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New pension scheme for ex-pats

New pension scheme for ex-pats

Old Mar 28th 2008, 7:12 am
  #16  
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Default Re: New pension scheme for ex-pats

Originally Posted by IndieGirl
Any idea what the premiums for this type of cover are?
A percentage of yearly income - the percentage is based on age and sometimes risk due to certain occupations...it's normally between 1-2% though. Cover starts 3-6 months after the illness/accident so an offshore bank with a enough to live for a few months is still advisable

N.
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Old Mar 28th 2008, 7:28 am
  #17  
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Default Re: New pension scheme for ex-pats

Thanks for that.... Am self-insured

Cheers
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Old Mar 28th 2008, 7:30 am
  #18  
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Default Re: New pension scheme for ex-pats

Originally Posted by IndieGirl
Thanks for that.... Am self-insured

Cheers
Ahhh,you're one of those people who jump off the plane without a parachute...
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Old Mar 28th 2008, 7:40 am
  #19  
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Default Re: New pension scheme for ex-pats

Originally Posted by Confucius
Ahhh,you're one of those people who jump off the plane without a parachute...
Nope, means I don't need insurance as I am not reliant on my (or OH's) salary
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Old Mar 28th 2008, 8:50 am
  #20  
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Default Re: New pension scheme for ex-pats

Originally Posted by Inselaffen
The Labour ban system should be completely abolished except in cases where an employee is sacked for gross misconduct.
I left my first company here due to their misconduect yet I was subject to a 6 month labour ban. really makes sense
You don't mean that employing you was their misconduct?
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Old Mar 29th 2008, 9:40 am
  #21  
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Default Re: New pension scheme for ex-pats

Originally Posted by IndieGirl
Thanks for that.... Am self-insured

Cheers
So you have enough money in the bank offshore to provide you with a reasonable standard of living until your pension kicks in?...


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Old Mar 29th 2008, 9:48 am
  #22  
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Default Re: New pension scheme for ex-pats

Originally Posted by Norm_uk
So you have enough money in the bank offshore to provide you with a reasonable standard of living until your pension kicks in?...


N.

she's loaded
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Old Mar 29th 2008, 10:14 am
  #23  
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Default Re: New pension scheme for ex-pats

Originally Posted by Norm_uk
So you have enough money in the bank offshore to provide you with a reasonable standard of living until your pension kicks in?...


N.
I have no pension....

Last edited by IndieG; Mar 29th 2008 at 10:16 am.
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Old Mar 29th 2008, 10:15 am
  #24  
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Default Re: New pension scheme for ex-pats

Originally Posted by IndieGirl
I have no pension....
oh dear Meow and Norm won't be happy about that relevation!
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Old Mar 29th 2008, 10:24 am
  #25  
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Default Re: New pension scheme for ex-pats

Originally Posted by Blue Cat
oh dear Meow and Norm won't be happy about that relevation!
It gets worse - have no offshore account either.
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Old Mar 29th 2008, 10:29 am
  #26  
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Default Re: New pension scheme for ex-pats

Originally Posted by IndieGirl
It gets worse - have no offshore account either.
oh my god Indie!!
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Old Mar 29th 2008, 6:20 pm
  #27  
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Default Re: New pension scheme for ex-pats

Originally Posted by IndieGirl
It gets worse - have no offshore account either.
I'm not unhappy to hear that - I suppose my exact feelings would be akin to a doctor who is watching a patient at risk of heart disease smoke 5 cigars a day (and I see a lot of that in a financially metaphorical way!)...I would use the word "concerned" and perhaps the phrase "why not?" though!

I wouldn't be crass enough (yes, even I have some standards...I stress the word "some" though ) to start offering my services here in the forums but if you know where to ask if you need a second opinion if you starting or considering starting something.

N...your friendly neighbourhood money doctor
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Old Mar 30th 2008, 7:51 am
  #28  
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Default Re: New pension scheme for ex-pats

The Saudi's did this years ago (GOSI) and gave it up as it wasn't possible to manage it with trying to keep a track of everyone.

If the Saudi's gave it up why would the UAE want to introduce it?
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Old Mar 30th 2008, 1:46 pm
  #29  
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Default Re: New pension scheme for ex-pats

Originally Posted by Norm_uk
I'm not unhappy to hear that - I suppose my exact feelings would be akin to a doctor who is watching a patient at risk of heart disease smoke 5 cigars a day (and I see a lot of that in a financially metaphorical way!)...I would use the word "concerned" and perhaps the phrase "why not?" though!

I wouldn't be crass enough (yes, even I have some standards...I stress the word "some" though ) to start offering my services here in the forums but if you know where to ask if you need a second opinion if you starting or considering starting something.

N...your friendly neighbourhood money doctor
Cheers N.

Do you have a lot of non-Brits who use offshore accounts? Apart from tax purposes (I'm guessing it is beneficial to UK citizens to have offshore accounts for this reason?) what other reasons could there be for maintaining offshore accounts?

Being a non-Muslim, I am not worried about the applicability of Sharia law to our Bank assets here (we - as in my bank have obtained legal opinon and our bank acts upon this advice).

Now the question of stability in the ME - we've been here for over 12 years and I am not too worried about having some of our assets in the UAE.

Is there something I'm missing? - I'd be happy to consult you professionally...
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Old Mar 31st 2008, 7:31 am
  #30  
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Default Re: New pension scheme for ex-pats

Originally Posted by IndieG
Cheers N.

Do you have a lot of non-Brits who use offshore accounts? Apart from tax purposes (I'm guessing it is beneficial to UK citizens to have offshore accounts for this reason?) what other reasons could there be for maintaining offshore accounts?

Being a non-Muslim, I am not worried about the applicability of Sharia law to our Bank assets here (we - as in my bank have obtained legal opinon and our bank acts upon this advice).

Now the question of stability in the ME - we've been here for over 12 years and I am not too worried about having some of our assets in the UAE.

Is there something I'm missing? - I'd be happy to consult you professionally...
Yes I do get non-Brits looking at offshore banking for reasons I will go into in a moment.

It is common practice for UAE bank accounts of people who have died in the UAE to be frozen until inheritance is sorted. Now assuming you can get a non-Sharia will accepted it will still take weeks or months before the courts order the bank accounts re-opened. Banks here are subject to the law like anywhere else and without a recognised will sharia law will apply.

The main non-tax reason (non-Brits say) for holding an offshore bank account is protection of assets. If you are involved in any kind of litigation or criminal charges are laid against you (like if you smashed from behind by the wrong number plate while driving under the speed limit and someone is seriously injured or dies) then there is a very strong chance your accounts will be frozen by the courts. In cases like this it's nice to know that you have not put all your assets in a bank here, and for those with dependent's they be confident their partner and kids will be able to draw money from the offshore account and cover living expenses.

It's the old axiom of keeping your eggs in different baskets. At the very least anyone who has a joint account here should separate it to minimise the possible impact of frozen assets.

Other reasons for offshore accounts include access to banking specifically created to service the needs of expatriates, access to better managed and run banks, and excellent governmental legislation protecting account holders - the UAE doesn't really have much in the way of protection should your bank go under.

I generally recommend all expats keep at least three months of living expenses cash offshore for emergencies (in an instant access interest paying savings account)...it's not hard to build up that sort of money over a year or two even for lower income earners. It is especially critical for those with families (even if they have life insurance it can still takes weeks to get all the paperwork for a claim to be honoured)...but even single people who die here should consider this as some poor friend or relative will probably have to come over and sort it all out and that can take weeks and plenty of cash.

If you have an specific questions feel free to PM me.

N.
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