With the future in mind
|
|
- Cynthia Merritt
- 8 years ago
- Views:
Transcription
1 With Welkom the bij future in Philips mindpensioenfonds Philips flex pensioen The pension changes in five steps Stichting Philips Pensioenfonds Philips flex pensioen With the future in mind
2
3 With the future in mind The renewed Philips flex pension scheme came into effect on 1 January The changes are intended to make the pension scheme future-proof and to bring it into line with the measures taken in recent years by the government to reform the Dutch pension system. This booklet tells you what you need to know about these changes. The pension changes in five steps This booklet has five tabbed sections. The tabs correspond to the steps set out below. This will enable you to find the information that is important to you. We also tell you what we expect you to do. On page 33 you will find a checklist of the most important points. Finally, after tab 5 you will find practical information and useful tips Step 1: Step 2: Step 3: Step 4: Step 5: The renewed Philips flex pension With the future in mind Past What will happen to the pension benefits that you accrued in the past? Future Changes affecting your future benefit accrual Funding How is your pension scheme funded? Changeover to the renewed pension scheme What else you need to know Tip! For more information about the pension changes go to: (in Dutch) 3
4
5 1 Renewed The renewed Philips flex pension Step 1: With the future in mind 1The renewed pension scheme Philips flex pensioen has been in force since 1 January Philips and the trade union organizations agreed to make changes to the pension scheme. Changes that were needed to safeguard good retirement provision in the future. Philips now has a renewed pension scheme that conforms to current fi nancial conditions and the legislation and regulations as of 1 January Why has the pension scheme been changed? On 1 January 2014 the government made changes to the Dutch pension system. Up to and including 2013 the statutory guideline for the retirement age in the Netherlands was 65. With effect from 1 January 2014 this has been raised to 67. Furthermore, pensions have been under great pressure in recent years due to fi nancial and economic trends. You have noticed this yourself, as for a number of years the pensions of Philips Pensioenfonds have not been increased through indexation. What you may not have noticed is that the Company s pension costs have risen sharply in recent years. As a result of increased life expectancy and low interest rates, the pension premium increased by more than a quarter in fi ve years. Until 1 January 2014 this premium was paid in full by Philips. For Philips it is of great importance to prevent any further increases in the premium in the future. It is also important for Philips that there should be as little fluctuation as possible in the cost of the pension scheme, thus making it more easily manageable. What are the most important changes? The main changes are: - the reference retirement age has been raised from 65 to 67 in the renewed pension scheme - the benefi t accrual rate of 1.85% is no longer a fi xed percentage, but may also be lower in the future - the funding of the pension scheme has changed, as Philips will henceforth pay a fi xed percentage of premium. You will also pay an employee contribution. 5
6 The pension changes in five steps With the future in mind: Why changes? Read more in step 1 Past: What will happen to the pension benefits that you accrued in the past? 1 January 2014 Future: How do the pension changes affect your future benefit accrual? Read more in step 2 Read more in step 3 Funding: How is your pension scheme funded? Read more in step 4 Changeover to the renewed pension scheme Read more in step 5 6
7 2Past Step 2: What will happen to the pension benefits that you accrued in the past? 2 Past From 1 January 2014 you accrue pension benefi ts in the renewed Philips flex pension scheme. At that time you had already accrued pension benefi ts with Philips Pensioenfonds. Those pension benefi ts will be converted to their equivalent in the renewed pension scheme with a reference retirement age of 67. You do not have to undertake any action in this regard. In this tab we explain how this conversion works and the advantages that it has. You can also read here about the option of lodging an objection to the conversion of your accrued pension benefi ts. In the Guide you can see what information your Overview Pension changes 1 January 2014 gives on the conversion. What is meant by conversion of your pension? You were already a member of Philips Pensioenfonds before Accordingly, on 31 December 2013 you had accrued pension benefi ts with a reference retirement age of 65. Pension benefi ts accrued up to and including 31 December years 7
8 Retirement age from 65 to 67 This accrued pension will automatically be converted to the renewed pension scheme. In doing so we convert your pension with a reference retirement age of 65 to one with the reference retirement age of 67. The portion of your pension between the ages of 65 and 67 will be converted into extra pension from the age of 67. You can see in the illustration that your pension at the age of 67 will thereby be higher. Pension situation: conversion explained years 67 years Pension situation: after conversion years The same value The value of your pension will be the same after the conversion as it was before the conversion. As a result of this conversion your entire pension will be administered on the basis of the reference retirement age of 67. The conversion relates only to the past. For your future pension benefit accrual you will in any case accrue pension benefits on the basis of the age of 67. 8
