Your go-to End of Service Gratuity and Workplace Savings solution

FAQs

• What is Go Saver?

  The Go Saver Employee Money Purchase Scheme (EMPS) – “Go Saver” – is a savings scheme which employers can use to transfer 100% of the employees’ End of Service Gratuity (“EOSG”) to a Trust. This allows employers to not only remove the liability attached to EOSG from their balance sheets but also comply with Dubai International Financial Centre (DIFC) regulations using this product. 

• Who provides recurrent oversight and governance to the plan?

  Go Saver carries several levels of oversight and governance. 

   

  All parties to Go Saver – Intertrust Employee Benefit Trustee (Middle East) Limited (“IEBTMEL”), the Operator of Go Saver, and Oman Insurance Workplace Savings Solutions Limited (“OIWSS”), the Administrator of Go Saver – are regulated by the Dubai Financial Services Authority (“DFSA”). The Operator is fully responsibility for Go Saver, ensuring that it operates in accordance with the provisions of Go Saver Trust Deed, Scheme Rules, and all applicable laws and regulations.

   

  Above the Operator lies the Supervisory Body which provides oversight for Go Saver’s governance and commercial aspects that are not subject to regulatory supervision. It is comprised of a panel of experts with a wealth of experience in trusts, relevant employment laws, and investments.

   

• What is the role of the Operator, Administrator, and Investment Advisor of Go Saver?

  The Operator is the trustee of Go Saver and legally owns assets for the benefit of the scheme members. They are required to act in the best interest of the members within the rules governing Go Saver and all applicable laws. To assist, the Operator has selected Oman Insurance Workplace Savings Solution (OIWSS) as the Administrator of Go Saver. Rest assured – all appointed providers are experienced in their roles and regulated to ensure best practices.

   

  OIWSS, as the appointed Administrator, performs day-to-day activities related to Go Saver like facilitating transactions (that is, receiving payments and paying benefits) between members and the Trust, making investments, maintaining records, and providing reports.

   

  The Investment Advisor is charged with reviewing the investment options, providing advice to the Operator on investment options to be offered under Go Saver, and monitoring their performance.

   

• Who are Go Saver's providers?

  Intertrust Employee Benefit Trustee (Middle East) Limited – regulated by the DFSA and located and registered at Unit 07, Unit 06, Level 13, Currency Tower 2, Dubai International Financial Centre, Dubai, UAE – is the Operator and Trustee of Go Saver, responsible for Go Saver and its compliance with applicable regulations at DIFC. They also ensure that interest of all employees registered for Go Saver are protected.  You can reach out to them via email at dubai_emps@intertrustgroup.com. 

   

  Intertrust Group – a CSC Company – is the trustee and corporate administration services provider to a global client base. Its Executive Compensation Services team, which supports Go Saver, is a market leader of global employee benefit services. 

   

  Oman Insurance Workplace Savings Solutions Limited – regulated by the DFSA and located and registered at 407, Gate District 3, DIFC – is Go Saver’s Administrator, responsible for all operational and functional activities related to Go Saver. It is a fully owned subsidiary of Sukoon Insurance PJSC, UAE’s leading insurer. They can be contacted via email at contact@oiwss.com.

• How do I enrol my company for Go Saver?

  Companies interested in Go Saver should send us an email at administration@oiwss.com with the following documents attached to it:
  1. Certificate of Incorporation
  2. Commercial License
  3. VAT Certificate
  4. Regulatory License (if applicable)
  5. MOA/AOA
  6. Group’s Organisational Chart (with percentage shareholdings clearly mentioned) 

   

  Once the Administrator receives these documents, they will review your case and then proceed with enrolment. Additional documents may also be requested.

• I have signed up for Go Saver. How do I enrol my employees?

  Once you are successfully onboarded, your authorised representative will be given access to Go Saver’s dedicated portal through which all eligible employees can be onboarded.

• What are Mandatory Contributions by the employer?

  Once enrolled, employers are required to make mandatory contributions into Go Saver for all eligible employees. The level of contributions will depend on an employee’s basic salary and their length of service.
  • For employees with less than 5 years’ service, contributions must be paid at a rate of 5.83% of an employee’s basic salary.
  • For employees with 5 years’ service or more, contributions must be paid at a rate of 8.33% of an employee’s basic salary.

   

  Once enrolled in the Go Saver platform by the employer, members will have the access to their respective profiles, through which they can view the contributions made by their employer each month. 

   

• Are Mandatory Contributions payable if an employee is on leave?

  Contributions are still payable on basic salary even when an employee is on any paid or unpaid leave.

• What are Additional Voluntary Contributions (AVCs) made by employees?

  AVCs are an employee’s way of contributing extra money into Go Saver to build corpus for achieving their financial goals. They are over and above the EOSG contribution by the employer, left at the complete discretion of the employees.

  
  The AVC process is facilitated by the employer through salary deduction at source (as direct payments are not accepted from employees). Employees can choose to pay either a regular amount or percentage, a lump-sum amount, or a one-time payment.

   

  The contributions have no minimum amount, but they must not exceed 100% of basic salary in any given pay cycle.

