And what for contributing to a pension in the UAE ?
Nov 13th 2014, 3:50 pm
#16
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Nov 14th 2014, 5:32 am
#17
Onwards and Upwards!
Joined: Sep 2010
Posts: 884
Re: And what for contributing to a pension in the UAE ?
As I understand it, UK private pension schemes require you to have relevant earnings based in the UK and many UK provider's permissions/ licences are for UK only.
What are my options for contributing to a private pension scheme while working in the UAE ? ( whose benefits I wish to claim once I have returned to the UK and retired. ) thanks in advance.
What are my options for contributing to a private pension scheme while working in the UAE ? ( whose benefits I wish to claim once I have returned to the UK and retired. ) thanks in advance.
Remember that in a SIPP or other private pension scheme that your money it's tied up until age 55, but then you can take 25% tax free. Further cash withdrawals or any regular pension payment you receive will be taxed at your marginal rate.
To save enough for retirement, I 've also opened an online HL Fund & Share Account and mess around on the stock market and funds with my monthly contributions. The easiest way is to buy into a FTSE 100 or 250 index tracker, but be aware of Stamp Duty, Annual Fees and Platform Fees, which all add up.
As a rule of thumb, save from your salary a %age equal to half your age when you start your pension (e.g. 12.5% if you start at age 25).
Hope this helps.
Last edited by Johnnyboy11; Nov 14th 2014 at 5:36 am.
Nov 14th 2014, 6:38 am
#18
BE Enthusiast
Joined: Oct 2010
Posts: 547
Re: And what for contributing to a pension in the UAE ?
Utter nonsense. As Bahtatboy says, how would anyone here know what pension you have in the UK, and UAE labour law has no clause allowing the deduction of home-country pensions from a UAE gratuity.
Nov 14th 2014, 3:31 pm
#19
Lost in BE Cyberspace
Joined: May 2008
Posts: 5,125
Re: And what for contributing to a pension in the UAE ?
yes your employer, if they contribute to a uk pension then they will take that off any gratituy when you leave.... and yes thats if its a uk employer so they will know and they do take it off.... ask a solicitor, anything for a uk employer to minimise the ESOB
Nov 15th 2014, 11:08 am
#21
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Re: And what for contributing to a pension in the UAE ?
Dear all contributors to this thread , I would like to take this opportunity to thank you all for your advice/perspectives.
