Country Panel Presentation: Norway
|
|
- Clemence Golden
- 7 years ago
- Views:
Transcription
1 Country Panel Presentation: Norway 2016 IGP Regional EMEA Seminar Windsor, May 24-26, 2016 Mr. Pal Andresen Specialist, multinational pooling, Storebrand Life Insurance. This presentation was exclusively prepared for the attendees of the 2016 IGP Regional EMEA Seminar. None of the contents of this presentation may be copied or disclosed to any other party or used for any other purpose than the one mentioned above without IGP's prior written permission. 1
2 Key Topics Background Information Social Security Private Practice Taxation Administration Legislation Country and Company Info & Background 2
3 The vikings from far far north or at the top of the world
4 Petroleum adventure is only 40 years old High impact on our economy the current economic climate
5 NOK USD at 10 year high
6 Norway 2016 General Info Population (April, 2016): Working: 2,642,000 Unemployed: 135,000 Old age: 870,000 Disabled: Land Area: 307,860 sq km (will stretch Denmark to Rome) from Life Expectancy at Birth: 79,7 years (men) 83,6 years (women)
7 About Storebrand Group Specialist in Employee Benefits 100% of investments assessed by sustainability criteria employees corporate customers individuals NOK 571 billion in assets under management yearly customers dialogues 7
8 Key Topics Background Information Social Security Private Practice Taxation Administration Legislation Summary of Social Security Benefits 8
9 Norway's 3 pillar system changing market conditions and customer behavior Collective Individualized Private savings Private savings Private savings Occupational pension Occupational pension Occupational pension National Insurance Scheme National Insurance Scheme National Insurance Scheme Physical distribution Digital platforms
10 Important changes to pension legislation in Norway 2016 is a transition year for both savings and disability 2004 Pension Commission established Political majority for a reform for new National Insurance Scheme - Costs shall be reduced by 20% 2006 Mandatory occupational pensions Occupational pension becomes mandatory Storebrand gets 16,000 new corporate customers 2008 New life insurance act Transfer half the balance sheet from profit sharing to fee based reduced risk and increased quality of earnings 2011 National Insurance reform Flexible retirement age (62-75) Longevity risk carried by individual New occupational pensions and new disability pension New Pension Product out in the market new DP product launched this year. Increased savings rates for DC. 10
11 Norwegian National Insurance Scheme Provides extensive coverage for: Old-age pensions, survivors and disability benefits Sickness and maternity benefits Unemployment benefits and much more Pay-as-you-go system/ State Pension fund Includes everyone working or living in Norway
12 Paid Absence Days on sick pay: Paid by employer 16 days Paid by Social Security 349 days Paid maternity leave weeks (ten weeks for the father) Holidays paid General Age 60 4/5 weeks 6 weeks
13 Norwegian public pension plan Key elements Contribution phase Pay-out phase ,1% of salary up to 7,1BA Longevity risk carried by individual Capital regulated with annual salary growth 40y max contribution equals ~50-55% of salary up to 7,1BA Annuity calculation at point of retirement Annual pension based on expected longevity of individuals born in a given year Flexible retirement age between 62-75y 13
14 Example Kari: 22 years. Salary = 6 BA = Retire at 62 (40 x x 18,1%) = Pension ( /longevity factor 19,76) = Retire at 67 (45 x x 18,1%) = Pension ( /longevity factor 15,69) = BA = NOK Exchange rate used: 9,25
15 New Disability benefits in the National Insurance Scheme Implemented from New Disability Benefit The main purpose for the new legislation is to improve work incentives By enforcing the same tax regulations for disability benefits and income from work, it will be easier to see the consequences of coming back to work. New policy for reduction of disability benefit when combined with income from work: Earned income above 0,4 BA will lead to a reduction in the disability benefit for the part of the income exceeding 0,4 BA (EUR 3.895) Disability pensions will be taxed after the same regulation as salaries Disability benefit before taxes will therefor be increased in order to maintain the same level after taxes are deducted Disability benefit equals 66 % of salary up to 6 BA
16 Key Topics Background Information Social Security Private Practice Taxation Administration Legislation Customary Private Employee Benefits: Type & Level of Benefits / Survey Data / Plan Design / Benchmarking / Trends 16
17 Customary Private Employee Benefits Type of Benefits Retirement benefits Group life benefits Group disability benefits Group medical benefits 17
18 Employer-Sponsored Benefit Plans Required by Law: National Insurance Workers Compensation Mandatory Occupational Pension Defined Contribution Optional: Group Life Group Accident Health insurance Travel insurance Critical illness etc.
19 Employer-Sponsored Benefit Plans Focus for this presentation: Required by Law: National Insurance Workers Compensation Mandatory Occupational Pension Defined Contribution Optional: Group Life Group Accident Health insurance Travel insurance Critical illness etc.
