Retirement benefit schemes are established to provide benefits to members in retirement. The Retirement Benefits Authority was established to regulate and oversee the growth of the schemes for the benefit of members.

The retirement schemes serve among others the following objectives;
i) Payment of benefits to members on attainment of retirement age
ii) Avail benefits to members on leaving service
iii) Stabilize financial well-being of retirees
iv) Provide financial protection to members’ dependants on death in service
v) Provide disability benefits
vi) Alleviate old age poverty

The Government has operated a non-contributory Pension Scheme since independence fully financed through the Exchequer. As part of the reforms in the Public Service Pensions Sector, the Government enacted the Public Service Superannuation Scheme Act, 2012.
The Act established the Public Service Superannuation Scheme (PSSS) in line with the Policy direction issued by the Government through The National Treasury Circular No. 18 of 2010. The Government directed the conversion of all Defined Benefit (DB) Schemes in the Public Sector to Defined Contributory (DC) Schemes. The objective was to align public service pension schemes with best practices in the retirement benefits industry.
The Public Service Superannuation Scheme (PSSS) commenced on 1st January, 2021.