Anna Ingram is not particularly worried about her retirement.
The British expat has not started saving for it, nor is she topping up payments she has missed to the public pensions system in the UK while she works here.
She is not even planning to use the end of service gratuity payment she will receive from her job at a family fitness club in Abu Dhabi to help fund it.
“I never thought about putting the gratuity towards retirement because I haven’t thought that far into the future,” says the 24-year-old. “I will probably use it for flights or something, or to help towards housing or putting a deposit down on a house, depending on how much I get.”
She is not alone.
According to a survey by Zurich in January of 1,000 UAE residents, just 22 per cent plan to use the gratuity payment for their retirement.
Almost a quarter intend to use it as a deposit to buy property, while 22 per cent will put it towards debt. Eight per cent will use it to pay for school fees, rent or another bill and 7 per cent will spend it on a holiday or other large purchase.
The payment is calculated on a person’s base salary – a sum often considerably less than take-home pay once benefits like housing are stripped out. The law dictates employees must complete 12 months’ service to be eligible. They receive 21 days’ salary for each of the first five years of employment and 30 days for each year thereafter. The maximum payment is two years’ basic salary.
A majority of those surveyed by Zurich, 83 per cent, said they believe the end of service gratuity is an “inadequate” method of saving for their silver years.
So what was it designed to be?
“It’s a good question. I’m not sure, to be honest,” says Peter Cox, head of international pensions at Zurich International Life. “I don’t think it was originally designed to be a replacement for a retirement savings pot because for a start in the UAE it is capped at two times’ basic salary, so it is never going to be a life-changing experience. It could be a fairly significant sum if you have been here for a long time. But in terms of being sufficient enough to retire on, our evidence shows that people certainly think that isn’t the case.”
The alternative is an International Pension Plan (IPP).
Zurich has noted a “significant” rise in the number of big UAE companies signing up to IPPs, with a 40 per cent increase in the past two years. The company now has around 50 large corporate clients across the region.
“[IPPs] are fully funded at the point of joining,” explains Michael Brough, director of consulting services for Towers Watson. “So basically the money is taken from an individual’s salary, the company pays their contributions, the money goes into the individual pot and normally the majority of plans will have an independent trustee to make sure that the monies are being paid when they should be, that they are set aside outside of the company’s affairs and therefore if the company is to go bust the money is still there safe for the employees.”
And that is an important point because according to SEI Investments, which sets up schemes to safeguard gratuity payments by separating them from the balance sheet, the vast majority of UAE companies do not even keep the money in a different account from their working capital. “We think that’s a massive risk, especially given the market environment today where companies continue to grow their head count and salaries are higher than they ever have been before,” says Samer Kader, the head of SEI Investments in the region.
“And the key change over the last few years, or over the last decade, is expats who come to Dubai intend to stay in Dubai for a long time.”
A survey of international pension plans in 2014 by the professional services company Towers Watson revealed that of the 584 IPP schemes it looked at worldwide, around 7 per cent, or 37, were based in the Middle East.
The number of companies offering their employees retirement savings schemes in the UAE is likely to be around 3 to 5 per cent, according to Glen Crosfill, senior wealth manager for Acuma Devere. And the vast majority are either European or United States-based companies with offices here, he says.
“If you look at it from an Emirati point of view, Emiratis are paid by the government scheme whereby whatever they earn at the end of their career is what they get for the rest of their lives. So in the eyes of an Emirati employer there has never been a need to put anything in place,” adds Mr Crosfill.
And they probably assume the governments of expats working here will take care of them in the same way, he adds.
However, a small number of Emirati employers offer staff retirement savings schemes, including Emirates Airline.
The carrier originally introduced its provident scheme, a long-term savings and retirement plan, back in 1991, although the current arrangement dates to 1997.
“The Emirates Group wanted a way to introduce a securely-funded retirement arrangement for its staff with the intention of providing greater benefits than the statutory end of service gratuity,” says Abdulaziz Al Ali, executive vice president of human resources for the Emirates Group.
But if you are not lucky enough to work for an employer offering an IPP or do not want to rely solely on your gratuity to fund your retirement, what should you do?
Just start saving, say the experts.
As a rule of thumb, people need a minimum of around 70 per cent of their pre-retirement income to maintain their current standard of living in their retirement, says Jessica Cook, a private client adviser with AES International.
By starting early rather than delaying saving for a few years, you can considerably reduce the amount you need to put aside each month, she adds.
It is a lesson Rodger Macfarlane received from a Gulf old- timer when he first moved to the region. His company did not offer a pension, so the onus was on him to organise his own.
“He said to me: ‘It is really important to leave your time in the Middle East with more than a suntan and a gold watch – to have something to take back that you can say is an investment for the future’,” says Mr Macfarlane, 54, a client of Mr Crosfill’s who has lived in Dubai for almost eight years.