9 What are the advantages of the conversion? Advantages of conversion of your accrued pension benefi ts to the renewed pension scheme Your entire pension in one pension scheme: clear and comprehensible More flexible options: fewer conditions for earlier and later retirement Possibility of a better future increase in your pension through indexation Your entire pension in one pension scheme: clear and comprehensible After conversion your pension situation will remain transparent: your entire pension is in the Philips flex pension scheme with a reference retirement age of 67. This means that your pension overview gives a transparent and comprehensible picture of your pension situation. It is important for you to know that the conversion of your pension benefi ts does not mean that you cannot retire until the age of 67. With conversion you retain the option of arranging for your pension to commence at a different age. All the other flexible options also remain available to you. More flexible options The Philips flex pension has several flexible options. These enable you to tailor your pension situation to your personal wishes. These options are retained in the renewed pension scheme. You can read more about this in step 3 of this booklet. The flexibility regarding your choice of retirement age is dealt with below. 9
10 Fewer conditions for earlier and later retirement The conversion means that you have more options for the choice of your retirement age. That is because there are certain rules for having your pension commence earlier or later. After conversion of your pension fewer conditions will apply. This is because after conversion you can arrange for your pension to commence at any time you wish between the ages of 60 and 67, even if you are still working then. Or you can choose to have it commence later, up to the age of 70. However, you do require Philips consent if you wish to retire after the age of 67. Continuing to work If your accrued pension is not converted, a portion of your pension will have a reference retirement age of 65. You can only defer this pension as long as you continue to work. If you are no longer employed, Philips Pensioenfonds is obliged, for tax reasons, to have this pension commence at the age of 65. After conversion the reference retirement age is 67, but you will always have the flexibility to have your pension commence at any time between the ages of 60 and 67. Maximization Normally, your retirement pension together with the state pension (AOW) may not be more than a maximum of 100% of your salary. That is stipulated by law. As a result of the conversion from the age of 65 to 67 your pension will be higher, as it is paid two years later and so for a shorter period of time. If you have been employed by Philips for a long time it is possible that in this way your pension will exceed the maximum of 100% of your salary. If the maximum is exceeded as a consequence of the conversion, the pension is permitted to be more than 100% of the salary. 10
11 Unemployment benefi t After conversion the standard practice is for the pension to commence at the age of 67. If your accrued pension is not converted, a portion of your pension has a reference retirement age of 65. If you are not employed, Philips Pensioenfonds has to pay your pension from the age of 65. If you also receive unemployment benefi t (WW) at that time, this benefi t will be reduced by the amount of the pension payments. Conversion of your accrued pension to the renewed pension scheme means that you avoid this. Possibility of a better future increase in your pension through indexation At Philips you accrue a portion of your pension income each year. To retain the purchasing power of this accrued pension, it is important that your pension should increase in line with the cost of living (indexation). If your pension is increased, this takes place at a fi xed time (1 April). Our aim is to increase the pension by the level of the collective salary scale increases at Philips. This is what we call wage inflation. In the renewed pension scheme there are different rules governing pension increases through indexation. Increases in pension through indexation under the renewed pension scheme In spite of our ambition to increase your pension through indexation, it cannot be assumed that this will happen. Whether and to what extent indexation takes place is determined each year by the Pension Fund s Board of Trustees. For you as a person accruing pension benefi ts a decision on indexation consists of two parts: - An increase based on price inflation that is funded from the assets of the Pension Fund. Price inflation is expressed in the derived consumer price index of the Statistics Netherlands (CBS). - An increase based on the (positive) difference between wage and price inflation that is funded from the premium reserve. This premium reserve is new from 1 January You can read more about it in step 4 Funding. After conversion of your accrued pension to the renewed pension scheme, your entire pension qualifi es for both parts of the indexation. If your pension is not converted, that does not apply. In that case the pension that has been accrued up to and including 31 December 2013 becomes a paid-up policy, which qualifi es only for the increase based on price inflation. Tip! If you wish to read more about the indexation policy of Philips Pensioenfonds and the differences between indexation for persons accruing pension benefi ts and indexation for holders of a paid-up policy, go to (in Dutch) 11