20 Defined Contribution is the future, Employers have been converting from DB to DC Development DB and DC plans all clients in private sector in Norway Pension plans in Storebrand largest clients No. of employees (1000) 60 % 7 % 33 % DB DC Defined Benefit Defined Contribution Source: FNO and Norwegian Pension Fund Association : Estimated, Storebrand and Econ Pöyry Defined Contribution, with closed Defined Benefit plan
21 Mandatory Occupational Pension (By law from 2006) Employees above 20 year working at least 20% Companies employing one employee in addition to owner, provided that the employee is working at least 75% Companies employing only part-time employees if total working time amount to at least two man-labour year Both taxable and non-taxable organisations Voluntary for self-employed individuals, but they can not save more than the minimum requirement
22 Mandatory Occupational Pension Contributions Minimum 2% of salary above 1*BA ( 9.737) Salary ceiling 12BA ( ) Waiver of contribution An insurance ensuring contributions if an employee is disabled Possible to increase contributions Employer contribution can be higher Employee can contribute 1BA = NOK Exchange rate used: 9.25
23 Changes in regulations from Transition period until DC regulations before DC regulations after Annual pension savings as a % of salary Annual pension savings as a % of salary 2-5% 2-7% 2-25,1% 18,1% 18,1% 2-8% (1BA) (6BA) (12BA) Salary (7,1BA) (12BA) Salary Covered by public pension system 1 Occupational pension products 1 Employees pay 18,1% pension tax on all income 2 "BA" is used in Norway as a basic unit for measuring pensions and 1BA=85.245
24 Saving rates based on industry first intervall from 0/1 BA to 7,1 BA
25 Saving rates based on industry Companies by industry with savings from 0 NOK % 14 % 20 % 12 % 12 % 27 % 26 % 36 % 18 % 52 % 34 % 50 % 89 % 54 % 45 % 46 % 40 % 56 % 40 % 44 % 40 % 66 % 85 % 1 0 Andel som sparer fra første krone 25
26 Saving rates based on industry Companies with additional savings for higher paid employees (7.1 G) % 6 61 % 37 % 26 % 37 % 56 % 5 45 % 34 % 52 % 100% 60 % 44 % 34 % 50 % 4 29 % 23 % 36 % 21 % 3 16 % 18 % 2 2 % 8 % 12 % 1 0 Andel med tilleggssparing 26
27 New disability pension Follow up, main principle National Insurance Pure risk scheme without deduction for years of service Segregated from Retirement pension No rights to paid up policy Coordination with former vested rights Deduction for vested rights from employment in private and public sector Maximum level is company level, never lower than former vested rights Reduced with salary above 0,4 BA 27
28 Disability pension well adapted to National Insurance Transition year new plan design needs to be implemented in % 4,2BA (max 6 % of salary) 0,25 BA* 73 % 3 % of the salary 71 % Uføretrygd og kollektiv uførepensjon i prosent av lønn National Insurance 66 % Employer sponsored plan 66 % between 6 BA and 12 BA Needs to be reasonable compared to the plan for lower salaries 6BA 12BA Uføretrygd fra folketrygden Fra pensjonsordningen: Generelt prosenttillegg for lønn inntil 12 BA: maksimalt 3 % lønn Fra pensjonsordningen: Generelt kronetillegg for lønn inntil 12 BA: maksimalt 0,25 BA (og maks 6 % av lønn) Fra pensjonsordningen: Ekstra tillegg for lønn over 6 BA: maksimalt 66 % * Kr
29 Workmen s Compensation All employers are required to have workman s compensation insurance from a private insurance company. Benefits are paid in the event of occupational illness or injury, regardless of cause or fault.
