The fund was launched 1999 by La Prudence Life Insurance, the long term insurer of the Mauritius Union Group, as an Insured Group Pension Scheme.
Following enactment of the Private Pension Schemes Act, private pension schemes should now be segregated from long term insurance companies, and need to be set up as a separate entity under a Trust or a Foundation.
Since 2014, the fund is known as the La Prudence Multi-Employer Fund, La Prudence Life Insurance acts as the promoter. Feber Associates is the pension scheme administrator.
La Prudence Multi Employer Fund pools together multiple companies wishing to establish a corporate pension fund.
Investment is made into unit-linked investment portfolios managed by La Prudence Life Insurance.
Main Characteristics of the La Prudence Multi-Employer Pension Fund:
- A pension scheme under the Trust Act 2001 licenced by the Financial Services Commission of Mauritius as a Private Pension Scheme;
- For all types of companies: Small, Medium and Large;
- No involvement in the Board of Trustees required on behalf of the Employer;
Investment choices within various Risk based investment portfolios:
- Defensive Pension Fund
- Balanced Pension Fund
- Dynamic Pension Fund
- Insurance covers in case of Death and Total Permanent Disabilities
- A dedicated Board of Trustees with an Independent Director
- An annual external audit of the scheme
The scheme manages pension assets of more than 130 companies.
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