12 Example of increase of accrued pension through indexation Accrued up to and including 31 December 2013 Increase if converted 67 years price inflation wage inflation minus price inflation Increase if not converted 65 years price inflation What is involved in lodging an objection? You have the option of objecting to the conversion of the pension benefits that you accrued in the past. In that case you will receive a paid-up policy for the pension that you accrued up to and including 31 December This is a separate pension policy to which different rules apply. Although you have this option, in almost all situations it does not make good sense, whereas conversion of your accrued pension benefits to the renewed pension scheme has a number of advantages for you. These advantages may become disadvantages if you lodge an objection to conversion: - You no longer have a complete overview of your pension situation. On your annual pension overview you see only your accrued pension from 1 January You will be informed separately about your paid-up policy. - The pension that you accrued up to and including 31 December 2013 does not qualify for a possible increase (indexation) representing the difference between wage and price inflation. - There may be restrictions on the deferral of your pension. 12
13 Important! You can only object to conversion, not to participation in the renewed pension scheme. From 1 January 2014 everyone accrues pension benefi ts in the renewed pension scheme. This has been agreed between Philips and the trade union organizations. Lodging an objection relates only to the conversion to the renewed pension scheme of the pension benefi ts that you accrued up to and including 31 December How to lodge an objection You are not obliged to have your accrued pension converted to the renewed pension scheme. If you do not want to have it converted, you must object by 10 April More information about this option can be found in step 5 of this booklet. Guide to your Overview Pension changes 1 January 2014 What things are, and what things are not, taken into account in the conversion? This overview takes account of: - Any supplementary allowance: if you were already employed by Philips before 1 January 2006 and were older than 25 years of age at that time, then you also accrue the supplementary allowance. The supplementary allowance is included in the conversion of your pension. This overview does NOT take account of: - any pension from pre-retirement capital. If you have pre-retirement capital, this capital continues to exist alongside the renewed pension scheme. It is only converted into pension benefi ts when you retire or your service with Philips ends or in the event of your death before that time. With effect from 1 April 2014 some points in the investment of your pre-retirement capital will change. You will be informed about this separately. - any ANW shortfall insurance. If you have taken out this insurance, your partner will receive an extra amount after your death up to his/her AOW pension age. - any paid-up policies. Do you still have a paid-up policy? If so, it is not included in the conversion. You have a paid-up policy if, for instance, you objected to the conversion to the Philips flex pension scheme as of 1 April Or if your service with Philips began thereafter and you have not converted any other paid-policies with Philips Pensioenfonds to the Philips flex pension. - a divorce. If you were divorced in the past, a portion of your retirement pension may have been set aside for your ex-partner. That is the case if you opted, at the time of your divorce, for equalization of your pension. The amounts that you receive on retirement will then be lower than the amounts in the Overview Pension changes 1 January
14 Accrued pension up to and including 31 December 2013 On the page Your accrued pension up to and including 31 December 2013 you can see what the conversion means for your personal situation. In the column Before conversion you see your pension as accrued under the Philips flex pension scheme up to and including 31 December In the column After conversion you see your accrued pension converted to its equivalent in the renewed pension scheme. Your accrued pension up to and including 31 December 2013 A B Accrued pension Before conversion After conversion On the basis of the pension that you have accrued up to and including 31 December 2013, you will receive: - from the age of 65 for as long as you live - from the age of 67 for as long as you live 13,500 15,000 w shows you nverted t means. fects hat your In the event of your death your partner will receive: - for as long as he/she lives C 9,450 10,500 Conversion of your accrued pension Your accrued pension will automatically be converted to the renewed pension scheme as of 1 January This means that your pension with a retirement age of 65 will be converted to its equivalent in the pension scheme with a retirement age of 67. No loss of value is involved. In the overview you can see that your pension is higher after the conversion. This is because the portion of your pension between the ages of 65 and 67 has been converted into extra pension from the age of 67. As a result of the conversion your entire pension is administered on the basis of a retirement age of 67. The conversion relates only to the