Summary of Pension Schemes 2006 Nedlloyd Pension Fund
Introduction
To enable you to work properly with the Pension Planner it is important that you are aware of the key elements of the Pension Scheme 2006 (for participants borne after December 31 1949 and participants joining Nedlloyd Pension Fund after December 31. 2005) and Pension Scheme 2006 B (for participants borne before January 1, 1950). So below you will find a summary of those Pension Schemes.
No claims may be derived from this summary. The pensions are determined on the basis of the byelaws and the full text of the pension regulations of the Nedlloyd Pension Fund.
Starting Letter
The employer ensures under Article 21 of the superannuation act that within three months after the start of the employment the employee, with whom he has agreed a pension arrangement and who acquires pension rights, is informed about the contents of applicable pension scheme. This happens by means of the so-called starting letter, which will as from 1 January 2008 be part of the appointment letter.
Here you can download the pension brochure which is part of the starting letter and which will be sent by the pension fund as from 1 January 2008 to its new participants with the proof of their participation.
In order to give the current participants also the opportunity to read the brochure pensioenregeling UK 2010 which can be downloaded here: Brochure pensioenregeling UK 2010 07.pdf
Pension Scheme 2006 has a retirement age of 65.
Pension Scheme 2006 B has a retirement age of 62.
Pension system
Defined Contribution system. Contributions are immediately to be converted into pension claims for early retirement pension, and old age pension (combined with survivor’s pension).
These pension claims are subject to the same indexation policy as the (deferred) pensions.
Retirement age
Flexible between the age of 55 and 65 year
Pension Scheme 2006: retirement at the age of 65.
Pension Scheme 2006 B:
Retirement before the age of 62 for account of the participant
Retirement after the age of 62 only with the consent of the employer
Pensionable base
Permanent gross year income less threshold (franchise)
Threshold
To be increased yearly with the General Wage Index.
Pension Scheme 2006
January 1, 2010: € 12.674
January 1, 2009: € 12.466
April 1, 2008: € 12.209
April 1, 2007: € 11.872
April 1, 2006: € 11.572
January 1, 2006: € 11.400
Pension Scheme 2006 B
January 1, 2010: € 15.069
January 1, 2009: € 14.697
April 1, 2008: € 14.337
April 1, 2007: € 13.977
April 1, 2006: € 13.737
April 1, 2005: € 13.533
April 1, 2004: € 13.425
April 1, 2003: € 13.185
April 1, 2002: € 12.765
Contributions
Contributions are depending on age, for the early retirement- pension a percentage of pensionable salary and for the old age pension a percentage of the pensionable base.
Risk basis dependants pension during membership
Payment: 1.4% per year of service that may be reached, maximum 35 years equals 49% of the pensionable base.
Temporary dependant’s pension until the survivor is 65 years of age: 1.4% of the threshold per year of service, maximum 35 equals 49% of threshold.
Orphans pension
Payment for each unmarried child will be 20% of the dependant’s pension, to be paid until the 21st birthday or the 27th birthday in case of a student.
Indexation
Statement on conditional indexation:
On the pensions and pension rights (as from 1 January 2009 per the 1st of January in any year) an indexation allowance may annually be granted up to the general remuneration index rounded off to one decimal place. The governing board however will annually decide if and to what extent pensions and pension rights are adapted. For this conditional allowance attribution no reserve has been formed and no premium is paid. The conditional indexation allowance is financed out of the yield made on investments. The governing board is at any time competent to adapt the system of the conditional indexation allowance to the prevailing circumstances for all people concerned.
As long as the funding ratio (Dg) is higher than or equals 125% the (deferred) pensions will be increased with the change in the General Wage Index, if the financial position of the Nedlloyd pension Fund allows for that.
When the funding ratio is less than 125% the indexation will be not higher than the outcome of the multiplication of the with the corresponding funding ratio mentioned issuing percentage (Vp) and the General Wage Index.
Funding Ratio is the Scheme Assets as a percentage of the Pension obligations.
The Board of the Pension Fund is using the table as guidance.
Indexation is conditional; you do not have a right on indexation and it is not certain when and how much indexation will be granted.
Disability pension
To be paid until the age of 62 (Pension Scheme 2006 B) or 65 (Pension Scheme 2006) year to the wholly or partially disabled member starting one year after the payments according to the WAO (Disability Insurance Employed Persons Act) or WIA (Work and Income Labour capacity act) have started.
Benefit: 70% of the pension able salary less the maximum salary benefiting from the WAO (2010: € 48.716)
WAO Gap Pension
Benefit the difference between the wage-related benefit from the WAO and the supplementary benefits from the WAO. The WAO Gap pension is abolished as from 1-1-2004.
Options
- Flexible retirement age, partial pension
- Substitutions between pensions possible
- Exchange or relinquish survivors' pension
- Anw gap pension (Survivors' pension act)
- Flexible pension payments
Voluntary contributions (only in Pension Scheme 2006 B)
The Nedlloyd Pension Fund pension scheme 2006 B allows you to make voluntary additional contributions to your pension reserve. There are two ways of doing this:
You can arrange for a certain amount to be deducted from your gross salary each month.
You can arrange to make a one-off contribution, say, when you get your holiday allowance, 13th month or profit-sharing bonus.
The yield on the voluntary contributions depends on the investment options and guidelines to be set by the board of the Nedlloyd Pension Fund.
English Summary 