person— (a) holding such actuarial qualifications as may be specified in FSC Rules; and (b) appointed by a private pension scheme; “admissible assets” means the kinds of assets and the concentration limits of each kind of asset which a private pension scheme may invest in such manner as may be specified in FSC Rules; “agent” means a law practitioner, public accountant or pension scheme administrator; “Articles of a Foundation” means the Articles made under section 10 of the Foundations Act; [Issue 5] P32A – 2 Revised Laws of Mauritius “asset manager” means a person holding an asset management licence under the Financial Services Act; “auditor” means a person— (a) qualified to act as an auditor under the Financial Reporting Act; and (b) appointed by a private pension scheme; “authorised person” means a person who is authorised as such under section 10; “beneficiary”— (a) means a person who is entitled to pension benefits in terms of the rules of a private pension scheme; and (b) includes a member, a deferred member, the dependant of a member or a deferred member, or such other person as may be nominated by a member or a deferred member who is entitled to pension benefits in terms of the rules of a private pension scheme; “charter” has the same meaning as in the Foundations Act; “Chief Executive” has the same meaning as in the Financial Services Act; “CIS manager” has the same meaning as in the Securities Act; “Commission” has the same meaning as in the Financial Services Act; “conservator” means a person appointed under section 6 (c) (iv); “constitutive documents”— (a) means the documents governing the formation of a private pension scheme, including the constitution of the scheme; and (b) includes the rules of the private pension scheme, trust deeds, charter or Articles of a Foundation, memorandum and articles of association or such other document as may be specified in FSC Rules; “deferred member” means a person to whom pension benefits from a private pension scheme no longer accrue, but who is entitled to pension benefits from the scheme; “defined benefit scheme” means a private pension scheme which is not a defined contribution scheme; “defined contribution scheme” means any private pension scheme by which— (a) each member receives a pension benefit, the amount of which is determined by the balance in that member’s individual account, on the date of the retirement, death, disability, withdrawal or termination of employment of that member; P32A – 3 [Issue 10] Private Pension Schemes Act (b) any pension benefit payable on retirement is secured through the purchase of an annuity in the name of the member, or paid to the member in accordance with such other form of payment as may be specified in FSC Rules; and (c) no reserves are held by the scheme as a guarantee in respect of capital, investment income or rates of return, longevity or other contingency affecting the amount or duration of pension benefits, or of annuity purchase rates or adequacy of expense charges or amounts held in such respect; “dependant”, in relation to a member, means— (a) the spouse of the member; (b) the child of the member; or (c) such other person as may be specified in the rules of a private pension scheme; “employer” has the same meaning as in the Employment Rights Act; “Enforcement Committee” has the same meaning as in the Financial Services Act; “external pension scheme” means a scheme, whether or not sponsor nefits, or of annuity purchase rates or adequacy of expense charges or amounts held in such respect; “dependant”, in relation to a member, means— (a) the spouse of the member; (b) the child of the member; or (c) such other person as may be specified in the rules of a private pension scheme; “employer” has the same meaning as in the Employment Rights Act; “Enforcement Committee” has the same meaning as in the Financial Services Act; “external pension scheme” means a scheme, whether or not sponsored by an employer or several employers, which— (a) is regulated in Mauritius, with the primary objective of providing pension benefits to beneficiaries; and (b) holds a Global Business Licence; “external pension scheme licence” means an external pension scheme licence issued under section 12; “foreign pension scheme” means a scheme, whether or not sponsored by an employer or several employers, which is regulated in a foreign jurisdiction, with the primary objective of providing pension benefits to beneficiaries; “Foundation” has the same meaning as in the Foundations Act; “FSC Rules” has the same meaning as in the Financial Services Act; “funds of private pension scheme”— (a) means the assets of the scheme; and (b) includes the funds out of which the pension benefits provided by the scheme are payable, the proceeds of any policy of insurance taken out, or annuity contract entered into, for the purposes of the scheme; “Global Business Licence” has the same meaning as in the Financial Services Act; [Issue 10] P32A – 4 Revised Laws of Mauritius “governing body” means— (a) in the case of a trust, its board of trustees; (b) in the case of a fund registered under the repealed Employees Superannuation Fund Act, its managing committee; (c) in the case of a Foundation, its Council; or (d) such body of persons as may be specified in FSC Rules, which is responsible for the administration of the private pension scheme and for the management or investment of the assets of the scheme; “investment adviser” has the same meaning as in the Securities Act; “law practitioner” has the same meaning as in the Law Practitioners Act; “licence” means a pension scheme licence or an external pension scheme licence; “long-term insurer” has the same meaning as in the Insurance Act; “management company” has the same meaning as in the Financial Services Act; “member” means a person to whom pension benefits accrue from a private pension scheme; “Minister” means the Minister to whom responsibility for the subject of finance is assigned; “officer” has the same meaning as in the Financial Services Act; “pension benefit”— (a) means a pension, compensation, gratuity or allowance payable to a beneficiary; and (b) includes— (i) a retirement benefit; (ii) a death benefit; (iii) a disability benefit; or (iv) such other allowance as may be specified in the rules of a private pension scheme; “pension scheme” means a scheme, whether or not sponsored by an employer or several employers, which is regulated in Mauritius, with the primary objective of providing pension benefits to beneficiaries; “pension scheme administrator” means a person licensed by the Commission to administer a private pension scheme; “pension scheme licence” means a pension scheme licence issued under section 9; P32A – 5 [Issue 10] Private Pension Schemes Act “private pension scheme”— (a) means a pension scheme, a foreign pension scheme or an external pension scheme; but (b) does not include a pension scheme specified in ated in Mauritius, with the primary objective of providing pension benefits to beneficiaries; “pension scheme administrator” means a person licensed by the Commission to administer a private pension scheme; “pension scheme licence” means a pension scheme licence issued under section 9; P32A – 5 [Issue 10] Private Pension Schemes Act “private pension scheme”— (a) means a pension scheme, a foreign pension scheme or an external pension scheme; but (b) does not include a pension scheme specified in the Schedule; “professional adviser” includes an actuary or an auditor; “public accountant” has the same meaning as in the Financial Reporting Act; “relevant Acts” has the same meaning as in the Financial Services Act; “Review Panel” has the same meaning as in the Financial Services Act; “rules of private pension scheme” means the rules governing the constitution, pension benefits, administration and management of a private pension scheme; “sponsoring employer” means an employer sponsoring a private pension scheme for the benefit of his employees; “technical provisions” means the amount required, on an actuarial basis, to make provision for the liabilities of a private pension scheme; “trust” means a trust referred to in section 3 of the Trusts Act; “under-funded private pension scheme” means a private pension scheme which does not satisfy the technical funding requirement referred to in section 21; “vesting rights” means the accrued pension benefits to which a beneficiary is entitled. [S. 2 amended by s. 56 (a) of Act 11 of 2018 w.e.f. 9 August 2018.]