Great news for expats!

According to a government official, the UAE plans to “enhance and improve” the end-of-service benefits awarded to employees. These changes aim to help companies attract and retain international talent.

What is the background to this case?

The case relates to a funded unapproved retirement benefits scheme (or FURBS) which is a Guernsey trust and holds assets of significant value, for the benefit of the sole member of the FURBS but also, if he dies, his wife. The husband and wife are going through a divorce in England and the wife sought to join the trustee into the family proceedings for the purposes of disclosure – i.e. she wanted to know what assets were vested in the trust.

Guernsey and Alderney residents will be automatically enrolled into a new pension scheme, under plans being drawn up.

The Guernsey social security department is looking for a provider for its secondary pensions scheme, which will encourage the population to save more towards their retirement.

Following a short but comprehensive consultation with industry, the Guernsey Financial Services Commission (GFSC) has issued The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules 2017, which came into operation on 30 June 2017.

Is your end of service gratuity based on the basic component of whatever your final salary is? Or is it based on a combination of what your basic salary was before your contract was changed plus what your basic salary was after it was changed?

French asset manager Amundi has said it has already attracted 10 multinational companies to use its pan-European pensions vehicle in Luxembourg for part of their pension arrangements.

Malta will be the "main winner" of HM Revenue & Customs' plan to change the 'eligibility criteria' for foreign pensions to qualify as recognised overseas pensions schemes (Rops), according to the director of European IFA firm Blevins Franks. 

45 per cent of UAE companies offer enhancements to end-of-service package.

Amwal and Bahrain-based Takaud have joined hands to provide long-term savings and pension products for the first time in Qatar’s corporate sector, a move that could go a long way to address the vast expatriate populations’ concerns on the end-of-service benefits.