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A survey released by HSBC last year uncovered a serious lack of planning for retirement among UAE residents.

The bank’s Future of Retirement study found that 87 per cent of people in the UAE did not have any idea about what their retirement income would look like. Of those surveyed, only 13 per cent said they felt well prepared for that stage in life.

The survey also found that just 19 per cent of people felt they understood their long-term finances very well, compared with a global average of 27 per cent and that the poor undersanding about pensions could be linked to a lack of financial education. Of those surveyed, 62 per cent said they had never sought professional advice for their investments, a figure far higher than the global average of 42 per cent.

While many expatriates may have a clear notion about how long they plan to stay in the UAE, far fewer have an idea about when they will retire, or more importantly, when they can afford to retire.

Read more for Pension advice in the UAE...

Globaleye named Personal Lines Broker of the Year at the Middle East Insurance Awards

Following on from our recent success at the Gulf Insurance Awards, Globaleye have been announced as Personal Lines Broker of the Year at the 5th Insurex Middle East Insurance awards, hosted by Policy Magazine.

The awards recognise and reward excellence in all areas of the insurance industry, covering a total of 15 categories & judged by an international panel of independent industry experts.

Globaleye’s CEO Tim Searle said “to be awarded Personal Broker of Year is a remarkable achievement for the company, especially considering the challenging economic times we have recently endured. To win the title at two separate award ceremonies in the space of a few months is testimony to the hard work and determination of all our employees. We hope this recognition will reinforce the commitment we have to Client service and product innovation which will support our business aspirations for the year ahead”

The deficit on final salary schemes soars to £93bn

Higher earners could face tax rates as high as 8,000% on their pension contributions, it emerged last week, heaping more pain on company pensions.

The combined deficits of final salary schemes increased from £36 billion to £93 billion in the past year, according to a survey by Aon Consulting, the actuary. Marginal tax rates will hit people earning more than £130,000 who are affected by new rules to claw back tax relief on pension contributions from April next year.

Paul Jayson at Barnett Waddingham, another actuary, said: “Extraordinary marginal tax rates occur when an individual in a final salary pension crosses the £130,000 threshold for income.”

Read more for further information regarding tax rates on UK pensions...

It really is the case of “the sooner the better” when it comes to saving for your retirement - the sooner you start to set aside savings for the long-term, the more chance you have of building a comfortable retirement pot. Did you know that if you start saving for your pension in your 20’s as opposed to your 30’s you could actually double your retirement income through compound interest?

But what happens if you reach your 50’s and you suddenly realise that you haven’t given consideration to your retirement fund? Luckily all is not lost and there are still several steps you can take to ensure a comfortable retirement income! Retirement planning when you reach your 50’s is a critical time, but you still have a possible ten to fifteen working years of peak earning potential ahead of you! 

Read on for our simple tips on how to maximise your retirement fund...