past. For your future pension accrual you will in any case accrue pension benefits on the basis of a retirement age of 67. Lodging an objection You have the option of objecting to the conversion of the pension benefits that you accrued in the past. Although you have this option, in almost all situations it does not make good sense, because conversion of your accrued pension benefits to the renewed pension scheme has a number of advantages for you. These advantages can turn into disadvantages if you object to the conversion. Below we briefly set out the advantages. If you require more information, please read step 5 of the booklet With the future in mind. You can also find there what you have to do if you wish to lodge an objection to the conversion. Advantages of conversion to the renewed pension scheme: Your entire pension in one pension scheme: clear and comprehensible OVERVIEW PENSION CHANGES 1 JANUARY 2014 More flexible options: fewer conditions for earlier and later retirement Possibility of a better future increase in your pension through indexation This overview does not take account of any pre-retirement capital or ANW shortfall insurance. If you want to know what is, and what is not, included in the conversion, consult page 13 of the booklet With the future in mind. STICHTING PHILIPS PENSIOENFONDS 3/4 14
15 A B C Accrued pension Before conversion These are the amounts of annual pension that you accrued under the Philips flex pension scheme up to and including 31 December The amounts are shown as if you had left the Company s service on 31 December The amounts that you see are total amounts. After conversion The column After conversion shows the total amount converted to the reference retirement age of 67. In the overview you see that your pension is higher after conversion. However, the value of your pension is the same after conversion as it was before conversion. Survivor s pension You have also accrued a survivor s pension. This is pension income in the event of your death for a partner that you may have. The survivor s pension is 70% of the retirement pension. As a result of the conversion the retirement pension, and therefore the survivor s pension too, will be higher. Your partner is entitled to this pension if you are married, if there is a registered partnership or if you cohabit and your partner is registered with Philips Pensioenfonds. On termination of employment and retirement you can, if you so wish, exchange the survivor s pension for a higher retirement pension. 15
16
17 3Future Step 3: Changes affecting your future benefit accrual The Philips flex pension provides you with a lifelong income after your retirement. In addition, as a participant in the renewed Philips flex pension scheme you automatically accrue a survivor s pension. This is a lifelong pension income that your partner receives on your death. These basic elements continue to exist in the renewed pension scheme. However, a number of important points have changed. You can read more about this in this tab. In the Guide you can see what information your Overview Pension changes 1 January 2014 provides about your future pension situation in the renewed pension scheme. 3 Future All the changes at a glance: - the reference retirement age changes from 65 to 67 in the renewed pension scheme - the benefi t accrual rate of 1.85% is no longer a fi xed percentage; it may also be lower in the future - the funding of the pension scheme changes, as Philips will henceforth pay a fi xed percentage of premium. You will also pay an employee contribution. Later reference retirement age, but flexibility remains possible The statutory guideline for the retirement age was formerly 65. Since 1 January 2014 it is 67 years of age. The renewed Philips flex pension scheme has been adapted to this. It also has a reference retirement age of 67 for pension accrual. In the renewed pension scheme, therefore, you accrue pension benefi ts over a longer period. This means that your pension will be higher. It still remains possible to retire earlier, namely between the ages of 60 and 67. With the Company s consent you can also defer your retirement date and retire between the ages of 67 and
18 Tip! The retirement age for the state pension (AOW) is also going up in stages. Until 2013 the AOW pension age was 65, but will now change for everyone. How much later you receive your state pension depends on when you were born. To find out when you will be entitled to the state pension, go to (in Dutch) Your survivor s pension and orphan s pension will be higher In the renewed pension scheme you still accrue a survivor s pension for your partner, while there is also provision for an orphan s pension for your children up to the age of 21. That has not changed. The level of the survivor s and orphan s pension is derived from your retirement pension. In the renewed pension scheme you accrue pension benefits for a longer period of time, up to your 67th birthday. This means that your retirement pension, as well as your survivor s and orphan s pension, is higher. We also provide some extra security: in the event of your death during your employment, we calculate the level of the survivor s and orphan s pension as if you had been in service with Philips until your retirement date (67 years of age). Benefit accrual rate no longer fixed As before 1 January 2014, you accrue a retirement pension each year at a rate of 1.85% of your pension base. Your pension base is the portion of your salary on which you accrue pension benefits. The