Paraphrasing Monty Python, purely to get your attention, but it’s a valid question. I am in an industry that is frequently criticised in the UAE, often for good reason, but let me explain why using a qualified adviser (rather than a salesperson pretending to be an adviser) is a good thing and how you can benefit.
This information has been confirmed on the UK Parliament website following an exchange in the House of Commons today, 3rd September 2020.
The exact wording is as follows:
“In 2014 the government announced it would increase the minimum pension age to 57 from 2028, reflecting trends in longevity and encouraging individuals to remain in work, while also helping to ensure pension savings provide for later life.
That announcement set out the timetable for this change well in advance to enable people to make financial plans and will be legislated for in due course.”
The change will not take place for some time so no need to panic now but it will mean that some people who had intended to access their personal pensions at age 55 years, per the current rules, will have to adjust their plans for two years.
This is simply about personal plans and is not linked to the UK’s State Pension
To arrange a discussion about your retirements plans, your UK pensions, or any aspect of your personal financial planning, please email me at keren@holbornassets.com
I write articles such as this one as part of the holistic personal financial planning service and that I provide to expats, and the general consumer, financial and legal information that I provide in The National newspaper, on Capital Radio UAE, and on the Facebook group British Expats Dubai.
Please take a look at the other useful articles on this website.
Welcome to Dubai and a new and exciting life. There is a lot to learn and while this is not a complete guide to setting up in Dubai, it does give you a useful overview of many of the financial and legal issues that new residents need to be aware of.
The laws have changed a number of times in recent years and this article is regularly updated to take these changes into account.
Your ability to live in the UAE is linked to employment and it is impossible to rent a property (apart from on a short-term basis) without a residency visa and accompanying identity card.
These will be provided by your employer or as part of the package when you set up a trade licence if you wish to have your own business. There are now a few other visa options but you still need a visa to reside in the UAE.
Having an identity card is mandatory and you will be unable to do many things without it.
You also need a visa and ID card to buy a car, rent a property, get a UAE driving licence, get an alcohol licence – still a legal requirement for Dubai residents if you want to buy alcohol anywhere and or keep alcohol in your home although there are no charges these days and you getget your licence online in minutes.
Children require an ID card to attend school.
The rules can vary between emirates, and although the main legal issues are correct for all, this guide is mainly for Dubai residents.
Research has shown that a large number of people have forgotten UK pension plans, or lost track of a plan from years ago or from previous employment. The value of these lost pension funds is around £19.4 billion according to figures from the Association of British Insurers in 2019.
Other research estimates that one in eight UK citizens has at least one forgotten pension. When studies show that some 60% of UK adult are concerned about their retirement planning, it makes sense to ensure you don’t lose out by not having access to all your pension money.
I published an article on this topic on 4th March but with the ongoing situation and further stock markets falls, it is time for another.
With worries and panic across the world in respect of both health and all the knock-on economic issues, we have seen substantial falls in all stock markets so many people are asking what they should do regarding their investments. The falls have been more than anyone expected as the current situation in regard to COVID-19 are simply unprecedented. As before, my general advice is not to sell now, not least as you would simply be crystallising a loss. My clients are all diversified and have suitable risk profiles, in line with their preferences, although I understand if some want to reduce the risk levels a little. Please read on to find out more about what is happening, why, and what we can expect.
This is the first budget of this Government and the first by Chancellor, Rishi Sunak, less than a month after taking over at the Treasury.
This article is a brief overview of some of the main points with particular reference to any changes that have relevance to those living outside of the UK. The UK press will cover many points in detail but much of this is not directly relevant to expats so this article focuses of the relevant points for us. I have included specific measure related to COVID-19 as this has a significant impact on the economy and a wide-ranging, knock-on effect.
No one can avoid this subject right now but, in this article, I want to address the financial concerns, specifically in relation to investments. Global stock markets fell last week, the largest falls over a couple of days for 10 years, although some are moving upwards again at time of writing, and I do not believe this is a major cause for concern.
This articles has been update so please see the below link for the article from August 2024
Living in the UAE. 10 major money mistakes you want to avoid
Living in the UAE. 10 major money mistakes you want to avoid
These are the official dates of public holidays for the UAE for the coming year, as well as notable dates, so you can make a note in your diary now and plan ahead. Actual days of holiday for both the public and private sector should be the same and these are the dates announced by the UAE Government.
As usual, dates of Islamic holidays will be subject to slight variation, dependent on moon sighting, and others may also change.
With this in mind, this article will be updated throughout the year as any changes are announced.
| Occasion | Date | Day of the week | No. of Days |
| New Year’s Day | January 1st | Wednesday | 1 |
| Beginning of Ramadan* | April 24th | Friday | 0 |
| Eid Al Fitr* | May 23rd | Saturday | 4 |
| Arafat (Haj) Day* | July 29th | Wednesday | 1 |
| Eid Al Adha* | July 30th | Thursday | 3 |
| Hijri New Year’s Day* | August 23rd | Sunday | 1 |
| Prophet’s Birthday | October 29th | Thursday | 1 |
| Commemoration Day | December 1st | Tuesday | 1 |
| UAE National Day | December 2nd & 3rd | Wednesday & Thursday | 2 |
| *Islamic holiday dates are dependent on moon sighting and all are subject to confirmation and may change | |||
I write articles such as this one as part of the holistic personal financial planning service and that I provide to expats, and the general consumer, financial and legal information that I provide in The National newspaper, on Capital Radio UAE, and on the Facebook group British Expats Dubai.
To arrange a meeting to discuss any aspect of your personal financial planning, please email me at keren@holbornassets.com Please take a look at the other useful articles on this website.
Source: UAE Government Communications Office
Starting next week some 360,000 British pensioners living in Europe will receive letters from The Department for Work and Pensions (DWP) confirming that their UK State Pension pension will rise each year for at least the next three years in the event of a no-deal Brexit. There are no guarantees that these increases will continue after this time. Continue reading