His financial adviser suggested setting up a pension and taking his two existing UK pensions offshore, both of which he did.
Mr Macfarlane’s says his offshore pensions should give him enough to buy a small house in the UK, while the fund he invests in on a monthly basis will be enough to offer an income.
And Ms Ingram? She aims to set up a fund of her own in the next five years.
“The earlier the better, really,” she says.
Financial adviser Ms Cook agrees.
“Millions face an impoverished old age because they are putting away a fraction of what they need for a comfortable retirement,” she says. “What is certain is that the end of service gratuity should not be relied on as a form of pension.”
Comparing two retirement plans offered by UAE employers
Zurich
Zurich administers the same type of IPP for its employees that it operates for its corporate clients.
In Zurich’s case, the company makes a monthly contribution to cover employees’ end of service entitlements. Zurich contributes 12 per cent of the employee’s salary when they start work, although the sum is not paid into the pot until they complete 12 months’ service.
The 12 per cent contribution is invested into a risk-averse defensive fund – made up of around 80 per cent bonds and 20 per cent equities.
If the payment is less than the value of the end of service benefit when the employee leaves, Zurich makes up the shortfall. But its employees are entitled to whichever payment is higher.
Employees can also make voluntary contributions – either a flexible percentage of their salary or a fixed sum.
Employee contributions can be withdrawn twice a year and at a maximum of 75 per cent of the total contributions while the employee is with the company. The portion Zurich pays can only be withdrawn when the employee leaves service. However, employees can let the money remain in the plan once they leave.
Emirates Airline
According to Abdulaziz Al Ali, executive vice president for human resources at Emirates Group, the group’s provident scheme is set up as an offshore trust with an independent trustee company called Equiom, based on the Isle of Man.
The trust structure keeps the assets of the scheme entirely separate from those of the company and the arrangement is governed by Isle of Man law.
Emirates Group currently has approximately 6,000 active members in the scheme.
“The scheme is quite unique in the GCC region and is a valuable part of the overall staff remuneration package, which in turn helps with recruitment efforts,” adds Mr Al Ali. “Emirates has among some of the highest retention rates in the region. Currently, more than 8,600 staff have served for 10 years or longer and in excess of 2,100 have been with the company for 20 years or more. The scheme has a vesting schedule attached to company contributions, which helps support staff who have been in long service. The scheme also helps the company control its statutory end of service liabilities.”
pf@thenational.ae
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Company%C2%A0profile
%3Cp%3ECompany%3A%20Zywa%3Cbr%3EStarted%3A%202021%3Cbr%3EFounders%3A%20Nuha%20Hashem%20and%20Alok%20Kumar%3Cbr%3EBased%3A%20UAE%3Cbr%3EIndustry%3A%20FinTech%3Cbr%3EFunding%20size%3A%20%243m%3Cbr%3ECompany%20valuation%3A%20%2430m%3C%2Fp%3E%0A
RESULTS
2pm: Maiden Dh 60,000 (Dirt) 1,400m. Winner: Masaali, Pat Dobbs (jockey), Doug Watson (trainer).
2.30pm: Handicap Dh 76,000 (D) 1,400m. Winner: Almoreb, Dane O’Neill, Ali Rashid Al Raihe.
3pm: Handicap Dh 64,000 (D) 1,200m. Winner: Imprison, Fabrice Veron, Rashed Bouresly.
3.30pm: Shadwell Farm Conditions Dh 100,000 (D) 1,000m. Winner: Raahy, Adrie de Vries, Jaber Ramadhan.
4pm: Maiden Dh 60,000 (D) 1,000m. Winner: Cross The Ocean, Richard Mullen, Satish Seemar.
4.30pm: Handicap 64,000 (D) 1,950m. Winner: Sa’Ada, Fernando Jara, Ahmad bin Harmash.
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
Facebook | Our website | Instagram
MATCH INFO
Chelsea 1
Alonso (62')
Huddersfield Town 1
Depoitre (50')
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
UAE v IRELAND
All matches start at 10am, and will be played in Abu Dhabi
1st ODI, Friday, January 8
2nd ODI, Sunday, January 10
3rd ODI, Tuesday, January 12
4th ODI, Thursday, January 14
The specs: 2019 Chevrolet Bolt EV
Price, base: Dh138,000 (estimate)
Engine: 60kWh battery
Transmission: Single-speed Electronic Precision Shift
Power: 204hp
Torque: 360Nm
Range: 520km (claimed)
Lampedusa: Gateway to Europe
Pietro Bartolo and Lidia Tilotta
Quercus
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Hidden killer
Sepsis arises when the body tries to fight an infection but damages its own tissue and organs in the process.
The World Health Organisation estimates it affects about 30 million people each year and that about six million die.