accrual rate of 1.85% is no longer fixed, however. Under certain circumstances the benefit accrual rate may be lowered. In that case you accrue less pension for a certain period. Our expectation, however, is that a good pension accrual can be achieved with the agreed percentage of premium. More information about this can be found in step 4 Funding of this booklet. Different funding of your pension scheme The renewed pension scheme has a different character. It is, in ambition, a careeraverage defined benefit scheme. Your pension scheme is funded with a fixed percentage of premium. It is thus a collective defined contribution pension scheme. What, however, do all these terms actually mean for your pension? Each year you accrue pension benefits on your gross annual salary. When you retire you receive a pension based on the average salary that you earned at Philips. The amount of pension that you accrue is not a definite amount, however. The accrual of your pension is funded from the premium that Philips pays. If this premium is not sufficient, you accrue less pension in a particular period. So the risks are apportioned differently in the renewed pension scheme, lying more with you as a participant. In step 4 Funding you can read more about the way in which the renewed pension scheme is funded. 18
19 Employee contribution Until now Philips paid the entire pension premium. That has changed in the renewed pension scheme. From 1 April 2014 you will pay a monthly contribution to your pension via your salary. This contribution will be introduced gradually: 1% from 1 April 2014 and 2% from 1 January The gross employee contribution is calculated in relation to your pension base. The pension base is the portion of your salary on which you accrue pension benefi ts. From April 2014 you will see the employee contribution on your salary statement. Tip! If you wish to know more about the employee contribution and about terms like pensionable salary, pension base and offset, or if you want to see other examples, go to where you can download the article Een eigen bijdrage betalen: wat betekent dat? (in Dutch). 19
20 How much does Frank contribute to his pension? Frank is 38 years old and is employed by Philips. His pensionable salary is 60,000. The offset as of 1 April 2014 is 13,164. Frank s pension base is therefore ( 60,000-13,164) 46,836. From 1 April 2014 Frank will pay each year a pension premium of 1% of his pension base. So he contributes (1% x 46,836) per year. Assuming the tax rates that are currently in force, this means that Frank pays a net amount of approximately 195 for his pension. Per month that is a net amount of approximately 16. From 1 January 2015 the pension premium will be 2% of the pension base. So from then he will pay per year (2% x 46,836) That means a net amount of approximately 390 per year and approximately 32 per month. 20
21 Flexible pension with options The Philips flex pension offers several options. These enable you to tailor your pension situation to your personal wishes. These options are retained in the renewed pension scheme: - You can still arrange for your pension to commence earlier than the reference retirement age of 67. Or later: up to the age of 70. If you wish to retire after your 67th birthday, you require Philips consent. - You can exchange your survivor s pension, either in full or in part, for extra retirement pension. You automatically accrue a survivor s pension. This is a pension income for your partner, where applicable, in the event of your death. Everyone accrues a survivor s pension, irrespective of whether you have a partner. At the time of your retirement you can choose what to do with the accrued survivor s pension. You can retain it for your partner or, if you do not have a partner or you have a partner with suffi cient income of his/her own, you can opt to exchange all or part of your survivor s pension for extra retirement pension. - You can vary the level of the bridging pension. If you retire before the AOW pension age, you will not yet receive a state pension. In that case you can purchase a bridging pension for the period until you reach the AOW pension age. You can vary the level of this bridging pension. - You can make use of the high-low scheme. You can opt to receive more pension in the fi rst years following retirement and less thereafter. That makes sense if you think that you will need more money in the fi rst years after retirement. You can choose to receive more pension up to the AOW pension age or up to the age of 72. Tip! The Pension Planner is fully geared to the renewed pension scheme. It enables you to calculate for your own personal situation all the individual options that you have when you retire. In the Pension Planner we assume that you do not lodge an objection to conversion to the renewed pension scheme. If you do object, you will see in the Pension Planner, after the processing of your objection, only the pension that you accrue from 1 January 2014 in the renewed pension scheme: (in Dutch) 21
