UAE Prime Minister

Mohammed approves structure of pensions authority

UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum has approved the new structure of the General Pensions and Social Security Authority (GPSSA), with amendments made to the rules governing pensions and retirement benefits for local citizens.

Following a number of changes at the GPSSA, GCC citizens will now be entitled to insurance protection when working outside their countries, and in some cases they may be allowed the exchange insurance benefits for pension funds in the country of their residence.

Promoting increased transparency and internal controls, the new structure alters the ground rules regulating investment, risk assessment and audit procedures at the authority. Managerial controls and the functions and duties of the GPSSA's board of directors and director general are defined under the latest guidelines, which also stipulate that the authority will be administered out of two separated operations located in Dubai and Abu Dhabi.