Frequently Ask Questions
Welcome to our Frequently Asked Questions page. Here, you'll find answers to the most common questions we receive from our members. If you have any additional questions, please do not hesitate to contact us.
A: It is a retirement Fund that is established by the MOPADO Order, 1993, managing fund credit of gazetted members.
A: Membership is open to all gazetted and contributing members.
A: We offer a range of services including Group Life Assurance & Funeral Cover, Pension Backed Home Loans, End of Term Social Security, 1/3 Untaxed Benefit, and In-House Living Annuity.
A: Our Group Life Assurance provides coverage for active members below and above 65 years of age. Members who are aged 64 years old and below are covered at 2 times their annual salary, while those aged 65 years old and above receive 1.5 times their annual salary. Funeral cover is provided for active members as follows;
Member / Spouse - E50, 000.00
4 X Children 14-21 - E20, 000.00
6 -13 - E10, 000.00
0 - 5 - E5, 000.00
Stillborn - E2, 500.00
Funeral cover for Annuitants is as follows;
FUNERAL COVER - ANNUITANTS 64 YEARS AND BELOW
Member / Spouse - E40, 000.00
4 X Children 14-21 - E40, 000.00
6 -13 - E20, 000.00
1 - 5 - E10, 000.00
0 – 11 months - E5, 000.00
FUNERAL COVER - ANNUITANTS 65 YEARS AND ABOVE
Member / Spouse - E25, 000.00
4 X Children 14-21 - E25, 000.00
6 -13 - E12, 500.00
1 - 5 - E6, 250.00
0 – 11 months - E3, 125.00
A. Pension Backed Home Loan allows members to use their pension as surety for home construction, improvement or extension. In the event a member fails to honour their monthly payments, the outstanding loan amount shall be deducted from their one third lump sum tax free benefit. This benefit ensures members can achieve homeownership while maintaining financial security.
A: Members at the end of their term are eligible for a tax-free lump sum withdrawal of 33.3% of their total fund credit. The remaining balance can be used to purchase an annuity. The one third can also be added to the 2/3 (annuity) in an effort to enhance a member’s monthly retirement income.
A. After the member having drawn their 1/3 tax free benefit, a member is obligated by the MOPADO Act, 2013 to purchase a pension from any licensed providers in the land, including MOPADO. This benefit is expected to sustain and replace the member’s income.
A: As afforded by the MOPADO Act, 2013 MOPADO has commissioned an in-house Living Annuity. The product provides a member-centric and membership profile tailored solutions in the case of minimum drawdown periods, fees as well as member engagement in native language.