22 Meer informatie In het meegestuu op uw persoonlijk opgebouwde pen Pensioenplanner krijgen in uw act Guide to your Overview Pension changes 1 January 2014 Your pension situation from 1 January 2014 after conversion Your future pension situation is shown on the page Your pension situation from 1 January 2014 after conversion. This takes into account the conversion of your accrued pension benefits to the renewed pension scheme. Your pension situation from 1 January 2014 after conversion In the event of retirement A B C D E Accrued pension on 1 January 2014 On the basis of the pension that you have accrued on 1 January 2014, you will receive: - from the age of 67 for as long as you live Pension to be accrued from 1 January 2014 If you accrue pension from 1 January 2014 up to the age of 67, you will receive: - from the age of 67 for as long as you live Projected pension at the age of 67 Assuming continued employment until the age of 67, you will receive: - from the age of 67 for as long as you live In the event of your death 15,000 9, ,000 Your partner will receive - from your death for as long as he/she lives 16,800 If you do not have a partner Do you not have a partner when you reach the age of 67? In that case the survivor s pension is exchanged for extra retirement pension. In the present situation that means that the survivor s pension of 16,800 is exchanged for extra retirement pension. This means that your projected pension at the age of 67 will be increased to 28,000. After the exchange the survivor s pension amounts to 0. «M_1» «M_2» «M_3» «M_4» «M_5» «M_6» Date Reference Re Dear «M_8», Op 1 januari 201 pensioenregeling Hieronder vermel Overview Pensio Dit Overzicht pe pensioenregeling - Your accrued renewed pen - Your pension pension accru pension situati This overview does not take account of any pre-retirement capital or ANW shortfall insurance. If you wish to know what is and what is not factored into the conversion, consult the booklet With the future in mind on page 13. Please note: Your pension accrual is based on a benefit accrual rate of 1.85%. This is not a fixed percentage. In certain circumstances it may also be lower. In that case you will accrue less pension in a particular period. Do you have que If you have any q number number is +314 With kind regards Stichting Philips Please note: All benefits stated are gross amounts per year. This means that tax and social security contributions still have to be paid on them. Your pension is paid in monthly instalments. Ton de Visser Head of Pension 4/4 STICHTING PHILIPS PEN 22
23 A B C D E Accrued pension on 1 January 2014 This is your accrued pension up to and including 31 December 2013, converted to the reference retirement age of 67. If you object to the conversion, your starting situation on 1 January 2014 is shown in the column Before conversion on the page Your accrued pension up to and including 31 December 2013 of your overview. Pension to be accrued from 1 January 2014 This is the amount of pension that you accrue from 1 January 2014 up to the reference retirement age of 67. This pension accrual is based on a benefi t accrual rate of 1.85%. This accrual rate is not a fi xed percentage. Under certain circumstances it may be lower. In that case you will accrue less pension in a particular period. Projected pension at the age of 67 This is the pension income that you receive from the age of 67 if you continue to accrue pension benefi ts with Philips until that age on the basis of your current data. This presupposes the conversion of your pension. Your projected pension does not take account of future developments. Such developments may have a (positive or negative) impact on your projected pension, for instance an increase in your pension through indexation and changes in your personal data, or measures such as a reduction of the benefi t accrual rate in the future. Your partner will receive This is the amount that your partner receives in the event of your death, taking account of the conversion of your pension. Your partner is entitled to this pension if you are married, if you are in a registered partnership or if you cohabit and your partner is registered with Philips Pensioenfonds. If you do not have a partner On your overview you can also see the amounts of pension you receive if you opt to exchange your survivor s pension for a higher retirement pension. These amounts are applicable to you if you do not have a partner when you retire or if you have a partner who can provide for his/her own income. As a result, your retirement pension will be higher, but after your death no income will be provided for your partner. Tip! On page 13 of this booklet you can read exactly what, and what is not, taken into account in the Overview Pension changes 1 January
24
25 4Funding Step 4: How is your pension scheme funded? In order to be able to pay for pensions, money is needed. An important difference between the current and the renewed pension scheme is the way in which the pension scheme is funded. On the one hand your pension is funded from the Pension Fund s investment income, and on the other hand from the premiums that are received for the accrual of your pension benefi ts. And this premium is going to change. A fi xed percentage of premium has been agreed for the renewed pension scheme. This has important consequences, which are explained in this step. Fixed percentage of premium Until now Philips paid each year the total pension premium needed for pension accrual in that year. In addition there was an extra supplement to the premium if the Pension Fund s fi nancial position was not strong. This has changed. In the renewed pension scheme Philips funds the scheme by paying a premium that is a fi xed percentage (24%) of the salaries. This includes your employee contribution. 4 Funding What happens to this 24%? Philips Pensioenfonds uses the total pension premium of 24% of all salaries, minus costs, to fi nance your annual pension accrual of 1.85%. If any money is left over after the payment of costs and pension accrual, the Pension Fund pays the surplus into a separate account. This account is known as the premium reserve. This is set down in the CAO agreements on the renewed pension scheme. If in a given year the payment of 24% of all salaries is not suffi cient to fund the pension accrual of 1.85%, the defi cit is covered by the premium reserve, provided it contains suffi cient funds. If that is not the case, the accrual rate for that year is reduced and you accrue less pension in that year. 25
