The Multi-Employer Aon Hewitt Provident Fund, MAP, is a multiple employer Provident Fund operated by Aon Hewitt. It was designed based on years of problem-solving for Aon Hewitt's clients.
MAP is a Provident Fund regulated by the Registrar of Occupational Retirement Benefits Funds under the Ministry of Labour and Social Insurance and registered as:
Aon Hewitt Multi-Employer Provident Fund Registered in Cyprus | Registration Number: ΤΠ3016 | T.I.C. 18005941P Athienitis House | 8 Kennedy Ave | 4th floor | 1087 Nicosia | Cyprus
The legal and regulatory framework in operation of the Fund is in full accordance with European Union Directive 2003/41/EC (the "Directive") as adopted by the Government of Cyprus originally by Law 146(I), 2006 and amended by Law 208(I), 2012.
MAP is also fully registered with the Cyprus Income Tax Authorities and Participating Employers and Members enjoy the full tax advantages associated with a Provident Fund.
The Fund is established as an open-ended fund for employers and partnerships. Any employer may participate in the Fund. An employer can be admitted to the fund and become a new Participating Employer by signing a Participation Agreement. The Participation Agreement defines mainly the eligibility criteria and contribution schedule applicable for his employees.
A Participating Employer can withdaw from the Fund by submitting a 4-month written notice.
Benefits from the Fund may only be paid to a Member of the Fund or to the legal heirs of such a Member. The rules of the Fund on the events and timing of the benefit payment are as required by law and aligned with market practice.
Members may have a choice to obtain a Loan from MAP, always in accordance with the provisions of the Law and any related regulations resulting from the Law.
The Administrative Committee may accept a request from that Member or group of Members to transfer the cash equivalent of the Member's accrued benefits in the Fund ("Transfer-out Payment") to another Registered Fund in Cyprus or abroad (see cross-border section below)
As MAP is an IORP (Institution of Retirement Provision), it can perform cross-border activities in accordance with the Law, subject to following the relevant cross-border notification procedure stipulated by the relevant regulatory authorities in the EEA.