Initial letter, additional partner and orphan's pension Table of contents

Transcription

1 Initial letter, additional partner and orphan's pension Table of contents Section A Summary of additional partner and orphan's pension plan regulations of ASML Netherlands B.V., as of 1 January What is pension? 2 2 What type of pension plan do you have? 2 3 What are the arrangements made for you for when you retire? 2 4 What are the arrangements made for you in the event of your death? 2 4a Benefit in the event of your death during your current employment 2 4b Benefit in the event of your death after the end of your current employment 3 4c Benefit in the event of your death on or after your retirement date 3 5 What are the arrangements made for you if you become occupationally disabled? 3 5a Continuation of pension accrual during your current employment 3 5b Continuation of pension accrual after end of your current employment 3 5c Benefit in the event you become disabled during your current employment 3 5d Benefit in the event you become disabled after the end of your current employment 3 6 Will your pension retain its value? 3 6a As prices go up, will your pension go up too? 3 7 Do you pay into your pension plan? 4 7a Participant's contribution 4 8 What are your obligations? 4 9 More information? 4 10 Not satisfied with Zwitserleven's performance? 4 11 About this letter 4 Section B Options in the voluntary supplemental partner and orphan's pension plan regulations of ASML Netherlands B.V., as of 1 January What are your options? 5 12a Voluntary continuation after end of your current employment 5 12b Deferred retirement 5 1

2 Part A: Summary of additional partner and orphan's pension plan regulations of ASML Netherlands B.V., as of 1 January What is pension? The Dutch government ensures that under a set of specified conditions, you receive a benefit upon reaching the age of 65 or upon becoming occupationally disabled. This benefit may come in a number of forms, such as a general old-age pension or a disability benefit under the WIA.* * The Work and Income (Capacity for Work) Act. On top of this basic, government-provided facility, your employer has insured a supplemental benefit for you. This is known as your "pension." An employer may, for example, insure a benefit or additional benefit for you for when you retire or in the event you become disabled, or a benefit for your surviving dependants in the event of your death. Your employer has composed a pension plan. That plan is implemented by Zwitserleven. This letter will explain what that plan looks like. 2 What type of pension plan do you have? There are a number of different types of pension plan. Your employer has opted for a benefit agreement. This means that arrangements are made in your pension plan on the amount of your pension benefits, so you know exactly the pension that you will be receiving later: the amount of your pension benefit payments depends on your salary and years of employment. The amount of your pension benefits is not dependent on your investment results. 3 What are the arrangements made for you for when you retire? This pension plan does not provide for an old-age pension. 4 What are the arrangements made for you in the event of your death? 4a Benefit in the event of your death during your current employment Partner pension If you die during your current employment (and younger than the age of 65), your partner receives a partner pension. This partner pension will be paid to your partner as long as he or she lives. You can choose the amount of supplemental partner pension to insure. Each year, as of the reference date you have the option to change the amount of the supplemental partner pension to be insured. The partner pension is a maximum (gross, per year) of 1.4% x your pension base x your number of years of employment, minus the partner pension entitlement as insured under the employer's pension plan. Years of employment with a previous employer may be calculated as extra years of employment in the determination of the maximum supplemental partner pension, up to the maximum tax-allowable amount. You must adequately demonstrate that these years should qualify as extra years of employment and that you had insufficient insurance of the partner pension over those years. Your pension base is the portion of your salary on which you accrue pension. The exact portion of your salary this represents is defined in the pension regulations. The amount of your pension base can also be found on your pension statement. Orphan's pension If you die during your current employment (and younger than the age of 65), your children will receive an orphan's pension. The orphan's pension is paid out until the child reaches the age of 18. For children pursuing a degree, the benefit is extended until the end of the child's studies up to a maximum age of 27. You can choose the amount of supplemental orphan's pension to insure. Each year, as of the reference date you have the option to change the amount of the supplemental orphan's pension to be insured. The orphan's pension is a maximum (gross, per year) of 0.28% x your pension base x your number of years of employment, minus the orphan's pension entitlement as insured under the employer's pension plan. 2

