Entire Section

  • GEN 2.30 GEN 2.30 Operating an Employee Money Purchase Scheme

    • Interpretation Interpretation

      • 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.
        Derived from RMI260/2019 (Made 18th December 2019).[VER47/01-20]

        • 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.
          Derived from RMI260/2019 (Made 18th December 2019).[VER47/01-20]

      • 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.
        Derived from RMI260/2019 (Made 18th December 2019).[VER47/01-20]
        [Added] DFSA RMI301/2021 (Made 30th June 2021). [VER52/09-21]

    • Exclusions Exclusions

      • GEN 2.30.3

        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.
        Derived from RMI260/2019 (Made 18th December 2019).[VER47/01-20]

      • [Deleted]

         

        Derived from RMI260/2019 (Made 18th December 2019).[VER47/01-20]
        [Deleted] DFSA RMI301/2021 (Made 30th June 2021). [VER52/09-21]