The World Bank Report No: ISR3748 Implementation Status & Results Maldives Public Disclosure Copy Maldives - Pension and Social Protection Administration (P104743) Operation Name: Maldives - Pension and Social Protection Administration Project Stage: Implementation Seq.No: 4 Status: ARCHIVED Last Modified Date: 14-Jun-2011 (P104743) Country: Maldives Approval FY: 2009 Product Line: IBRD/IDA Region: SOUTH ASIA Lending Instrument: Specific Investment Loan Implementing Agency(ies): Ministry of Finance and Treasury, Ministry of Health and Family, Maldives Pensions Administration Office (MPAO) Key Dates Board Approval Date 12-May-2009 Original Closing Date 31-Dec-2012 Planned Mid Term Review Date 18-Feb-2013 Last Archived ISR Date 27-Dec-2010 Effectiveness Date 22-Oct-2009 Revised Closing Date 30-Jun-2015 Actual Mid Term Review Date Project Development Objectives Project Development Objective (from Project Appraisal Document) To support the implementation of the National Pension Act, to strengthen institutional capacity of key agencies responsible for implementing the National Pension Act, and to develop the processes and platforms required for the delivery of social protection programs. Has the Project Development Objective been changed since Board Approval of the Project? � Yes No Component(s) Component Name Component Cost TA and Capacity Building for Implementation of New Pension Program 3.20 Public awareness campaign 0.60 Public Accounting System 2.00 Public Disclosure Copy Administration of Health Insurance, Disability and Targeted Assistance 2.00 Pay-out of pension liabilities 8.00 Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Medium-I Implementation Status Overview Additional financing (AF) in the amount of US$12million was approved by the Board on June 2, 2011. The AF reflects the broadened scope of the activities under the project based Page 1 of 6 The World Bank Report No: ISR3748 on developments within Maldives and needs recognized by the Government. While the original project focused on the establishment of a new pension system, the AF expands the scope to address areas including targeting, disability, health insurance and annuitization. It also includes an allocation to reduce outstanding pension liabilities during the project Public Disclosure Copy period. Key pending issues include the relatively slow disbursement under the Public Accounting System (PAS) component and the subsidiary agreement between the Government and the Maldives Pension Administration Office (MPAO) required for the AF to become effective. Results Project Development Objective Indicators Indicator Baseline Current End Target Indicator Name Value Value Value New Systems under MPAO operational, including the establishment of None Full staffing (27 personnel) in Key GoM cash transfers new office of the MPAO, governance structures, MIS and provisions for place; Custodian appointed and administered through MPAO Date outsourcing. functioning. 31-May-2009 Date Date 30-Jun-2015 Type Unit of Measure Comment 31-Dec-2010 Comment Custom Indicator Text Comment Indicator Baseline Current End Target Indicator Name Value Value Value Increased public awareness about the new pension system none Baseline survey conducted; public Significant improvement in Date awareness and education understanding of pension system. campaign in progress. Date 31-May-2009 Date 30-Jun-2015 Type Unit of Measure Comment 31-Dec-2010 Comment Custom Indicator Text Comment Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value Development and implementation of management information systems None not available as yet Ongoing and processes for targeting, disability administration abd health Date Date Date insurance 31-May-2009 02-Jun-2011 30-Jun-2015 Type Unit of Measure Comment Comment Comment Custom Indicator Text Page 2 of 6 The World Bank Report No: ISR3748 Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value Payout of accrued pension rights to public sector workers retiring None not yet commenced Payout of rights of all those retired during the project period between Oct 2013 - Mar 2014 Date Date completed. 