30 Typical employee benefit-plan in Norway I Oil Drilling Equipment Company Or any other company that attracts skilled labor as engineers, lawyers, IT Consultants etc. Old age pension and disability - If DB: 66% of Pensionable salary, including National Insurance. Payable from age 67 or when disability occurs. Payable for life. - If DC: Max savings by regulation before New rates is implemented and companies are considering an increase see slides per industry Widow s & orphans pension - Spouse s pension: 60% of estimated old-age pension - Children s pension: 50% of the first part of the old-age pension (payable until the age of 21, but doubled between the ages of 18-21) Insurance - 30BA in case of death of employee, additional 2BA for each dependent child. - Health insurance is becoming more normal as a supplement to National Insurance
31 Typical employee benefit - plan in Norway II Retailer, hotels, restaurants & security Or other industries that has unskilled workforce or not have had pensions before 2006 Old-age pension - DC: Mandatory pension (2% savings of salary) - Normally no coverage for disability, spouse & children Insurance - workman s compensation
32 Pooling in Norway Poolable plans and treatment of dividend: Group life: Parent company decides Group pension DB: To Norwegian contract after loss settlement Group pension DC: Parent company decides, unless vested rights are included
33 Customary Private Employee Benefits Trends Do you see typical trends in your market? What is the trend on disability and medical claims in your country? Is it typical in your country to offer claims prevention & claims management tools (wellness & wellbeing products)? 33
34 Key Topics Background Information Social Security Private Practice Taxation Administration Legislation Taxation of benefits (e.g. lump sum versus pensions) / Tax treatment of ER and EE contributions 34
35 Taxation Premiums (both pension and life) are paid by employer. Premiums are tax deductable for employers. No tax for employees on pension premiums. Premiums for Personnel Insurance is reported as salary for employees. Pension in payment is taxable for all employees. Lump sum payments under Personnel Insurance is not taxable 35
36 Thank you for your attention! Key Topics We Discussed: Background Information Social Security Private Practice Taxation Administration Legislation Country and Company Info & Background Summary of Social Security Benefits Customary Private Employee Benefits: Type & Level of Benefits / Survey Data / Plan Design / Benchmarking / Trends Taxation of benefits (e.g. lump sum versus pensions) / Tax treatment of ER and EE contributions Legal requirements re. administration of benefit plans: actuarial valuations / communications / involvement of unions/employees Current legislative issues with significant impact on the funding of the benefit plans / How are employer and employees affected? 36
37 Contact Info Pål Andresen Storebrand Life Insurance Specialist, Multinational Pooling Kristian Bartnes Storebrand Life Insurance Head of Client Processes
Summary of Social Security and Private Employee Benefits URUGUAY
Private Employee Benefits URUGUAY 2012 Your Local Link to IGP in URUGUAY: Network Partner Mapfre Uruguay Compañía de Seguros S.A. was established in 1995 and is the fourth largest insurance company in
More informationSummary of Social Security and Private Employee Benefits MEXICO
Private Employee Benefits MEXICO 2013 Your Local Link to IGP in MEXICO: Seguros Monterrey New York Life, S.A. Seguros Monterrey, S.A., founded in 1940, is one of the leading life and health insurance companies
More informationIntroduction... Distinctive Features of the Benefits Environment... Key Changes in Recent Years...
Table of Contents Introduction... Distinctive Features of the Benefits Environment... Key Changes in Recent Years... 2 3 4 Statutory/Mandatory Programs... 5... 5 Retirement Benefits... 6 Death Benefits...
More informationEmployee: 9.75 % of gross monthly salary Employer: 12.25% of gross monthly salary depending on type of industry No salary ceiling.
Prepared by Mapfre Panama. I SUMMARY Social Security Eligibility Retirement Age Contributions Retirement Disability All private and public employees. 62M/57F Employee: 9.75 % of gross monthly salary Employer:
More informationColombia. Old Age, Disability, and Survivors. Regulatory Framework. Qualifying Conditions. Coverage. Source of Funds. Colombia
Colombia Exchange rate: US$1.00 equals 2,338.14 pesos. Old Age, Disability, and Survivors First law: 1946, implemented in 1965. Current law: 1993 (social insurance), implemented in 1994, with 2003 amendments.
More information60M/55F subject to a minimum participation of 1 year.
Prepared by TransGlobe Life. I SUMMARY Social Security Eligibility Retirement Age Contributions Retirement Labour Insurance Programme (LI) applies to companies with 5 or more staff above age 15 and under
More informationDenmark. Qualifying conditions. Benefit calculation. Basic. Targeted. Key indicators. Denmark: Pension system in 2012
Denmark Denmark: Pension system in 212 There is a public basic scheme. A means-tested supplementary pension benefit is paid to the financially most disadvantaged pensioners. There is also a scheme based
More informationIBN Glossary - Benefit Definitions. Accidental Death and Dismemberment
IBN Glossary - Benefit Definitions Accidental Death and Dismemberment Actuary - (Pension) Added Years Additional Voluntary Contributions (AVC) AVCs in house AVCs - FSAVCs AD&D provides coverage for death
More informationSummary of Social Security and Private Employee Benefits HUNGARY
Private Employee Benefits HUNGARY 2014 Your Local Link to IGP in Hungary: AEGON Hungary Composite Insurance Company AEGON Hungary Composite Insurance Company was Hungary s sole insurance company until
More informationIOPS Member country or territory pension system profile: TRINIDAD AND TOBAGO. Update as of 15 February 2013
IOPS Member country or territory pension system profile: TRINIDAD AND TOBAGO Report 1 issued on September 2011, validated by the Central Bank of Trinidad and Tobago Update as of 15 February 2013 1 This
More informationSummary of Social Security and Private Employee Benefits FINLAND
Private Employee Benefits FINLAND 2014 Your Local Link to IGP in Finland: Mandatum Life Insurance Company Limited Mandatum Life Insurance Company Limited, formerly known as Sampo Life, is one of the most
More informationDEMOGRAPHICS AND MACROECONOMICS
1 IRELAND DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (EUR bn) 181 815 GDP per capita (USD) 59 944 Population (000s) 4 422 Labour force (000s) 2 224 Employment rate 94.82 Population over 65 (%) 10.9 Dependency
More informationSocial Security Programs Throughout the World: The Americas, 2007
Social Security Programs Throughout the World: The Americas, 2007 Social Security Administration Office of Retirement and Disability Policy Office of Research, Evaluation, and Statistics 500 E Street,
More informationUnited Kingdom. Old Age, Disability, and Survivors. United Kingdom. Exchange rate: US$1.00 = 0.64 pounds ( ). Qualifying Conditions
United Kingdom Exchange rate: US$1.00 = 0.64 pounds ( ). Old Age, Disability, and Survivors First laws: 1908 (old-age pension), 1911 (disability insurance), and 1925 (old-age and survivors insurance).
