Summary of Social Security and Private Employee Benefits NETHERLANDS

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1 Private Employee Benefits NETHERLANDS 2014

2 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 predecessors was founded. So a.s.r. has a centuries long tradition in insurance. Both individuals and businesses find a.s.r. for a complete and varied range of insurance and financial products through their brands a.s.r. (general insurer), Ardanta (funeral insurance), De Amersfoortse (income protection and health insurance), Europeesche Verzekeringen (travel and leisure insurance) and Ditzo (internet insurer). In addition, a.s.r. offers savings and investment products and bank savings products, and as an investor, is involved in real estate development and expansion through a.s.r. Vastgoed Vermogensbeheer and a.s.r. Vastgoed Ontwikkeling. With over 4000 employees and a revenue of 4.3 billion in 2012, a.s.r. is one of the largest insurers in the Netherlands. Since October 3, 2008, the Dutch State is 100% shareholder of a.s.r. The government has indicated that this is a temporary situation. The minister of Finance informed the Dutch House of Representatives in August 2013 how he wants to shape a.s.r. s return to the private market. He has chosen a dual-track policy. Two options have been kept open in order to achieve the sale of a.s.r.: an IPO or a merger with another insurer active on the Dutch market. In Employee Benefits, a.s.r. offers employers a complete line of insurance and pension products designed to complement the benefits provided by Social Security. Within a.s.r., all pension activities have been brought together in one organization to handle sales, administration and product development. a.s.r. sets the stage for further enhancements in a.s.r. s pension product offering and is expected to yield increasing economies of scale. Moreover, employee benefits such as Group Disability are offered by De Amersfoortse who became the exclusive Dutch IGP Network Partner for income protection and health insurance as of January 1, In the course of 2013 a new Employees Pension product has been released under the De Amersfoortse label. a.s.r. has been an IGP Network Partner since Key Products Life Life Accidental Death and Disability Life Cover for Retirees Optional Supplemental Life (ANW-gap) Survivors Pensions Sickness and Disability Medical Pensions Sick Pay Benefits Disability Pensions (WIA-excess coverage and WGA-gap coverage) Permanent and Total Disability Waiver of Premium (in case of (partial) disability) Medical Insurance Insured Pensions (Defined Contribution/Unit Linked, Defined Benefit Plans) Other Company Savings Plans (no new sales of this product) Group Personal Accident More information about a.s.r. Insurance can be found at: https://www.asr.nl 2014 International Group Program 1

3 Social Security Introduction: There are National Insurance schemes in place for all residents, and there are employee insurance schemes covering all employees and civil servants that work in the Netherlands. Consequently, they are paying tax on wages. Participation in both schemes is mandated by law. The Dutch National Insurance schemes provide flat-rate amounts. However, some benefits are income-tested, i.e., will be reduced if other income is in place. The Dutch Social Security system is administered by several institutions, like the Social Insurance Bank (Sociale Verzekeringsbank, SVB) and the Institute for Employee Benefit Schemes (Uitvoeringsinstituut Werknemers Verzekeringen, UWV). Generally, Social Security provides a minimum income, which is funded on a pay-as-you-go basis. Retirement and Death: General Old Age Pensions Act (AOW) All residents aged 15 plus 2 months to 65 plus 2 months. Old Age Pension. A full benefit is payable after 50 years of insurance. From age 65 plus 2 months until death. Benefit Level*: Married: 9,414-18,828 p.a. Single: 13,732-17,429 p.a. * Depends on family situation; spouse s age, children under 18, etc. General Surviving Relatives Act (ANW) All residents. Survivors Pension. Up to age 65 plus 2 months (or age 16/21 for orphans). Widow/widower: 14,533-18,155 p.a. Orphan: 4,650-9,301 p.a. Entitlement to the benefit exists, if at least one out of three legal requirements is met. Moreover, part of the benefit is income-tested. Full orphans receive an age-related benefit International Group Program 2

4 Sickness and Disability: Sickness Benefits Act (ZW) Employees not covered under the WULBZ (Sick Pay Extension Act) like temp workers. Loss of income is compensated with a minimum of 70% of daily wage (maximum daily pay: 197.-); 100% if absence from work is due to childbirth. For a maximum of 104 weeks; thereafter WIA-coverage will apply. 70% of the daily wage. Under collective labour agreements (CAO), a higher percentage is possible. Work and Income According to Labor Capacity Act (WIA), Effective January 1, 2006 All employees under age 65 plus 2 months, including civil servants. Compensation for loss of income caused by disability. After 104 weeks, if declared disabled for at least 35%. 75% of the final salary up to per day during the first two months if unable to work at all. 70% of the loss of salary up to per day (after the first two months) if working and earning at least 50% of their remaining earning capacity. A percentage of the minimum wage ( per day) if not working or if working and earning less than 50% of their remaining earning capacity. Self-employed Persons: All self-employed persons under age 65 plus 2 months, their spouses who assist in the business, professional practitioners, and managing directors/major shareholders are not insured under ZW and WIA and can take out a private insurance contract to cover the risk of loss of income due to disability. Medical: Health Insurance Act (ZVW), Effective January 1, 2006 All residents (employees, self-employed, retired, etc) are obliged to take out a private basic insurance contract. Medical treatments and provisions. Medical expenses from 1st day. Actual costs (with exceptions) International Group Program 3

