Monday 25 January 2021

Takaud to hold seminar on pension

MANAMA, March 5, 2017

Takaud, a specialist provider of savings, investment and pension solutions for the Mena region, is organising a seminar on pension for expatriates at the Capital Club, Bahrain, on March 15.

Takaud is partnering with Sovereign Pension Services, an approved provider of trusts for pension transfers under QROPS (Qualifying Recognised Overseas Pension Scheme) for people who have lived and worked in the UK, in organising the seminar.

Despite generous salaries and benefits, along with the excellent working conditions available in the Gulf region, expatriate workers in large numbers could be facing a future with an inadequate pension income, a Takaud expert said.

“It is too easy to slip into an extravagant lifestyle and ignore the need to save,” says Ebrahim K Ebrahim, chief of government business and communications at Takaud. “There are solutions readily available for retirement savings, which is a critical need. The important thing is to start as early as possible. It makes a big difference: a professional who starts saving at age 35 can accumulate a pension offering BD1,000 monthly at age 65 with BD400 of monthly savings. A person who waits until age 50 has to save about BD1,000 monthly to get that same pension of BD1,000 a month when he retires at 65.”

Many expatriate workers have left the compulsory and voluntary retirement savings programs in their home countries and have neglected to take up the shortfall that presents in their retirement planning. While some will have amounts payable to them from their previous contributions, they may be far below their expected needs. In addition, anyone who has worked in the UK can now have access to their past pension contributions through a trust arrangement that may offer future tax advantages, higher pension returns and early retirement, Takaud said.

Matthew Tailford, director, Sovereign Corporate Services, will speak at the event, along with Jonathan Kemp, Takaud's chief actuary. The event will be moderated by Ebrahim. All are welcome to attend the event, which will be held from 6:30 pm to 8 pm. The Capital Club is located in Bahrain Financial Harbour.  -TradeArabia News Service

Tags: Seminar | Pension | Takaud |

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