More informationKey statistics. (Data to 31 December 2014) for skadeforsikring 2014
Key statistics Life Statistikk insurance og nøkkeltall and pensions 215 (Data to 31 December 214) for skadeforsikring 214 All data in this report are based on statistics submitted to Finance Norway by
More informationSocial Security System in Thailand Policy and Planning Division Social Security Office
Social Security System in Thailand Policy and Planning Division Social Security Office Outline Social Security Scheme in Thailand: Introduction and Historical Background Administration of the SSO Social
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES BELGIUM
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions BELGIUM Belgium: pension system in 2008 The
More informationAustralia. Old Age, Disability, and Survivors. Australia. Exchange rate: US$1.00 equals 1.32 Australian dollars (A$). Qualifying Conditions
Australia Exchange rate: US$1.00 equals 1.32 Australian dollars (A$). Old Age, Disability, and Survivors First laws: 1908 (old-age and disability) and 1942 (widows). Current laws: 1991 (social security),
More informationFirst and current law: 1965 (social security fund), with amendments.
Page 1 of 6 Social Security Programs Throughout the World: Africa, 2009 You are here: Social Security Online > Research, Statistics, & Policy Analysis > Program Descriptions > Social Security Programs
More informationChina. Old Age, Disability, and Survivors. China. Exchange rate: US$1.00 = 6.78 yuan. Regulatory Framework. Coverage. Qualifying Conditions
China Exchange rate: US$1.00 = 6.78 yuan. Old Age, Disability, and Survivors First law: 1951. Current laws: 1953 (regulations); 1978, 1995, 1997, 1999, and 2005 (directives); and 2009 (guideline on rural
More informationSweden. Qualifying conditions. Benefit calculation. Earnings-related. Key indicators. Sweden: Pension system in 2012
Sweden Sweden: Pension system in 212 The earnings-related part is based on notional accounts and there is a small mandatory contribution to individual, defined-contribution funded pensions. There is also
More informationSocial assistance: 2% of covered payroll. Government. Social insurance: None; contributes as an employer. Social assistance: Any deficit.
Barbados Exchange rate: US$1.00 = 2.02 Barbadian dollars (B$). Old Age, Disability, and Survivors First law: 1937 (social assistance). Current law: 1966 (social insurance). Type of program: Social insurance
More informationCHILE SUMMARY. Social Security. Prepared by Swiss Life Network.
Prepared by Swiss Life Network. I SUMMARY Social Security Eligibility All persons gainfully employed after January 1, 1983, and all those who contributed to the old system. Self-employed persons may also
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES GERMANY
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions GERMANY Germany: pension system in 2008 The
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES SWEDEN
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions SWEDEN Sweden: pension system in 2008 The
More informationLife and AD&D Insurance Overview
Life and AD&D Insurance Overview Prepared for The University of Massachusetts Medical School Life and AD&D Insurance Coverage provided by your employer Benefit Amount $50,000 Voluntary Term Life and AD&D
More informationSpouse s pension: 50% of disability pension on total disability plus 20% for each child, payable up to age 16. Full orphans receive 30%.
Prepared by Seguros Inbursa. I SUMMARY Social Security Eligibility Retirement Age Contributions Any person in private employment is eligible. Special systems apply to government employees, workers in the
More informationAnnuities in Denmark: Risk-Sharing in Accumulation and Payout Phases
Annuities in Denmark: Risk-Sharing in Accumulation and Payout Phases Peter Skjødt Executive Director, Msc Econ. Agenda The Danish pension system background information Risk Sharing active workers and pensioners,
More informationYour occupational pension plan with Alecta
defined benefit occupational pension, itp 2 Your occupational pension plan with Alecta The information in this brochure is intended for people who have a defined benefit occupational pension with Alecta.