Of those about three million are newborns and 1.2 are young children.
Patients with septic shock must often have limbs amputated if clots in their limbs prevent blood flow, causing the limbs to die.
Campaigners say the condition is often diagnosed far too late by medical professionals and that many patients wait too long to seek treatment, confusing the symptoms with flu.
Stats at a glance:
Cost: 1.05 billion pounds (Dh 4.8 billion)
Number in service: 6
Complement 191 (space for up to 285)
Top speed: over 32 knots
Range: Over 7,000 nautical miles
Length 152.4 m
Displacement: 8,700 tonnes
Beam: 21.2 m
Draught: 7.4 m
The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
The specs: 2018 Audi R8 V10 RWS
Price: base / as tested: From Dh632,225
Engine: 5.2-litre V10
Gearbox: Seven-speed automatic
Power: 540hp @ 8,250rpm
Torque: 540Nm @ 6,500rpm
Fuel economy, combined: 12.4L / 100km
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Results
5.30pm: Maiden Dh165,000 (Turf) 1,600m; Winner: Al Battar, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer).
6.05pm: Maiden Dh165,000 (Dirt) 1,200m; Winner: Good Fighter, Richard Mullen, Satish Seemar.
6.40pm: Handicap Dh185,000 (T) 1,200m; Winner: Way Of Wisdom, Tadhg O’Shea, Satish Seemar.
7.15pm: Handicap Dh170,000 (D) 2,200m; Winner: Immortalised, Tadhg O’Shea, Satish Seemar.
7.50pm: Handicap Dh185,000 (T) 2,000m; Winner: Franz Kafka, James Doyle, Simon Crisford.
8.25pm: Handicap Dh185,000 (D) 1,200m; Winner: Mayadeen, Connor Beasley, Doug Watson.
9pm: Handicap Dh185,000 (T) 1,600m; Winner: Chiefdom, Mickael Barzalona, Salem bin Ghadayer
More from Neighbourhood Watch:
Review: Tomb Raider
Dir: Roar Uthaug
Starring: Alicia Vikander, Dominic West, Daniel Wu, Walter Goggins
two stars
Players Selected for La Liga Trials
U18 Age Group
Name: Ahmed Salam (Malaga)
Position: Right Wing
Nationality: Jordanian
Name: Yahia Iraqi (Malaga)
Position: Left Wing
Nationality: Morocco
Name: Mohammed Bouherrafa (Almeria)
Position: Centre-Midfield
Nationality: French
Name: Mohammed Rajeh (Cadiz)
Position: Striker
Nationality: Jordanian
U16 Age Group
Name: Mehdi Elkhamlichi (Malaga)
Position: Lead Striker
Nationality: Morocco
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
RESULTS
5pm: Maiden | Dh80,000 | 1,600m
Winner: AF Al Moreeb, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap | Dh80,000 | 1,600m
Winner: AF Makerah, Adrie de Vries, Ernst Oertel
6pm: Handicap | Dh80,000 | 2,200m
Winner: Hazeme, Richard Mullen, Jean de Roualle
6.30pm: Handicap | Dh85,000 | 2,200m
Winner: AF Yatroq, Brett Doyle, Ernst Oertel
7pm: Shadwell Farm for Private Owners Handicap | Dh70,000 | 2,200m
Winner: Nawwaf KB, Patrick Cosgrave, Helal Al Alawi
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Treasured Times, Bernardo Pinheiro, Rashed Bouresly
Factfile on Garbine Muguruza:
Name: Garbine Muguruza (ESP)
World ranking: 15 (will rise to 5 on Monday)
Date of birth: October 8, 1993
Place of birth: Caracas, Venezuela
Place of residence: Geneva, Switzerland
Height: 6ft (1.82m)
Career singles titles: 4
Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)
Career prize money: $13,928,719
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
LUKA CHUPPI
Director: Laxman Utekar
Producer: Maddock Films, Jio Cinema
Cast: Kartik Aaryan, Kriti Sanon, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana
Rating: 3/5
RESULT
Manchester United 2 Burnley 2
Man United: Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')
Man of the Match: Jesse Lingard (Manchester United)
Teams
India (playing XI): Virat Kohli (c), Ajinkya Rahane, Rohit Sharma, Mayank Agarwal, Cheteshwar Pujara, Hanuma Vihari, Ravichandran Ashwin, Ravindra Jadeja, Wriddhiman Saha (wk), Ishant Sharma, Mohammed Shami
South Africa (squad): Faf du Plessis (c), Temba Bavuma, Theunis de Bruyn, Quinton de Kock, Dean Elgar, Zubayr Hamza, Keshav Maharaj, Aiden Markram, Senuran Muthusamy, Lungi Ngidi, Anrich Nortje, Vernon Philander, Dane Piedt, Kagiso Rabada, Rudi Second
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
