Leaving the company

As soon as you leave Maersk (former Royal P&O Nedlloyd) and/or its affiliated employers, the employer stops contributing towards your pension. So you are becoming a so-called deferred pensioner. Nedlloyd Pension Fund aims at providing your pension with an index as long as the financial position of the Pension Fund is allowing for that.

If you like, you can transfer the value of your pension reserve to another employer’s scheme. Alternatively, you can leave things as they are until your retirement date. You will then receive a pension from the Nedlloyd Pension Fund.

In case you become unemployed and you are 40 or older and you are receiving a wage related payment according to the WW (Unemployment Benefits Act) you may be entitled to a (partial) continuance of your pension accrual based on a contribution of FVP (Foundation Financing Continuance Pension accrual).

Going over to part-time working

If you switch to part-time working, the amount paid into the pension scheme on your behalf will be adjusted in line with your new working hours.

Your employer will inform us about changes in the part-time working.

Taking unpaid leave (parental leave, additional maternity leave, etc)

If you take unpaid parental leave or unpaid additional maternity leave, your pension contributions continue as before. However the employer is proving the contributions in accordance with your working hours. The coverage for death in service and disability are base don the actual working hours just before the period of unpaid leave..

Getting married/registering as partners

• If you get married or you and your partner register your relationship with the local authorities, you must let the Nedlloyd Pension Fund know.
• If you were already registered as cohabitants, getting married or registering as partners does not directly affect your pension. The standard pension package provides for a dependant’s pension in the event of your death.
• If you were previously single, your spouse or newly registered partner automatically qualifies for a dependant’s pension in the event of your death.
• If you and your partner both wish, you can waive your right to a dependant’s pension, or opt for a lower dependant’s pension. In that case, the money that would have gone to pay dependant's pension premiums goes towards your pension, which is higher as a result.

Setting up home with someone

If you set up home with someone, that person is entitled to a partner’s pension in the event of your death, subject to the following conditions:

• You must have told the Pension Fund about the relationship.
• A notary must have drawn up a legal document confirming your relationship at least six months before your death.
• You must have been living together for at least six months at the time of your death. (This condition does not apply to married couples.)

Having children

In the event of your death, an orphan’s pension is payable to each of your unmarried children who is aged less than eighteen or still studying and aged less than twenty-seven.

Getting divorced/separating

If you get divorced or end a registered partnership, your former spouse or partner is entitled to half of the pension rights you have built up, provided that a request is submitted to the Nedlloyd Pension Fund within two years of the divorce/separation.

If you are living with someone, but you do not marry or register the partnership with the local authorities, the person in question does not have any right to part of your pension, unless arrangements to that effect have been made. Again, your former partner has to make an application to the Nedlloyd Pension Fund within two years of the separation if he or she wants to claim part of your pension.

Occupational disability

If you suffer full occupational disability, contributions to your pension continue as if you were working.
If you suffer partial occupational disability, contributions to your pension continue by the same percentage as the percentage of your partial occupational disability.

If you are entitled to the supplementary payments according to the WIA (Disability Insurance Employed Persons Act) you may also claim a WAO gap pension. If you suffer full occupational disability this gap pension equals the wage related benefit less the supplementary benefits from the WAO.

If you earn a pensionable income above the maximum salary benefiting from the WIA (2010: € 48.716) you are entitled to a disability pension. If you suffer full occupational disability this disability pension equals 70% of your pensionable salary exceeding the maximum salary benefiting from the WIA.

Retiring

When you retire, your salary stops and payment of your pension starts. The exact timing of your retirement is something you need to agree with your employer. If you want to retire at any age other than sixty-two (Pension Scheme 2006B) of sixty-five (Pension Scheme 2006), you need to let the Nedlloyd Pension Fund know about your plans at least four months before your intended retirement date.

Death

If you die, your salary or company old-age pension stops and, where relevant, payment of your partner’s dependant’s pension starts. Unless you have made alternative arrangements, your partner receives 70 per cent of your old-age pension.

Your state pension (AOW pension) also stops in the event of your death. If your spouse also receives a state pension, this is adjusted in line with his/her changed circumstances.

You may want to insure a temporary dependants' pension to compensate the gap of the Anw (Survivors' Pensions Act). You will have the option between the following amounts:
€ 3.000, € 6.000 and € 8.000 per year. The cost for this insurance is for your own account. You have to inform the Nedlloyd Pension Fund in case you decide to take this insurance.