Compensation Scheme for the Transferral from Aker Solution s Defined Benefit Pension Scheme to its Defined Contribution Pension Scheme
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1 Compensation Scheme for the Transferral from Aker Solution s Defined Benefit Pension Scheme to its Defined Contribution Pension Scheme This is a translation of the agreement Kompensasjonsordning ved overgang fra ytelsespensjon til innskuddspensjon i Aker Solutions signed June 19, 2008 on behalf of Aker Solutions (L.Borge, K. Stub) and the employees (A. Teigland, Å. Knutsen). In case of any divergence in the translation, the Norwegian agreement will apply. Background The Compensation Scheme is designed to compensate employees who, on reaching 67 years of age suffer a calculable loss in their retirement pension due to the transition from the defined benefit to the defined contribution pension plan. Compensation provided under the scheme will correspond to the calculated loss incurred. Employees will therefore suffer no loss by transferring to the defined contributions plan in terms of the assumptions and criteria, which form the basis for calculations as at 30 June For the purposes of calculation, it is assumed that members of staff will be employed in Aker Solutions until the pensionable age of 67 years. Those covered by the Compensation Scheme All employees who, in transferring from the defined benefits plan to the defined contributions plan, have suffered a calculable annual loss of NOK1,000 or more are covered by the Compensation Scheme with effect from 1 July The following are not covered by the Compensation Scheme: Employees who had resigned before the transition date of 1 July 2008 Employees born before 1 July 1950 will continue under the current Defined Benefits plan and are therefore not included in the Compensation Scheme Employees entering into an employment contract after 1 March 2008 Employees taking voluntary, unpaid leave of absence and where Aker Solutions is not making contributions to the Scheme during the leave period. However these employees will be included in the Compensation Scheme once they return from leave. Employees who are taking legally-prescribed unpaid leave of absence will remain within the Compensation Scheme throughout the leave period Employees under 20 years of age Employees with too few working hours to be included in the pension scheme Employees who have previously terminated their work contract with Aker Solutions and return to the company after 1 March 2008 are considered new employees and are not covered by the Compensation Agreement. Expatriate employees who are members of the Defined Contributions Plan are covered by the Compensation Scheme. Employees younger than 58 years of age as at 1 July 2008 are covered by the Compensation Scheme even if they join the AFP. The compensation amount will remain the same during the AFP period.
2 Employees on incapacity leave are included in the Compensation Scheme whilst registered incapacitated until they are pronounced fit for work or enter into a new work contract outside Aker Solutions. Calculation of compensation amount The compensation amount is based on the difference between the calculated pension capital of the defined benefits plan and that of the defined contributions plan upon reaching 67 years of age. Compensation is calculated as at 30 June 2008 and is effective from 1 July Calculations are based on the following criteria and economic assumptions: The current rules governing social service payments and occupational pensions Definition of pensionable income Salary and defined fixed allowances - maximum 12G (the same as in the defined benefits pension) Defined contribution model (= max. rates under the law governing Defined Contribution Schemes): annual savings make up the sum of : 0 % of pensionable income from 0 1 G plus 5 % of pensionable income from 1 to 6 G plus 8 % of pensionable income from 6 to 12 G Annual increase in pensionable income based on a registered increase in pensionable income in Aker Pensjonskasse over the last 18 years: years of age 8.00 % years of age 6.78 % years of age 5.48 % years of age 4.28 % years of age 3.30 % (average of active and AFP pensioners) G increase: % Annual increase in compensation - Corresponds to the increase in pensionable income Return on Defined Contributions account: % - Systematic reduction over the final 10 years to 5.8 % at 67 years of age Return on the compensation account % Calculation of pension from 67 years of age = Tariff K Based on average life expectancy from 67 years: women 87.2 years, men 84.7 years - Basic interest at 67 years = 3.25 % Regulation of paid-up policies from current pension scheme 1.25 % per annum Deviations in the development of actual salary, G and yield etc. from the assumptions listed above, afford no reason for changes in the calculation of the compensation amount.
3 Annual regulation of the compensation amount The compensation amount is adjusted on 1 December each year in accordance with any changes in an individual s pensionable income. The calculated increase in the compensation sum is based on pensionable income as at 30 November each year. Compensation sums are calculated as at 30 June 2008 and adjusted as per 1 December 2008 taking into consideration the individual s pensionable income development in relation to the pensionable income amount used in the base calculation as at 30 June. For employees subscribing to AFP, the following rules apply: For employees that take out a 100 % AFP, salary and G are frozen at the time the AFP is taken out and the compensation amount is not regulated during this period. For employees with a partial AFP or another form of agreed reduction in working hours for the five years leading up to retirement age of 67 years, regulation of the compensation amount will follow average salary developments. For employees on incapacity leave, the following rules apply: For those with 100 % incapacity who are still in employment, compensation is regulated in accordance with annual pension adjustments. For those partially incapacitated but still in employment, compensation is aligned in accordance with annual salary adjustments for healthy employees. Allocation of compensation Annual compensation is allocated to individuals balances on 31 December. Earnings in 2008 are allocated on a pro-rated basis according to length of membership in the defined contributions plan. Accrual of interest in the compensation account The employee s balance in the compensation account accrues interest at a rate that corresponds to market rates (12 month NIBOR) calculated as a daily average over one year (1 December to 30 November). Accrued interest is transferred to the employee s compensation account on 31 December each year. Interest is credited for the period 1 January to 31 December. The compensation amount paid for the previous year is treated as earned throughout the year. Interest rate calculations for this year have therefore been made on an average basis. Annual statement of account The employee receives a statement once a year showing the accumulated balance in his/her compensation account together with a statement showing allocated compensation and interest accrued during the past year. Accounting and Security of Earned Assets Compensation earned, including accrued interest is offset in the company accounts at the end of each year and paid out as occupational pension when the employees reach 67 years. The company is responsible for securing the total value of the compensation liability, including accrued interest.
4 Payment of accrued compensation Accrued compensation is paid to employees from the age of 67 net of the tax applicable at the time of payment. Interest continues to accrue after the recipient has reached the age of 67 years. The payment is made in monthly instalments over a period of 10 years. Should the employee die, the compensation balance is paid to the deceased s estate in accordance with the relevant laws and rules. Employees who voluntarily terminate their employment before they reach the age of 67 years Reduction Scheme Employees who resign before reaching 67 years of age receive the balance of their compensation account, net of the tax applicable at the time of payment. Payment is made according to the following rules: - Employees over 50 years of age at the time of resignation receive the accrued balance of their compensation account without reduction - Employees under 50 years of age at the time of resignation receive a reduction in the accrued balance of their compensation account as set out in the table attached. - Employees under 35 years of age at the time of resignation do not receiving any accrued balance from their compensation account. - A balance of less than NOK1,000 after reduction is not paid out. - Employees who transfer to AFP continue to earn under the compensation scheme until the age of 67 years. - Employees who cease in company employment due to organisation changes / downsizing are not affected by the Reduction Scheme. - Employees on incapacity leave who are released or resign from Aker Solutions will be paid the compensation amount on cessation of their working relationship according to the rules and without a reduction. - (See the attached table for reductions in the compensation balance in cases of resignation before 67 years of age.) Changes Should changes occur in the laws, rules or assumptions upon which the principles above are based, these principles will be put forward for discussion and consequent amendment. Should material circumstances within the company require administrative changes to the scheme, or changes to the organisation of such, these will similarly be put forward for discussion before the changes are implemented. Changes will be discussed and agreed with union representatives before they are decided. Dated 19 June 2008 Attached: Reduction table dated : Avkortning av opptjent kompensasjonssaldo ved fratreden
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