United Arab Emirates bank launches expat pension plan

Published:  7 Feb at 6 PM
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Expat staff in the UAE may well benefit from the first ever savings and pension plan specifically aimed at multinational and domestic employers of overseas workers.

The National Bank of Abu Dhabi (NBAD) has launched its innovative Wealth Builder Plan, aimed at UAE corporate employers who wish to offer their expatriate workers enhanced savings and pension options. DBAD Trust Company, a wholly owned subsidiary of the bank operating out of Jersey, is nominated as the trustee for the scheme.

The plan will be administered by RBC Corporate Employee and Executive Services. According to the CEO of Jersey Finance ,Sean Costello, expats comprise over 90 per cent of the UAE’s total population, but have had no access to any dedicated or federal pension scheme up until the present time.

Jersey, unlike its neighbouring island of Guernsey, is still fully active as an offshore financial hub, thus protecting its global reputation for its regulatory framework, wealth structuring and trust legislation. Costello stressed that the move underlines Jersey’s commitment to the UAE as well as to the wider Gulf region.

At the present time, the emirates, especially Dubai, are upgrading their attempts to cement their positions as world leaders in international financial services. NBAD’s decision to work with Jersey on the new service is seen as recognition of the island’s pre-eminence in the sector.
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