More informationShort Term Disability: Exempt Employees
Short Term Disability: Exempt Employees Eligibility Minimum Hourly Requirement Waiting Period for Benefits Elimination period Benefit Percentage Maximum Duration Definition of Earnings Successive Periods
More informationShort Term Disability: Exempt Employees
Short Term Disability: Exempt Employees Eligibility Minimum Hourly Requirement Waiting Period for Benefits Elimination period Benefit Percentage Maximum Duration Definition of Earnings Successive Periods
More informationUniversity of British Columbia (the University) CUPE Local 2278 English Language Instructors
University of British Columbia (the University) CUPE Local 2278 English Language Instructors Contract Number 23218 Part G Effective January 1, 2008 Table of Contents Table of Contents General Information...1
More informationWork Injury: Benefits, 2010
Austria Belgium Temporary disability The insured receives the cash sickness benefit until a decision on permanent disability is made. The employer pays 100% of earnings for up to 12 weeks (plus additional
More informationSWK 6061 LECTURE 2 SOCIAL SECURITY: DEFINITION AND CHOICES. Dr. Wong Hung ( 黃 洪 ) Associate Professor, Department of Social Work
SWK 6061 LECTURE 2 SOCIAL SECURITY: DEFINITION AND CHOICES Dr. Wong Hung ( 黃 洪 ) Associate Professor, Department of Social Work What is Social Welfare? The term welfare state is used when a nation has
More informationOverview of Pension Plans in Latin America. with a focus on Brazil and Mexico
Overview of Pension Plans in Latin America with a focus on Brazil and Mexico Pension Practice in Latin America Three groups of countries are clearly identified Group I Mainly depending on State Social
More informationThe Occupational Pension Landscape in Germany
aba Arbeitsgemeinschaft für betriebliche Altersversorgung e.v. The Occupational Pension Landscape in Germany Last updated in January 2015 Overview Occupational pensions in the German retirement system
More informationChapter 9. Labour Relations and Social Security. 62 PwC
Chapter 9 Labour Relations and Social Security 62 PwC Labour relations Availability of labour Malta s labour force is about 164,347, the majority of which are male. Malta s long-standing educational system
More informationDEFINED CONTRIBUTION OCCUPATIONAL PENSION, ITP 1 Your occupational pension with Alecta
DEFINED CONTRIBUTION OCCUPATIONAL PENSION, ITP 1 Your occupational pension with Alecta The information in this brochure is intended for people who have a defined contribution occupational pension plan
More informationSummary of Social Security and Private Employee Benefits MALAYSIA
Private Employee Benefits MALAYSIA 2013 Your Local Link to IGP in MALAYSIA: AIA Bhd. AIA Bhd. is a leading insurer in Malaysia, where it has been doing business since 1948. It offers a suite of high-quality
More informationEmployer and employee contributions defined as a percentage of monthly salary. Ceiling: 25 times the minimum wage.
Prepared by Seguros Bolivar. I SUMMARY Social Security Eligibility Once every five years, private sector employees may freely choose between the two available systems (RPM or RAIS). Several restrictions
More informationSummary of Social Security and Private Employee Benefits TURKEY
Private Employee Benefits TURKEY 2014 Your Local Link to IGP in Turkey: Allianz Yaşam ve Emeklilik and Yapi Kredi Sigorta Allianz Yaşam ve Emeklilik Allianz Yaşam ve Emeklilik, which operates in the private
More informationJapanese Social Insurance. (As of November 30, 2011)
Japanese Social Insurance (As of November 30, 2011) Japanese Social Insurance (2011) 1 Contents Page Japanese Social Insurance Programs 2 1. Employees Health Insurance 3 2. Nursing Care Insurance 5 3.
More informationPENSIONS IN THE NETHERLANDS
PENSIONS IN THE NETHERLANDS 1 INTRODUCTION Dutch pension providers manage around 1,000 billion for Dutch employees and retired people. This capital is an important reason why a small country of 17 million
More informationThe Dutch Pension System. an overview of the key aspects
The Dutch Pension System an overview of the key aspects The Dutch Pension System an overview of the key aspects Dutch Association of Industry-wide Pension Funds (VB) Contents 1 Introduction 6 2 The Three
More informationBASIC PROVISIONS OF GREEK LABOUR LAW
BASIC PROVISIONS OF GREEK LABOUR LAW The purpose of this text is to provide the reader with direct and brief awareness on the basic provisions of the Law. As a result it is mentioned that this text can
More informationThe system is funded by contributions from employers, employees and the self-employed.
Prepared by Danica Pension. I SUMMARY Social Security Eligibility Normal Retirement Age Contributions Essentially all residents. 65M/F The system is funded by contributions from employers, employees and
More informationHow To Know More About The Health Care System In Argentina
Private Employee Benefits ARGENTINA 2013 Your Local Link to IGP in ARGENTINA: SMG Life SMG Life is a member company of the Swiss Medical Group, which began in January 1989 with the construction of a clinic
More informationThe Cypriot Pension System: Adequacy and Sustainability
Cyprus Economic Policy Review, Vol. 6, No. 2, pp. 49-58 (2012) 1450-4561 49 The Cypriot Pension System: Adequacy and Sustainability Philippos Mannaris Aon Hewitt Abstract The fundamental objective of pension
More informationAdditional Pension April 2011
Additional Pension April 2011 Additional pension is a pension you can receive as well as your standard benefits from the Teachers Pension Scheme (TPS). Teachers Pensions cannot provide financial advice.
