COB 12.1.2

In this Chapter:

(a) “Administrator” means an Authorised Firm Acting as the Administrator of an Employee Money Purchase Scheme;
(b) “Basic Wage” means an employee’s annual wage, excluding allowances and additional payments (such as bonuses);
(c) “Beneficiary” means a Person nominated by a Member, or a Person legally entitled to a benefit if there is no valid nomination by a Member;
(d) “Constitution”, in relation to an Employee Money Purchase Scheme, means:
(i) if the Scheme uses a trust structure, the trust deed and trust rules of the trust;
(ii) if the Scheme is a body corporate, the articles of association or other equivalent governing documents of the body corporate; or
(iii) in any other case, the documents that set out the relevant terms of the scheme;
(e) “Core Benefits” means the benefits required to be paid to an Employee Money Purchase Scheme by:
(i) a DIFC employer in respect of its employees under the Employment Law; or
(ii) an employer in respect of its employees under a Dubai law;
(f) “Operator” means an Authorised Firm that is acting as the Operator of an Employee Money Purchase Scheme;
(g) “Payment Schedule” has the meaning given in COB Rule 12.3.7; and
(h) “Salary Sacrifice” means an amount that a Member has agreed in writing with the Member’s Participating Employer to have deducted from the Member’s Basic Wage; and
(i) “Third Party Service Provider” means a Person to whom the Operator of a Scheme has delegated or outsourced an activity relating to the Scheme.
Derived from DFSA RMI261/2019 (Made 18th December 2019). [VER35/01-20]
[Amended] DFSA RMI302/2021 (Made 30th June 2021). [VER38/09-21]