31-May-2009 02-Jun-2011 Date Type Unit of Measure Comment Comment 30-Jun-2015 Custom Indicator Text Comment Indicator Baseline Current End Target Indicator Name Value Value Value Generation of payroll data for civil service personnel used for None Mechanisms for payroll generation 100% of GoM agencies in Male assessing mandated contributions for the new pensions system. from PAS defined use HR module for PAS Date 31-May-2009 Date Date Type Unit of Measure Comment 31-Dec-2010 30-Jun-2016 Custom Indicator Text Comment Comment Intermediate Results Indicators Indicator Baseline Current End Target Indicator Name Value Value Value Key Policy Decisions in MRPS implementation made None Statement of Investment Policy ongoing Date adopted Date 31-May-2009 Date 30-Jun-2015 Type Unit of Measure Comment 31-Dec-2010 Comment Comment Public Disclosure Copy Custom Indicator Text Indicator Baseline Current End Target Indicator Name Value Value Value Progress in implementing a new contributory retirement program, None At least 30,000 ongoing measured by the number of accounts opened and maintained by the Date Date Date newpension authority 31-May-2009 31-Dec-2010 30-Jun-2015 Type Unit of Measure Comment Comment Comment Custom Indicator Text Page 3 of 6 The World Bank Report No: ISR3748 Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value Progress in implementing a new basic pension scheme measured by none Payments to around 14,000 Automatic linkages with other the number of payments made and by strengthening the automatic beneficiaries programs to improve administration Date clawback mechanisms of claw-back 31-May-2009 Date 31-Dec-2010 Date Type Unit of Measure Comment Comment 30-Jun-2015 Custom Indicator Text Comment Indicator Baseline Current End Target Indicator Name Value Value Value Regular reporting of contributions and balances to members, including None Principles of accounting and On-line access to individual recognition bonds (RB) reconciliation defined. All data for accounts fully implemented Date calculation of RB. collected Date 31-May-2009 Date 30-Jun-2015 Type Unit of Measure Comment 31-Dec-2010 Comment Custom Indicator Text Comment Indicator Baseline Current End Target Indicator Name Value Value Value Reporting and compliance procedures defined and implemented, None Reports for BP refined and MRPS Risk based contribution payment including regular monthly reporting of basic pension benefits paid and compliance indicators defined; compliance procedures defined Date contributions collected compliance team trained and implemented 31-May-2009 Date Date Type Unit of Measure Comment 31-Dec-2010 30-Jun-2015 Custom Indicator Text Comment Comment Public Disclosure Copy Indicator Baseline Current End Target Indicator Name Value Value Value Effective supervision by the CMDA of the pension program none CMDA Pension Supervision Framework for new investment administration and framework for new investment instruments Department established instruments designed and Date Date implemented 31-May-2009 Date Type Unit of Measure Comment Comment 30-Jun-2015 Custom Indicator Text Comment Page 4 of 6 The World Bank Report No: ISR3748 Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value Development and implementation of new process for annuitization in None Not yet started Ongoing MRPS. Date Date Date 31-May-2009 02-Jun-2011 30-Jun-2015 Type Unit of Measure Comment Comment Comment Custom Indicator Text Indicator Baseline Current End Target Indicator Name Value Value Value Assessment of options for determination of disability and required None Not yet started ongoing systems Date Date Date 31-May-2009 02-Jun-2011 30-Jun-2015 Type Unit of Measure Comment Comment Comment Custom Indicator Text Indicator Baseline Current End Target Indicator Name Value Value Value Development of options and piloting of new approach to targeting of None Not yet started Data collection for implementation social benefits of targeting system. New targeting Date Date system fully implemented. 31-May-2009 02-Jun-2011 Awareness campaign launched Type Unit of Measure Comment Comment Date Custom Indicator Text 30-Jun-2015 Comment Data on Financial Performance (as of 03-Jun-2011) Public Disclosure Copy Financial Agreement(s) Key Dates Project Loan No. Status Approval Date Signing Date Effectiveness Date Closing Date P104743 IDA-46110 Effective 12-May-2009 12-Aug-2009 22-Oct-2009 31-Dec-2012 P104743 IDA-H6940 Not Effective 02-Jun-2011 30-Jun-2015 Disbursements (in Millions) Project Loan No. Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P104743 IDA-46110 Effective XDR 2.60 2.60 0.00 1.23 1.37 47.00 P104743 IDA-H6940 Not Effective XDR 7.60 7.60 0.00 0.00 7.60 0.00 Page 5 of 6 The World Bank Report No: ISR3748 Disbursement Graph Public Disclosure Copy Key Decisions Regarding Implementation There are no issues for disclosure. Restructuring History There has been no restructuring to date. Related Projects P125700-Maldives - Pension and Social Protection Additional Financing Public Disclosure Copy Page 6 of 6