More informationSummary of Social Security and Private Employee Benefits TAIWAN (REPUBLIC OF CHINA)
Private Employee Benefits TAIWAN (REPUBLIC OF CHINA) 2013 Your Local Link to IGP in TAIWAN: Shin Kong Life Insurance Company Ltd. Shin Kong Life Insurance Company, Ltd., founded in 1963, provides a range
More informationYEL INSURANCE ENTREPRENEUR S GUIDE 2016
ENTREPRENEUR S GUIDE 2016 CONTENTS Whom does YEL concern? 3 Effects of company form and ownership on the obligation to insure 3 Insuring family members 4 Impact of YEL income on pension and social security
More informationFundamentals of Employee Benefit Programs PART FOUR OTHER BENEFITS. 2005, Employee Benefit Research Institute Washington, DC www.ebri.
Fundamentals of Employee Benefit Programs PART FOUR OTHER BENEFITS 2005, Employee Benefit Research Institute Washington, DC www.ebri.org Chapter 33 Group Life Insurance Plans Introduction Many employers
More information1. PERSONAL SCOPE OF THE NATIONAL INSURANCE SCHEME 3 2. BENEFITS 4 3. FINANCING 5 4. OLD AGE PENSION 6 4.1 Old-age pension old provisions 7 4.1.
CONTENTS Page 1. PERSONAL SCOPE OF THE NATIONAL INSURANCE SCHEME 3 2. BENEFITS 4 3. FINANCING 5 4. OLD AGE PENSION 6 4.1 Old-age pension old provisions 7 4.1.1 Basic Pension and Supplements for Spouse
More informationTRANSDEV LUAS SALARY SCALES
TRANSDEV LUAS SALARY SCALES RPO RPS Driver TS's Induction A (26 weeks) 28,690 31,180 32,311 40,593 Induction B (26 weeks) 30,283 32,912 34,106 41,427 Year 1 31,877 34,644 35,901 42,048 Year 2 32,834 35,663
More informationAnnuities in Sweden: Risksharing. Provider. Edward Palmer Uppsala University & Swedish Social Insurance Agency
Annuities in Sweden: Risksharing with a Monopoly Provider Edward Palmer Uppsala University & Swedish Social Insurance Agency Overview of the Presentation Pension Landscape in Sweden The Public FDC Scheme
More informationIncome Tax - Taxation of Insurance Policies - 2012-2013.doc INSURANCE POLICIES 2012-2013
INCOME TAX INSURANCE POLICIES 2012-2013 1 BACKGROUND Effective from January 2011, a number of significant changes to the Income Tax Act were made which resulted in some unintended consequences. These changes
More information32. Group Life Insurance Plans
32. Group Life Insurance Plans Introduction Many employers provide death benefits for survivors of deceased employees. There are two types of plans designed specifically for this purpose: group life insurance
More informationHow To Pay Out Of Work In The United States
U.S. Railroad Retirement Board www.rrb.gov RAILROAD RETIREMENT and SURVIVOR BENEFITS U.S. Railroad Retirement Board MISSION STATEMENT The Railroad Retirement Board s mission is to administer retirement/survivor
More informationList of codes for registering a-melding directly in Altinn
List of codes for registering a-melding directly in Altinn Contents 110-A Free board and lodging... 5 111-A Pay, fees, etc.... 6 112-A Payments in kind subject to withholding tax... 7 113-A Pay and other
More informationNova Scotia College of Art & Design
Nova Scotia College of Art & Design Plan Document Number: G0080847 Group Policy Number: G0050232 Plan - All Employees Employee Name: Certificate Number: Welcome to Your Group Benefit Program Plan Document
More informationAll persons with permanent residence, including foreigners with a minimum of 3 years Eligibility residence.
Prepared by Ilmarinen and Mandatum Life. I SUMMARY Social Security The National Pension Scheme All persons with permanent residence, including foreigners with a minimum of 3 years Eligibility residence.
More informationSurvivor and death benefits
Survivor and death benefits January 2011 The Teachers Pension Scheme (TPS) provides important benefits which may be paid to your beneficiaries after your death. within 2 years of TP becoming aware of the
More informationAbout Your Benefits 1
About Your Benefits 1 BENEFIT HIGHLIGHTS Your Benefits. Provide Immediate Eligibility for You and Your Family As a Full-time or Part-time Employee, you are eligible for coverage under most benefits on
More informationAll employees, cooperative farmers and self-employed persons.
