The Maldives Pension System is a multipiller pension system introduced in 2009, under the Pension Act of the Maldives. The system consists of two major Pension Schemes; Maldives Retirement Pension Scheme (MRPS) and Old Age Basic Pension (BP) Scheme.

MRPS is a defined contribution pension scheme funded from contributions of both employees and employers. Presently, the Pension Act mandates a contribution of 7% of the pensionable wage from both employee and employer and also allows voluntary contributions. Contributions to the scheme stops at the pensionable age of 65 and pensioner may start to drawdown on the pension plan at this age.

On the other hand, BP is designed to provide financial security for individuals who had no access to employment based income prior to retirement age. BP scheme is a lifelong inflation indexed pension benefit, fully funded by the Government provided to all Maldivian Citizens who have reached the age of 65, subject to meeting the eligibility criteria of the scheme