NBAD launches expat pension plan

06 February 2013

ABU DHABI — NBAD Trust Company (Jersey) Limited, the wholly-owned subsidiary of the National Bank of Abu Dhabi, has launched the new Wealth Builder Plan, which allows employers to offer their expatriate staff greater rewards through corporate savings and pension schemes.

The Wealth Builder Plan, the first expat pension scheme by a UAE bank, has been specifically designed for domestic and multinational companies that employ expatriates and seek to increase their return on human resources investment by attracting, rewarding and retaining talent.

It is essentially a packaged corporate structure underpinned by a range of investment fund options that employees can choose based on their risk appetite. The schemes are tailored for each client, and regular investments can be made solely by the company or by both employer and employee.

According to the National Bureau of Statistics, expatriates account for 88.5 per cent of the UAE’s population of 8.2 million. However, unlike many other financial centres, the UAE does not offer a federal pension scheme for its expatriate population.

The new service would dramatically improve the UAE as a place to live and work and further confirms NBAD as the trendsetter in the marketplace.

“The basket of investment opportunities underlying each scheme is managed by NBAD’s Asset Management Group,” said Samira Zakour, chief marketing officer of NBAD Trust Services.

“NBAD will be providing well balanced investment funds as the core of our Wealth Builder Plan service,” said Alan Durrant, group chief investment officer and general manager of NBAD’s Asset Management Group.

Source: Khaleej Times 

 

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