Jersey Finance has welcomed the launch of a ground-breaking pension scheme for expatriates by a UAE bank as a reflection both of Jersey’s strong relationship with the UAE and Jersey’s international wealth management expertise.

NBAD Trust Company (Jersey) Limited, the wholly owned subsidiary of the National Bank of Abu Dhabi PJSC (NBAD), today launched its Wealth Builder Plan, the first ever pension scheme for expatriates by a UAE bank.

An innovative corporate trust solution, the scheme allows employers in the UAE the ability to offer their expatriate staff enhanced corporate savings and pension options. It has been specifically designed for domestic and multi-national companies that employ expatriates.

NBAD Trust Company (Jersey) Limited will act as trustees for the new scheme, whilst the administration will be carried out by RBC Corporate Employee and Executive Services.

Sean Costello, Chief Representative Officer of Jersey Finance in GCC and India, said:

“Jersey has earned an exceptionally good reputation globally for the strength of its trust legislation and regulatory framework and the expertise of its practitioners in trust and wealth structuring work, and we are delighted that NBAD has recognised this and decided to work with Jersey to launch its new service.

“Whilst expatriates make up almost 90% of the UAE’s population, there is no federal pension scheme for expatriates there, so for Jersey to be involved in such a major, innovative development is fantastic news. It also underlines Jersey’s commitment to the UAE and the wider Gulf region, and cements both Jersey’s and the UAE’s positions as leaders in the international financial services marketplace.”

NBAD has had a decade-long history in Jersey since the establishment of NBAD Trust Company (Jersey) Limited in 2003.