Article 5 of the Saudi Civil Retirement Law
المادة 5 من نظام التقاعد المدني
The Article sets the composition of the Pension Fund's board of directors, chaired by the Minister of Finance, and the way it meets, its quorum and how its decisions are issued.
Official text (Arabic)
This article has not been amended since the law was issued.
يؤلف مجلس الإدارة على الوجه التالي:
- وزير المالية والاقتصاد الوطني ، أو من ينيبه. رئيساً
- رئيس ديوان الموظفين العام . عضواً
- محافظ مؤسسة النقد . عضواً
- مدير عام مصلحة معاشات التقاعد . عضواً
- اثنان من ذوي الاختصاص العالي أحدهما في الإدارة والآخر في الاقتصاد. أعضاء
وينعقد مجلس الإدارة بدعوة من رئيسه كلما دعت الحاجة لذلك، ولا يكون انعقاده صحيحًا إلا بحضور أغلبية أعضائه، وتصدر القرارات بأغلبية أصوات الحاضرين، وعند التساوي يرجح الجانب الذي منه الرئيس.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 5 explained in plain English
This Article sets out the composition of the Pension Fund's board of directors and the rules for its meetings.
Composition:
- The Minister of Finance and National Economy, or his delegate: chairman.
- The head of the General Civil Service Bureau: member.
- The Governor of the Monetary Agency: member.
- The director general of the Retirement Pensions Agency: member.
- Two highly qualified specialists, one in administration and the other in economics: members.
Meetings and decisions:
- The board meets when called by its chairman whenever the need arises; the Article does not set a fixed number of meetings.
- A meeting is valid only if a majority of its members attend.
- Decisions are issued by a majority of the votes of those present, and in the event of a tie the side on which the chairman is votes prevails.
The importance of this composition comes from the broad powers that Article 6 gives the board, such as supervising the implementation of the Law, issuing its implementing rules, and setting a plan for investing the Fund's money. Article 4 also refers to the director general who heads the Agency and is a member of this board.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
How we write and review contentAdministrative Law lawyers: ask a specialist about your case
Describe your situation briefly and we'll suggest a lawyer who specialises in this law
Administrative Law (Board of Grievances) lawyers
Lawyers who handle this kind of case
Dr. Ali Al-Rubaie Law Office and Ittihad Al-Asr Legal Company
Al-Safwa Law Office and Legal Consultancy
Frequently asked questions about Article 5 of the Saudi Civil Retirement Law
Who chairs the board of directors of the Pension Fund?
It is chaired by the Minister of Finance and National Economy or his delegate.
When is a board of directors meeting valid?
A meeting is valid only if a majority of its members attend.
What happens if votes are tied on the board?
Decisions are issued by a majority of the votes of those present, and in the event of a tie the side on which the chairman is votes prevails.
More articles on Retirement Fund and Its Board
- Article 3
The Fund has an independent financial liability and is managed by the Retirement Pensions Agency, an independent agency linked administratively to the Ministry of Finance, which the Council of Ministers may entrust with implementing other retirement laws.
للصندوق ذمة مالية مستقلة، وتديره - وفقًا لأحكام هذا النظام - مصلحة معاشات التقاعد وهي مصلحة مستقلة تمول من الصندوق وترتبط إداريًّا بوزارة المالية والاقتصاد الوط
- Article 4
Except for managing the Fund's investments, the Agency is subject to the General Civil Service Law, the Hired Staff Law and the State's financial regulations, and is headed by a director general assisted by a deputy.
فيما عدا ما يتعلق بإدارة استثمار أموال الصندوق، تخضع مصلحة معاشات التقاعد لنظام الموظفين العام ونظام المستخدمين، والأنظمة المالية المعمول بها في الدولة ويكون لـ
- Article 6
The Article gives the board of directors management of the Fund and supervision of the Agency, and lists its powers over implementing the Law, investment, the budget, auditing and the final account.
يتولى مجلس الإدارة إدارة الصندوق والإشراف على إدارة المصلحة، ويتولى في ذلك بصفة خاصة الصلاحيات الآتية: 1 - الإشراف على تنفيذ هذا النظام، وإصدار القواعد التنفيذي
- Article 7
The Agency's director general is responsible to the board of directors for the conduct of its work, and the board determines his powers in managing the Agency and investing the Fund's money.
يكون المدير العام للمصلحة مسئولًا أمام مجلس الإدارة عن سير العمل فيها، ويحدد مجلس الإدارة صلاحياته فيما يتعلق بإدارة المصلحة واستثمار أموال الصندوق.
- Article 8
The Fund's financial position must be reviewed every three years by an actuary or a specialized institution, and the board of directors submits the report to the Council of Ministers with its comments and proposals.
يفحص المركز المالي للصندوق مرة كل ثلاث سنوات من تاريخ العمل بهذا النظام بواسطة خبير كتواري أو مؤسسة متخصصة في هذا المجال، ويتناول الفحص تقدير التزامات الصندوق ا
- Article 9
The Article deals with how a deficit in the retirement fund is settled and allows new benefits to be added for beneficiaries when there is a surplus, both requiring Council of Ministers approval.
إذا تبين وجود عجز في الصندوق فتتم تسويته وفق الطريقة التي يحددها مجلس الإدارة ويوافق عليها مجلس الوزراء ، أما إذا تبين وجود فائض يسمح بإضافة مزايا جديدة للمنتفع
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.