UAE Golden Pension plan for expats: All you need to know

By: staff reporter Published Date: August 25, 2023

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PHOTO BY EXPAT MEDIA

UAE Golden Pension plan for expat workers: FAQs

Expatriates in the UAE can enroll in a pension scheme for foreign workers in the private sector: The Golden Pension plan by National Bonds.

The Golden Pension Plan was introduced in 2022 as part of an effort to expand its financial planning products for nationals and residents. Here’s all you need to know:

How does the Golden Pension scheme work?

Companies can register for the Golden Pension scheme by investing their employees’ gratuity or end-of-service benefits accumulated over the years as a lump sum or by investing a portion of it. Employees can also contribute to the pension plan starting at Dh100 per month. Employees can draw from the fund when they retire.

Is it mandatory?

No. The Golden Pension scheme is voluntary.

Who can enrol in the Golden Pension scheme?

Companies can open an individual account for their employees on nationalbonds.ae. The Golden Pension plan is for expat workers looking for a low-risk investment to save and grow their money for retirement.

How do you track pension savings?

Employees can monitor their pension savings in real time from their individual accounts on National Bonds’ mobile app. They can withdraw a portion of their end-of-service savings from the pension scheme with the approval of their employer. However, they can withdraw their individual contributions at any time.

What other benefits can I get?

When you save with National Bonds, you have the opportunity to enjoy yearly profits and entry into the National Bonds Dh35 Million Rewards Program, with significantly enhanced chances of winning by up to 30 times, based on the length of the savings term they choose.