GEN 2.30 GEN 2.30 Operating an Employee Money Purchase Scheme
GEN 2.30.1 GEN 2.30.1
In this section and in section 2.31:(a) “Member” means an employee on whose behalf a Participating Employer is required to make or has made contributions into a Scheme;(b) “Participating Employer” means an employer who is a contributor, in respect of its employees, to a Scheme; and(c) “Scheme” means an Employee Money Purchase Scheme.
GEN 2.30.1 Guidance
An Employee Money Purchase Scheme is defined in Schedule 1 to the Regulatory Law as an arrangement where:(a) the main purpose of the arrangement is to provide benefits to members in respect of their employment;(b) benefits are payable on termination of employment or on the occurrence of another specified event; and(c) the amount of the benefit is calculated by reference to:(i) the contributions made by an employer in respect of the member, whether or not the member may make additional contributions; and(ii) the investment performance of the scheme assets.
GEN 2.30.2(1) In GEN Rule 2.2.2, Operating an Employee Money Purchase Scheme means:(a) in relation to a Scheme established in the DIFC under a trust, acting as the trustee of the trust; or(b) in relation to any other type of Scheme, acting as the manager of the Scheme.(2) If a Scheme is established under a master trust, the master trustee and each sub-trustee are taken to be Operating that Scheme.(3) To the extent that any activity under (1) constitutes:(a) Dealing as Principal;(b) Dealing as Agent;(c) Providing Trust Services; or(c) Managing Assets,such a Financial Service is taken to be incorporated within Operating an Employee Money Purchase Scheme.
A Scheme that is a Body Corporate does not carry on a Financial Service referred to in GEN Rule 2.30.2(1) or (3) if:(a) it is operated by a Person who is authorised under a Licence to Operate a Scheme; and(b) the DFSA has approved the Scheme under COB Rule 12.2.2.