Prepared by Kooperativa pojišťovna. I SUMMARY Social Security Eligibility Retirement Age All employees, cooperative farmers and self-employed persons. Retirement age for men and women (irrespective of
More informationYour social security rights in Denmark
Your social security rights in Denmark 1 The information provided in this guide has been drafted and updated in close collaboration with the national correspondents of the Mutual Information System on
More informationPENSIONS AT A GLANCE 2009: RETIREMENT INCOME SYSTEMS IN OECD COUNTRIES UNITED STATES
PENSIONS AT A GLANCE 29: RETIREMENT INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions UNITED STATES United States: pension system
More informationPOLICY CONDITIONS Conductor Personal Pension Plan (PC CPPP 06/11)
POLICY CONDITIONS Conductor Personal Pension Plan (PC CPPP 06/11) Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Contract and definitions Contributions The funds Unit linking Benefits General
More informationPay and Benefit Comparison Aircraft Maintenance Technicians (AMTs)
PAY is committed to reaching industry standard pay by the end of 2010, and continues to provide pay increases at regular intervals to reach this commitment. Next increase will occur on 1/1/09 of 4% to
More informationGROUP INCOME PROTECTION DISABILITY COVER
INCOME PROTECTION INCOME PROTECTION Income Protection products provide a monthly income for employees who are occupationally disabled for a short or long period due to illness or injury. Hospital and maternity
More informationHow To Get A Pension In The Netherlands
Private Employee Benefits NETHERLANDS 2014 Your Local Link to IGP in The Netherlands: ASR Levensverzekering N.V. The history of ASR Nederland (hereafter called a.s.r.) dates back to 1720 when one of her
More informationBetween 70% and 100%, depending on type of retirement and duration of contributions.
Prepared by Icatu Seguros. I SUMMARY Social Security Eligibility Retirement Age All gainfully employed persons. Normal retirement: After 35M/30F years of contributions (long service). Old age retirement:
More informationThe Norwegian Social Insurance Scheme
Survey The Norwegian Social Insurance Scheme January 2015 CONTENTS Page 1. PERSONAL SCOPE OF THE NATIONAL INSURANCE SCHEME 3 2. THE NATIONAL INSURANCE SCHEME S BENEFITS 4 3. FINANCING OF THE NATIONAL
More informationJapanese Social Insurance. (As of May 1, 2010)
Japanese Social Insurance (As of May 1, 2010) Contents Japanese Social Insurance Programs... 2 1. Health Insurance... 3... 3... 3 c. Benefits... 3 2. Welfare Pension Insurance... 4... 4... 4 c. Benefits...
More informationSUMMARY OF THE MONTANA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION ACT AND NOTICE CONCERNING COVERAGE LIMITATIONS AND EXCLUSIONS
SUMMARY OF THE MONTANA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION ACT AND NOTICE CONCERNING COVERAGE LIMITATIONS AND EXCLUSIONS Residents of Montana who purchase life insurance, annuities or health
More informationLIFE INSURANCE SUMMARY
LIFE INSURANCE SUMMARY Your family can count on your paycheck to meet day-to-day expenses while you are actively at work, but it is important to plan for their financial security in the event of your death.
More informationUNIVERSITY OF WISCONSIN-MADISON / UW MEDICAL FOUNDATION 2015 PHYSICIAN BENEFITS SUMMARY
Eligibility 50% - 100% appointment: UW-Madison Full benefits Full benefits unless otherwise indicated 21% - 49% appointment: UW-Madison Full benefits with higher premiums Physician Retirement Plan only
More informationShort-Term Disability Insurance
Short-Term Disability Insurance Developed for the Employees of State of Tennessee, County of Shelby, Shelby County Government Protecting Your Family Securing Your Future As long as you've got your health.
More informationRailroad Retirement and Mutual of Omaha fall short of giving you complete income protection.
BENEFIT HIGHLIGHT ILLUSTRATION Norfolk Southern BLET Division 335 Group Plan Benefits Life, AD&D, STD, LTD Railroad Retirement and Mutual of Omaha fall short of giving you complete income protection. This
More informationSuperannuation and cancer
Many people with cancer have concerns about superannuation. This fact sheet explains how to access your superannuation and insurance benefits from your fund. Finding all of your superannuation It s common
More informationPension Plans. Employer Type of Plan Eligibility Vesting Schedule Normal Form of Benefit Definition of Pay Employee Contribution
Benefit Plan Provisions Pension Plans Employer Type of Plan Eligibility Vesting Schedule Normal Form of Benefit Definition of Pay Employee Contribution Lockheed Martin Traditional defined Any age and any
More informationSt. Thomas University
St. Thomas University Group Policy Number: G0050234 Plan B: Support Staff Employee Name: Certificate Number: Welcome to Your Group Benefit Program Group Policy Effective Date: September 1, 2010 This Benefit
More informationBrock University Pension Plan
Brock University Pension Plan Contents Part 1: Your future is worth the investment 3 For more information 3 Part 2: Welcome to the pension plan 4 A hybrid plan 4 More than a retirement benefit 4 Who pays
More informationEVOLUTION ON PENSION DESIGN AND FUNDING IN INDONESIA. Halim Gunawan. Session Number: TBR17
EVOLUTION ON PENSION DESIGN AND FUNDING IN INDONESIA Halim Gunawan Session Number: TBR17 Agenda Brief overview on Indonesia Demography Regulatory Framework Recent Development and Challenges Interesting
More informationPolicyholder: Lenoir-Rhyne University Long-Term Disability (LTD) Coverage. Effective Date: 1/1/2014. Your Benefits at a Glance
Policyholder: Lenoir-Rhyne University Long-Term Disability (LTD) Coverage Effective Date: 1/1/2014 This is a summary of your long-term disability coverage from Principal Life Insurance Company. Long-term
More informationDecumulation phase some information and preliminary analysis for the work of OPSG DC sub-group. Matti Leppälä OPSG 19.5.2014
Decumulation phase some information and preliminary analysis for the work of OPSG DC sub-group Matti Leppälä OPSG 19.5.2014 Definitions Decumulation or payout phase is the period during which assets accrued
More informationEnthusiasm? «Knowing my retirement is in good hands.» Helvetia Vested Benefits Solutions. Invest your vested benefits to best meet your needs.