3 Years of employment with a previous employer may be calculated as extra years of employment in the determination of the maximum supplemental orphan's pension, up to the maximum tax-allowable amount. You must adequately demonstrate that these years should qualify as extra years of employment and that you had insufficient insurance of the orphan's pension over those years. Your pension base is the portion of your salary on which you accrue pension. The exact portion of your salary this represents is defined in the pension regulations. The amount of your pension base can also be found on your pension statement. 4b Benefit in the event of your death after the end of your current employment If you die after the end of your current employment, your partner and/or children receive no pension benefit. 4c Benefit in the event of your death on or after your retirement date If you die after reaching the age of 65, your partner and/or children receive no pension benefit. 5 What are the arrangements made for you if you become occupationally disabled? 5a Continuation of pension accrual during your current employment If you become occupationally disabled during your current employment, your pension entitlements during your current employment continue. 5b Continuation of pension accrual after end of your current employment If upon the end of your current employment, you have been occupationally disabled for an uninterrupted period of less than two years, your pension entitlements end without value at the moment that your employment ends. If upon the end of your current employment, you have been occupationally disabled for two years or more, then the insurance of your pension entitlements continues. If you are fully occupationally disabled, then the insurance of your pension entitlements continues in full. If you are partially occupationally disabled, then the insurance of your pension entitlements continues partially. The insurance only continues if you are 35% or more occupationally disabled. In all cases, your pension entitlements end upon your reaching the age of 65. If your degree of occupational disability decreases after the end of your current employment: the amount of your pension entitlements are then lowered. If your degree of occupational disability increases after the end of your current employment: the amount of your pension entitlements remain constant. 5c Benefit in the event you become disabled during your current employment Occupational disability pension Your pension plan does not offer a benefit in the event you become disabled during your current employment. 5d Benefit in the event you become disabled after the end of your current employment Occupational disability pension Your pension plan does not offer a benefit if you are disabled at the moment your current employment ends. 6 Will your pension retain its value? As time goes on, the value of your pension may decrease as prices rise. To address this value decrease, your employer may increase its employee pensions. This chapter will tell you what other increases your pension plan allows. 6a As prices go up, will your pension go up too? In the future, will your pension allow you to buy just as much as it would now? As long as you work, you insure pension each year. This is what is referred to as your pension entitlement. Your pension entitlement grows as your salary increases. This means that how much pension your surviving dependant receives if you die while still employed is based entirely on the salary you were receiving immediately prior to that moment. 3

4 No increases Your employer or former employer will not increase your pension. 7 Do you pay into your pension plan? 7a Participant's contribution You have an annual participant's contribution if you are 21 years of age or older. Your employer will periodically withhold this contribution from your salary. Your contribution is 100% of the pension base. 8 What are your obligations? Some events have an influence on your pension. When these happen, it is important to tell your employer or Zwitserleven immediately. You must contact us whenever you: you marry, cohabitate, or enter into a registered partnership during the course of your employment divorce, stop cohabitating, or end your registered partnership in the event of the death of your partner or a child You become occupationally disabled or your level of occupational disability changes You receive an unemployment benefit (national benefit under the Unemployment Insurance Act) immediately following your employment, or that benefit stops As long as you are employed, you can notify your employer of these changes. After your employment, you must notify Zwitserleven. If your pension changes as a result of the new situation, Zwitserleven will notify you. 9 More information? Pension planning is an important subject. Contact Zwitserleven whenever you would like to know more about your pension plan. Zwitserleven will also be happy to send you a copy of the pension plan, the Zwitserleven annual report, the annual accounts or the contract between your employer and Zwitserleven. You will receive an annual pension statement from Zwitserleven. This will mean you will always know how much pension you are assured of. 10 Not satisfied with Zwitserleven's performance? Are you not satisfied, or do you have a complaint? Let us know. Your employer's account manager for Zwitserleven will contact you personally. We will then look at whether we can solve your problem immediately or whether it will require more time. Call Zwitserleven toll-free at: Refer to contract number GN to be connected with the account manager. You can also send a letter to Zwitserleven, stating your contract number GN to Zwitserleven, Postbus 5000, 1180 KA, Amstelveen, the Netherlands. It may happen that the account manager is unable to arrive at a satisfactory solution. You may find that the response is taking too long, or you may be unsatisfied with our answer. In that case, write to Zwitserleven's complaints commission, Postbus 5000, 1180 KA, Amstelveen, the Netherlands, stating your complaint and your contract number GN The complaints commission will review all aspects of your complaint in detail. The complaints commission can also advise you on further steps you can take. Read more about Zwitserleven's complaints procedure on 11 About this letter In this letter, Zwitserleven provides you with a summary of your pension plan. Your rights and obligations are explained in more detail and officially set out in the pension regulations. You can request the regulations from your employer or from Zwitserleven. 4

5 Section B: Options in the voluntary supplemental partner and orphan's pension plan regulations of ASML Netherlands B.V., as of 1 January What are your options? In this section you will read about the options you have to choose from. As long as you are employed, you can notify your employer of your choices. After your employment, you must notify Zwitserleven. Your pension statement will indicate the pensions that are insured for you. 12a Voluntary continuation after end of your current employment After your employment ends, your employer will stop paying the premiums. You do not have the option to continue paying the premiums yourself. This means that voluntary continuation of the insurances is not possible. 12b Deferred retirement You can choose to defer your retirement date. The choice to postpone your retirement date can wait until you are approaching retirement age. You can read more about this option in 5