New pension law
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued Law No. (7) of 2022 on the Local Military Pension and Social Security Fund in Dubai, which aims to support Dubai’s vision for social security and pensions and ensure the implementation of best practices.
The Fund also seeks to improve the quality of services provided to its beneficiaries and ensure that all rights and insurance needs of depositors, pensioners and their beneficiaries in the Fund are met.
Under the Act, the Director General of the Department of Finance (DoF) is charged with overseeing the administrative, technical and financial affairs of the Fund. In addition, the Chairman of the Executive Council of Dubai will decide on the appointment of the Executive Director of the Fund.
In addition, all liabilities and assets of the Division of Local Military Pensions and Social Security of the Department of Defense will be transferred to the Fund after the enactment of the Law.
This Act repeals Executive Council Decree No. (25) of 2006 establishing the Local Military Pensions and Welfare Division, as well as any other legislation that may conflict with it.
Act No. (7) of 2022 shall take effect on the date of issuance and shall be published in the Official Gazette.