Enthusiasm? «Knowing my retirement is in good hands.» Helvetia Vested Benefits Solutions. Invest your vested benefits to best meet your needs. Your Swiss Insurer. Vested benefits in occupational benefit
More informationCity of West University Place Summary of Employee Benefits
of West University Place Summary of Benefits Regular Status: If you successfully complete the provisional period you may become a regular full time employee. Work Week: 40 hour work week (fire personnel
More informationThe Norwegian disability pension system: actuarial challenges arising from new regulations
The Norwegian disability pension system: actuarial challenges arising from new regulations Bård Støve University of Bergen Sissel Rødevand Actecan Hans Michael Øvergaard Kommunal Landspensjonskasse Mats
More information2014 Benefits and Retention Practices Report 1 st Tier Cities
Consulting 2014 Benefits and Retention Practices Report 1 st Tier Cities Mainland China Nov. 2014 About This Report Aon Hewitt has tracked employer sponsored benefits in China for more than a decade. As
More informationIncome Protection Benefits
Income Protection Benefits McAllen Independent School District Information About You Name: Social Security Number / Employee ID Number: Coverage Effective Date: Date of Birth: Date of Hire: Annual Salary:
More informationDEATH BENEFITS. Department of Employee Trust Funds P. O. Box 7931 Madison, WI 53707-7931 etf.wi.gov ET-6101 (REV 5/13)
DEATH BENEFITS Department of Employee Trust Funds P. O. Box 7931 Madison, WI 53707-7931 etf.wi.gov ET-6101 (REV 5/13) 4 The Department of Employee Trust Funds (ETF) administers three programs that provide
More informationEmployee Application Form
Defined Contribution Social Housing Pension Scheme (SHPS) Employee Application Form Defined Contribution (DC) Structure Membership Number To be completed by The Pensions Trust: M PLEASE COMPLETE SECTIONS
More informationVI The Defined Benefit Member (Tiers I and II)
VI The Defined Benefit Member (Tiers I and II) Enrollment Members who first entered the TRS: Before July 1, 1990, are in Tier I; On or after July 1, 1990, are in Tier II. Tier status is established when
More information27 th International Congress of Actuaries. The Main Features of German Private Health Insurance. Erich Schneider, Germany
27 th International Congress of Actuaries The Main Features of German Private Health Insurance Erich Schneider, Germany 1 German Health Insurance Statutory Health insurance Private Health Insurance 87%
More informationAll persons gainfully employed under age 60. Self-employed are covered also.
Prepared by First Life Financial Company. I SUMMARY Social Security Eligibility Retirement Contributions All persons gainfully employed under age 60. Self-employed are covered also. 60M/F To Social Security:
More informationAn explanation of social assistance, pension schemes, insurance schemes and similar concepts
From: OECD Framework for Statistics on the Distribution of Household Income, Consumption and Wealth Access the complete publication at: http://dx.doi.org/10.1787/9789264194830-en An explanation of social
More information3. The system of disability pensions...17 Conditions of entitlement...17 Benefits...18
Contents 1. General characteristics...1 Structure of the Hungarian pension system...1 Pension contributions, pension system financing...2 Guidance, supervision and organisational systems of the pension
More informationEMPLOYEES RETIREMENT SYSTEM OF THE CITY OF NORFOLK SPECIAL TAX NOTICE Revised March 2016
EMPLOYEES RETIREMENT SYSTEM OF THE CITY OF NORFOLK SPECIAL TAX NOTICE Revised March 2016 YOUR ROLLOVER OPTIONS You are receiving this notice because all or a portion of a payment you are receiving from
More informationOccupational benefits. All you need to know about Pillar 2/
Occupational benefits All you need to know about Pillar 2/ Mandatory occupational benefits (BVG) in Switzerland Status: January 2015 Contents Pillar 2 of the Swiss pension system 3 Statutory contribution
More informationMedical & Dental Coverage
Hawthorne Residential Partners offers Medical, Dental, Vision, Life Insurance, Short & Long Term Disability, Dependent Care Flexible Spending Accounts and Voluntary Life Insurance through our company s
More information