   

  When the employer makes a payment in the AVCs, the amount will be applied to the employee’s account and automatically invested in the Default Fund of Go Saver (unless the employee has already made an active investment choice beforehand, in which case they will be invested in line with the decision). Please note that employees can also choose multiple investment options under one Go Saver product. 

   

  For all voluntary contributions, fees charged will be same as described in the ‘Fees and Charges’ section.

• As an employer, can I pay an amount different from what is due?

  The amount paid must always match the total amount due as per the upload file. 

   

  If there is an error with the upload file, the Administrator will then contact you, presenting you with the opportunity to delete, amend, and re-upload it. 

   

  If there is an error with the payment amount, then the Administrator will contact you and return the funds within five (5) working days. The correct amount must, in said case, be transferred again. Employers are free to add additional funds to the EOSG liability based on their respective HR policies.

   

  Please ensure that all payments are sent without deduction of bank charges at our end to ensure that the Administrator receives the full contribution value. 

   

  For this, choose (OUR/OWN/SENDER/REMITTER) as your transfer charge option. 

   

  Once your payment is received and processed, you can download a receipt for your records from Go Saver’s online portal.

• As an employee, can I pay my Voluntary Contributions directly into Go Saver?

  Unfortunately, you cannot. Any AVC must be made through your employer by way of salary deduction at source.  

• What are the fees associated with Go Saver?

  Applicable to employers

  The only fees incurred by employers will be the bank charges applied by your bank for making monthly contribution payments to Go Saver.

   

  Applicable to employees

  Employees’ accounts are subject to an annual percentage-based fee, designed to be fair and equitable for all members irrespective of pay scale. The fee varies depending on the type of investment fund (or combination thereof) an employee selects. The following are the fees currently levied by Go Saver:

   

  1. Default Fund: 1.3 percent. This fee is deducted from the gross return of the default fund. There is no deduction from the contribution amount.

   

  2. Risk-Based Portfolios (Cautious, Moderate, and Growth): 1.25 percent per annum, applicable to the account value. Out of this fee, 1 percent is charged by the Operator as Scheme fees and deducted by liquidating the account value proportionately on a monthly basis (that is, 1/12th of 1 percent). The balance of fees – 0.25 percent – is charged by the Investment Manager and adjusted in the fund’s Net Asset Value (NAV). 

   

  3. Self-Select Investment Funds: The fees vary depending on the investment fund. 1 percent is charged by the Operator as Scheme fees and deducted by liquidating the account value proportionately on a monthly basis (that is, 1/12th of 1 percent). The balance of fees – whatever it may be – is charged by the Investment Fund Manager and adjusted in the fund’s NAV. 
  
  Employees will also be subject to a bank charge when they withdraw their benefits upon leaving service or make withdrawal from their AVCs. 

   

• Can an employer cover the fees for the employee?

  Employers can, at their discretion, enhance the contribution rate to offset charges for a particular employee. 
  
  It is important to note that charges will vary depending on the employee’s investment choice and their account value; the Administrator would, therefore, not be able to advise employers on the additional contribution amount.  
  
  Please bear in mind that if a certain employee is unwilling to pay the fees, then the Default Fund is ‘fee-free’ to the member only if returns are lower than the charges in any year. 

• Which investment options are available in Go Saver?

  There are three investment choices offered by Go Saver for EOSG as well as AVC:
  1. Default Fund: The default fund in Go Saver is USD General Account, a fully capital-protected option managed by Generali which also has a “ratchet” effect – that is, the returns generated by the default fund are also guaranteed. For more information, please refer to the Default Fund’s factsheet. 

   

  2. Risk-Based Portfolios: There are three risk-based portfolios in the Scheme which are built and managed by a global asset manager. These portfolios have been designed while bearing into mind the different risk appetites that exist; that is:
  - Cautious Risk
  - Moderate Risk
  - Growth Risk

   

  3. Self-Select Funds: There are thirteen (13) independent funds to choose from which cover Sharia strategies, most asset classes, and geographical spread.

• Can the employer modify investments on behalf of employees?

  No, the employer will not be able to do so. Any investment change must be directed by the employee through their account on Go Saver’s platform.

• How can a member change their investments?

  Members make their own investment choices once they have access to the online platform. They can fill up a Risk Analysis Form under the ‘My Profile’ tab to assess their risk profile and appetite. Members may choose to invest wholly in one fund or partially in different funds by assigning percentages to multiple funds.

• How many switches can members make between funds? Will they be charged for switching funds?

  Members can make unlimited switches between funds from the fund list without bearing any additional cost for doing so. Fund switches will reflect in 3 days following a switch in case of Self-Select Funds.

• How can an employee assess their fund’s performance or find details of the employer’s contribution made to them?

  Employees can track performance at a fund level by visiting the ‘Investment’ section in Go Saver’s online portal. The portfolios are updated daily and made available 24/7 for employees to log in, assess the performance of their portfolio, and see all the transaction details. All employees enrolled in Go Saver can access the portal online – it is complimentary. 

• As an employer, my company will not be using Go Saver anymore (due to reasons such as company liquidation, non-renewal of license, and so on). What should I do?

