Voluntary Contributor
If you retire from work early and decide to migrate to a foreign country, you can enhance your pension by continuing to pay your contributions as a Voluntary Contributor.
A Voluntary Contributor is an Insured person who does not satisfy the conditions under which he may contribute as an employee or self-employed person, and who, as a result, opts to contribute on his own behalf on a voluntary basis.
Eligibility
The following categories of insured persons may be eligible for Voluntary contributors status:
- An employee ordinarily resident in Montserrat who is transferred to work overseas by a locally based employer in continuation of his work in Montserrat. His employer must continue paying contributions as if the employee was still based in Montserrat. However, such coverage by the MSSF shall only continue for a maximum period of one year. Subsequent to this, MSSF coverage can only continue if the employee contributes as a Voluntary contributor.
- An employee who is no longer engaged in gainful employment in Montserrat may opt to continue paying as a Voluntary Contributor providing that he satisfies the conditions relating to Voluntary insurance coverage.
- A Self-employed person who is no longer engaged in gainful employment in Montserrat, may opt to continue paying as a Voluntary Contributor providing that he satisfies the conditions relating to Voluntary insurance.
Contributions
The contributions payable by a Voluntary Contributor shall be based on the average annual income for the two years immediately preceding the date of cessation of employment in Montserrat. The Rate of Contribution payable is 5.25% of such average annual income, and may be paid on an annual basis, or by monthly installments.
Benefits
Long-term Benefits
Long-term Benefits are generally payable for a longer duration of time than Short-term Benefits which are paid for a maximum period of 26 weeks. The quantum of benefit payable is a function of the number of Contributions (or Credits) which a person has recorded against his account, and his average income for the best 7 years of the last 15 years prior to his date of eligibility. Having determined the Claimant’s Average earnings, the Claimant is usually paid a percentage of that Average Earnings. The percentage payable depends on the number of Credits which the person has earned during his working life up to the date that the claim was made.
The Long-term benefits being paid by MSS are as follows (These should lead to benefits page) :
- Age Benefit
- Age Grant
- Invalidity Benefit
- Invalidity Grant
- Survivors’ Benefit
- Survivors’ Grant
- Funeral Grant
- Widow’s Benefit
- Widower’s Benefit
In addition, a lump sum Funeral Grant is provided to assist with the burial expenses of an Insured Person, his or her spouse, and/or dependent children. The Grant is payable to the person(s) who has met, or is liable to meet the burial expenses.