HM issues two Royal Decrees

Muscat: His Majesty the Sultan Haitham Bin Tarik on Sunday issued two Royal Decrees promulgating the Social Protection Fund’s Scheme and the second on Military and Security Pension Fund’s system.

The first decree stipulates that tasks, competencies, assets, rights, obligations, assets, financial receivables, and related data of the Ministry of Defense Pension Fund, the Royal Office Pension Fund, the Royal Oman Police Pension Fund, the Internal Security Agency Pension Fund, the Royal Guard of Oman Pension Fund, and the Pension Fund of the Royal Omani Guard shall be transferred to the Social Protection Fund.

The retirement of the Sultan’s Special Force, the Diwan of Royal Court Pension Fund, and the Civil Service Employees Pension Fund, with the exception of the headquarters of the Ministry of Defense Pension Fund and the assets that are agreed upon between the Chairman of the Board of Directors of the Social Protection Fund and the Chairman of the Board of Directors of the Military and Security Services Pension Fund, which shall devolve into the Devices Pension Fund military and security.

The decree stipulates that the tasks, competencies, assets, rights, obligations, assets, financial receivables and related data of the Public Authority for Social Insurance shall also devolve to it, with the settlement of the difference between the financing percentages of the funds referred to in the previous paragraph and the financing percentage of the Public Authority for Social Insurance, and the registration of the settlement amount in the financial statements of the Social Protection Fund.

As a receivable asset, provided that an agreement is concluded that includes all the aforementioned settlement details with the General Environment for Social Insurance. The decree also stipulates that liabilities calculated in accordance with the provisions of the Social Protection Law from the PDO retirement program and the Central Bank of Oman retirement program with associated data shall devolve into the Fund, and assets equal to these liabilities from PDO and the Central Bank of Oman shall devolve to the Social Protection Fund. Two agreements are concluded that include all the details of the transfer.

The rights and obligations related to the project to restructure pension and social protection funds and systems concluded by the National Program for Fiscal Balance and the National Program for Financial Sustainability and Development of the Financial Sector are also transferred to the Social Protection Fund. The decree stipulates that the Social Protection Fund shall be a general and complete legal successor to the funds, the Authority and the programs stipulated in Article Two of this decree in all contracts, agreements, investments, partnerships and alliances concluded or entered into by those entities, inside and outside the Sultanate of Oman. The decree stipulates that the employees of the Diwan of Royal Court Employees Pension Fund, the Civil Service Employees Pension Fund and the Public Authority for Social Insurance shall be transferred to the Social Protection Fund with the same grades and financial allocations. It is also permissible to transfer any of the employees of the funds referred to in Article Two of this decree or any of the employees. Specialists in the General Directorate of Social Welfare at the Ministry of Social Development, by a decision of the Board of Directors of the Social Protection Fund, according to its needs, after coordination with the heads of units.

​​​​​​​The decree stipulated that the boards of directors of pension funds and the general environment for social insurance and retirement programs mentioned in Article 2 of this decree be dissolved, all pension funds and the Public Authority for Social Insurance established according to the aforementioned royal decrees, the PDO retirement program and the Central Bank of Oman employee retirement program. After transferring the ownership of all its assets to the Social Protection Fund. The second decree stipulates that the military and security agencies’ retirement fund shall be governed by the provisions of the attached system. Employees of the Ministry of Defense Pension Fund, the Royal Office Pension Fund, the Royal Oman Police Pension Fund, the Internal Security Agency Pension Fund, and the Royal Guard of Oman Pension Fund shall be transferred to the fund. And the Sultan’s Special Force Pension Fund, with the same ranks, grades and financial allocations.