Dubai announces new pension fund law
Dubai issued Law No. (7) of 2022 on the Local Military Pensions and Social Security Fund. The law was proclaimed with an aim to support Dubai’s vision within the domain of social security and pensions and make sure the implementation of best practices. The Fund additionally seeks to boost the quality of services offered to its beneficiaries. It also ensures the rights, and insurance needs of contributors, pensioners, and their beneficiaries.
According to the Law, the Director-General of the Department of Finance (DoF) is authorized to oversee the administrative, technical, and monetary affairs of the Fund. Additionally, the Chairman of The Executive Council of Dubai will nominate an Executive Director for the Fund.
Once the law comes into impact, all the liabilities and assets of the Local Military Pensions and Social Security Division at the DoF are transferred to the Fund and also this Law annuls the Executive Council Resolution No. (25) of 2006 concerning the creation of the Local Military Pensions and Social Security Division and any other legislation which contradicts it.
The Law No. (7) of 2022 will be effective from the date of issuance and will be published in the Official Gazette.