Dubai ruler and UAE prime minister and vice president Sheikh Mohammed bin Rashid Al Maktoum, has announced a new law relating to the Local Military Pensions and Social Security Fund.
The legislation is designed to help develop the UAE’s savings market and to bring its pension funds up to speed with best international practice.
As a result of the law, all liabilities and assets of the local military pensions and social security division will be transferred to the fund,
The administrative, technical and financial affairs of the fund will now be overseen by the director general of the department of finance.
In addition, an executive director for the fund will be nominated by the chairman of the executive council of Dubai.
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