Press Release: 
Moka, 10 July 2026
Actuarix Consulting Limited clarifies its position on the NPF/NSF Investment Advisory Contract

Actuarix Consulting Limited (Actuarix), previously known as Aon Hewitt Ltd and then Aon Solutions Ltd, wishes to provide clarity on matters that have recently been the subject of public and parliamentary comment: the award of an investment advisory contract to Actuarix by the National Pensions Fund (NPF) and National Savings Fund (NSF) Investment Committee, and the participation of Yvan Legris and Bernard Yen on the Commission of Experts on pension reform since September 2025.

Actuarix welcomes public scrutiny, which is essential in the management of pension funds. Transparency around the stewardship of retirement savings is not an inconvenience to our profession – it is its foundation.

Actuarix must clarify a few important matters. First, the procurement for advisory services to the NPF and NSF Investment Committee was launched in January 2026 by the Ministry of Finance and not the Commission of Experts on Pension Reform. The contract was awarded to Actuarix on 28 April 2026 through the Government's e-procurement system, following a competitive international public tender process open to all qualifying bidders.

“It is important to note that Actuarix served as investment adviser to the NPF/NSF Investment Committee for the period of 2009-2024, giving our firm a deep understanding of the NPF/NSF’s investment imperatives and a long-standing role in shaping their investment strategy. Furthermore, the investment advisory work is carried out by a dedicated team of investment consultants headed by our Head of Investment Consulting, Imrith Ramtohul, operating under strict internal segregation of duties and is delivered against the same professional standards, including the CFA Institute Code of Ethics and Standards of Professional Conduct. Finally, under the firm’s conflict-of-interest policy, our recommendations to any entity in which an Actuarix director or shareholder holds any interest must be strictly disclosed to the Investment Committee of the Fund sponsored by that entity”, states Noor Hotee, Managing Director of Actuarix.

As such, Yvan Legris who holds no executive function in the firm, is not involved in its day-to-day management or client engagements, while Mr Bernard Yen currently assists the firm on a part-time consulting basis for a limited number of clients, excluding the NPF and NSF Investment Committee.

Actuarix would also like to highlight that it holds an Investment Adviser (Restricted) license from the Financial Services Commission and does not distribute investment products or receive referral fees. Actuarix also wishes to clarify that the firm acts strictly as an adviser to the NPF/NSF Investment Committee and does not manage, hold, or invest the assets of any pension fund in Mauritius. All investment decisions concerning the NPF and NSF rest with the Funds’ Investment Committee and the relevant authorities. Our mandate covers advice on strategic asset allocation, due diligence and written recommendations on investment proposals, monthly and quarterly performance monitoring against the Funds' benchmarks, assistance in selecting and evaluating external investment managers, and drafting and maintaining the Funds' Investment Guidelines.

Noor Hotee added: “The actuarial profession is founded on independence, technical expertise and long-term judgement. Our work is measured not in months or years, but in decades, ensuring that pension funds remain sustainable and that people can confidently rely on the savings they have built through a lifetime of hard work. We are proud to contribute to a profession that helps safeguard the financial security of retirees.”