UAE Labour / Employment LawCabinet Resolution No. (46) of 2019 Regarding the System of Insurance Benefits Exchange Between Retirement Funds Applicable in the State

Article (1) Definitions The following words and phrases, wherever stated in this Resolution, shall have the meanings assigned to each of them, unless the context requires otherwise: The State : The United Arab Emirates. System : The System of Insurance Benefits Exchange Between Retirement Funds Applicable in the State. Retirement : Any agency managing the application of pensions and retirement benefits

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Cabinet Resolution of 2019 Regarding the System of Insurance Benefits Exchange Between Retirement Funds Applicable in the State 2 Funds Applicable in the State laws of the State, either federal or local. The insured : Any citizen who is under any retirement system applicable in…

Article (2) Scope of Application 1. Provisions of this Law shall apply to the following: a. Retirement funds applicable in the State. b. The insured who is transferred by a resolution issued by the competent authority to work for an employer that is subject to the transferee system, including the insured who has been transferred before the application of this system. 2. Transfer cases that had been settled before the issuance of this system subject to special memorandums of understanding shall be exempted from the provisions of this system.

Article (3) Conditions of Application In order to apply the provisions of this system on the transferred insured, it is required that the resolution of his transfer shall be issued subject to legislations applicable to federal or local governmental entities.

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Cabinet Resolution of 2019 Regarding the System of Insurance Benefits Exchange Between Retirement Funds Applicable in the State 3

Article (4) Mechanism to Exchange the Benefits and the Transfer Cost 1. The insured subscription period in the transferring system shall be deemed continuous and complementary to the later subscription period of the transferee system. the transfer cost the transferring fund shall pay to the transferee fund shall be calculated as follows: a. End of service gratuity for the previous subscription period of the transferred insured, assuming that his service has ended on the transfer date, either such period makes him eligible to pension or the end of service gratuity. b. Total of amounts paid for the insured if he is not eligible to pension or the end of service gratuity. 2. The entity where the…

Article (5) Period of Procedures to Transfer and Exchange Insurance Benefits Retirement funds relevant to transfer resolution shall complete the procedures of transfer and exchange of insurance benefits to the transferred insured persons within a period that shall not exceed six months from the transfer date or the date specified in the transfer resolution.

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Cabinet Resolution of 2019 Regarding the System of Insurance Benefits Exchange Between Retirement Funds Applicable in the State 4

Article (6) Publication and Enforcement This Resolution shall be published in the Official Gazette and shall come into force three months after its date of publication. Mohammed Bin Rashid Al Maktoum Prime Minister Issued by us on 1 Dhul Qidah 1440 AH corresponding to 4 July 2019 A.D

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