5 General Act on Exceptional Medical Expenses (AWBZ) All residents. Complementary insurance to medical services not covered under ZVW. Medical expenses from 1st day. Actual costs (with exceptions). Unemployment: Unemployment Benefits Act (WW) Plans: All employees under the age of 65 plus 2 months who meet certain past service requirements. Compensation for loss of income due to unemployment. From the 1st day of unemployment. Depending on past service, duration of the benefit payment varies from three months to three years and two months (38 months). An earnings-related benefit of 75% of the last-earned salary during the first two months (with a maximum daily wage of 197.-) and 70% of the last-earned salary during the rest of the unemployment period (with a maximum of 38 months). A new bill has been issued to shorten the period from 38 months to 24 months. Supplementary Benefits Act (TW): The TW provides an additional benefit to unemployed or disabled persons receiving state benefits, while their income (plus that of their partner) stays below the minimum guaranteed income. Other Dutch Social Security Acts: WWB AKW IOAW IOAZ Wajong Work and Social Assistance Act General Child Benefits Act Act on Income Provisions for Older, Partially Disabled Unemployed Persons Act on Income Provisions for Older, Partially Disabled Formerly Self-employed Persons Disablement Assistance Act for Handicapped Young Persons Except AKW, all these Acts guarantee a minimum-income for specific groups International Group Program 4

6 Occupational Benefits Introduction: Apart from the mandatory industry-wide arrangements, there is no general obligation in the Netherlands to provide employees with any occupational pension scheme. However, since Social Security only provides a minimum income, it is very common in the Netherlands to have a pension scheme in addition to State provisions. Approximately 95% of Dutch employees are covered under a pension scheme. Occupational pension arrangements are set up according to the regulations of the Pension Act. In particular, the funding methods are defined and controlled. Pension promises can only be funded through direct insurance, through an industry-wide pension fund (BPF), or through a company pension fund (OPF). Generally, the following benefits are included in an occupational pension scheme: Retirement and Death For long many considered the norm for a full benefit for an old age pension to be 70% of final pay including the State Old Age Pension (AOW). However, it is widely understood today that no one hardly ever gets there in the end. as final pay plans have almost all been replaced by average and average indexed career DB plans, or DC plans with investment risk shifted to the individual employees/plan members.. In 2012 about 91.4% of the pension schemes by pension funds are pension schemes according to the average and average indexed career plans. After 35 or 40 years of service, a full (DB) retirement benefit can be achieved at an annual accrual of 1.75% to 2.15%. The death benefit for married employees as well as for employees with a common household is normally 70% of the projected old age pension. For children, the death benefit is normally 14% of the projected old age pension per child up to the age of 18, 21 or up to 27 if the child is a student or if the child receives a disability benefit. Full orphans will often be entitled to a double amount. As a result of the changes in the General Surviving Relatives Act (ANW), the ANW pension was introduced as part of the occupational pension scheme. In most cases, when part of the scheme, this pension is occupational and paid for by the employee. Disability and Sick Pay Disability coverage is offered to employees with a so-called WGA-gap and for those with an income in excess of the WIA ceiling ( per day, 51,417 per year). Employers are obliged to continue paying salaries during sickness up to the first 104 consecutive weeks (WULBZ). Small and medium-sized enterprises often take out an insurance contract to cover this risk. Larger enterprises pay the salaries themselves. There is also a disability coverage for the employer in case of long-term disability of the employee. In that case, premium payments for the pension scheme are taken over by the insurer or pension fund. Medical All residents including all employees are legally obliged to take out a private health insurance. All employers are obliged to pay an income-related contribution of 7.5% of the salary up to a maximum salary of 51, International Group Program 5

7 Accident Insurance: Social Security does not provide for special benefits in case of a loss of earnings, as a result of an accident. Only regular State provisions will apply, whereby the cause of death or disability is not relevant. Nevertheless, some employers have voluntarily taken out a group insurance for accidental death and disability. In some industries though, this coverage is mandatory (e.g., transport companies). It is common to cover one time annual salary in case of death by accident and three times annual salary in case of total and permanent disability by accident. Company Savings Plans: As of January 1, 2012 employees cannot join the company saving plan (Spaarloon) and the life course support system (Levensloop) anymore. Only employees who joined the life course support system before December 31, 2011 and had an account of 3,000 or more can still participate in this system until January 1, International Group Program 6

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