  Follow the normal exit process in respect of any remaining employees and send us a 30-day formal written notice of your intent to leave Go Saver. 

   

  However, even though the employee will be allowed to keep the funds invested as long as they want, future contributions will not be allowed.

• I am an employee moving to another country and planning to participate in another workplace savings plan. Can I combine or transfer my benefits?

  Unfortunately, at this time, you cannot combine your Go Saver account with an account held with another provider or transfer benefits between your two accounts. You will still be able to manage your Go Saver account after you leave the UAE, or you will have the option to withdraw from either or both the employer contribution and your voluntary contribution.

   

  This is only applicable to employees based in DIFC.

• How are benefits paid through Go Saver?

  Once an employee resigns, they have the option to either:
  1) Keep their accumulated EOSG invested and participate in market growth; or
  2) Request that the accumulated EOSG be paid directly to their bank account from Go Saver. The employees will receive the account value (net of all charges) as on date of withdrawal. 
  
  This only applies to employers based in DIFC.

• What happens if an employee dies whilst in service?

  The employer must contact us with the name of the employee, the date when the employee passed away, and any details they may have with respect to the employee’s next of kin or beneficiaries. The Administrator will then coordinate with the employer, the Operator, and the beneficiaries for any additional requirements.

• I am the named beneficiary of an employee who has died in service. What can I expect?

  Once the employer has confirmed the employee's death, the ‘death in service’ process will begin, which involves identifying the beneficiaries and obtaining due diligence to verify their identities and the death. The requirements for verification of the named beneficiaries of a deceased member are as follows:
  - Adequately certified copy (or original) of the member’s Certificate of Death.
  - Adequately certified copy of the named beneficiary’s Proof of Identity (like their Passport or Emirates ID).
  - Adequately certified copy of the named beneficiary’s Proof of Address (for instance, DEWA Bill).
  - Picture of the named beneficiary holding their Proof of Identity.
  - Beneficiary Claim Form, completed in full (please reach out to us to obtain a copy).

   

  Once the necessary due diligence is completed, the employee’s account will be disinvested, and the cash will be sent by bank transfer as instructed by the beneficiary (or beneficiaries). This can be done both locally and internationally.

   

  In some cases, the employee may have expressed their wishes via our Beneficiary Nomination feature in the online portal. If no nomination is available, the Administrator will contact the employer for more assistance.

• I am an employee. Can I make a withdrawal whilst in service?

  The money your employer contributes is, unless advised otherwise, a minimum ‘end-of-service’ benefit, so it’s accessible only when you leave employment.

   

  However, if you make additional voluntary contributions, then you can request up to two partial withdrawals per year – up to 30 percent of your voluntary account value – via Go Saver’s online withdrawal feature. You can do this digitally and at any time while you are still employed. Simply log into your Go Saver account and navigate to the 'Withdrawals' section. 

   

  Should your employment with an employer terminate, but you choose to stay invested in Go Saver, you will have full access to your AVCs and your EOSG from said employer and will be entitled to the withdrawal of full amount. Charges will be applicable as per the ‘Fees and Charges’ section.

   

  (For employees based in DIFC)

• As an employer, how will Go Saver benefit me?

  By enrolling into Go Saver:
  • You will be able to remove your liability towards EOSG payable to your employees from your Balance Sheet.
  • Your employees will have access to a world-class investment product to build a sustainable retirement plan for themselves.
  • Your employees’ interest will always be protected through the trust structure.
  • You employees get full transparency of their gratuity value.
  • You can expect better employee retention.

• As an employee, what are the benefits of my company enrolling for Go Saver?

  To name a few:

  • 24/7 online administration access to view and manage your EOSG in an efficient and transparent manner.
  • Additional Voluntary Contributions (AVCs) at the same cost as of the EOSG.
  • Choice of global investment options, including capital-guaranteed offers.
  • Worldwide payments – anytime, anywhere.
  • Unlimited Fund Switches.

• As an employee, will I be guided by any advisors if I choose “self-select” funds?

  Yes, you have the option to avail additional advisory services to help you plan your investment portfolio. This additional service comes at a nominal cost in case you plan to make use of it. For avoidance of doubt, the advice will not be provided by the Operator or the Administrator.

   

  For more information regarding advisory services, please get in touch with us via email at contact@oiwss.com.

• How can members nominate their beneficiaries?

  Members can log into their online account and submit their beneficiary details. Should a member opt to have benefits paid as per Sharia Law, this can be done so in the portal. 

• To lodge a complaint or share my feedback, who should I contact?

  For complaints, feedback, or to express your dissatisfaction with your plan or any service provided to you, please reach out to us via:
  - Email: complaints@oiwss.com
  - Toll-free helpline: 800 GOSAVER (4072837) from 8 AM to 5 PM, Monday to Friday
  - Calls from outside the UAE: + 971 4 3491236

   

  Our Complaints Team will acknowledge your complaint within two working days following receipt, thoroughly investigate the issue and respond back to you with our findings within five working days. If the complexity of your complaint demands more time for a full investigation, we will let you know.