26 The premium reserve The Board of Trustees may resolve to use the premium reserve for the realization of the accrual rate of 1.85%, for a higher indexation for those accruing pension benefits or to add a surplus to the Fund s assets. - Pension accrual for persons accruing pension benefits The premium reserve is primarily intended to realize a pension accrual of 1.85% of the pension base. So in a year in which the premium of 24% of all salaries is insufficient, the funds in the premium reserve are used to realize 1.85%. - Indexation for persons accruing pension benefits If the premium reserve contains sufficient funds which are not needed for realizing the accrual rate, these funds are used to realize a higher indexation for persons accruing pension benefits. This indexation will then consist of the (positive) difference between wage and price inflation. You can read more about indexation in the renewed pension scheme in step 2. - Pension assets for everyone If the premium reserve reaches a certain level, no new payments are transferred to the reserve, and the surpluses are added to the assets of the Pension Fund. In this way the financial situation of the Pension Fund as a whole will be strengthened, thus increasing somewhat the possibility of indexation for those accruing pension benefits, those receiving benefits and former Philips employees who have a pension entitlement with the Fund. Once-only payment As the risks are apportioned differently in the renewed pension scheme, Philips will make a once-only payment to the value of 600 million to Philips Pensioenfonds. This will strengthen the Fund s position and increase the likelihood of future indexation for all members. Of this 600 million, a sum of 100 million will be added to the premium reserve. The expectation is that this addition will enable the premium reserve to do its work effectively, i.e. to realize an accrual rate of 1.85% and to realize higher indexation. 26
27 Once-only extra contribution e 6oo MILLION e 500 million e 100 million Addition of 600 million It was agreed in the CAO negotiations that part of the entire sum of 600 million will be added to the premium reserve. The extra contribution is divided into two parts: million will be added to Philips Pensioenfonds pension assets million will be added to the premium reserve. pension assets premium reserve 27
28
29 Changeover to the renewed pension scheme Stap 5: What else you need to know 5In this tab you will find a timeline showing when the most important information is provided. You can also read how to proceed if you wish to object to the conversion of your accrued pension benefi ts. All the main points are summarized in the checklist on page 33. What information can you expect? January 2014 From 1 January 2014 you accrue pension benefi ts in the renewed Philips flex pension. February 2014 In this month you have received the Overview Pension changes 1 January 2014 together with this booklet. The overview shows what the changeover to the renewed pension scheme means for you personally. You can make use of the Pension Planner via The Pension Planner is geared to the renewed pension scheme. It will enable you to calculate the consequences for your personal situation of individual options that you will have when you retire. April 2014 You pay an employee contribution for your pension. You can see your employee contribution on your salary statement. If you wish to object to the conversion of your accrued pension benefi ts to the renewed pension scheme, you must make this known by 10 April Exactly what you have to do is described on page Changeover May/June 2014 You receive your Uniform Pension Overview The Uniform Pension Overview confi rms the introduction of the renewed pension scheme with effect from 1 January Your choice regarding the conversion of your pension benefi ts is also processed in the pension overview. 29
30 Lodging an objection to conversion: how to proceed You are not obliged to have your accrued pension converted to the renewed pension scheme. You have the option of objecting to this. If you are considering such an objection, you are advised to take note of the information given from page 12 of this booklet, particularly since conversion of your accrued pension to the renewed pension scheme has a number of advantages for you. These advantages may become disadvantages if you lodge an objection to conversion. However, if you nevertheless wish to choose not to have your pension benefits converted, you should proceed as follows: You go to and download the form Objection to conversion of accrued pension. You fill in the form. You and, where applicable, your partner both sign the form. You send the form no later than 10 April 2014, quoting Objection Form, to Philips Pensioenfonds, Antwoordnummer 35, 5600 VB Eindhoven, the Netherlands. Philips Pensioenfonds will send you an acknowledgement of receipt of the form within ten working days. You receive a letter in which you are given the choice of exchanging your accrued survivor s pension for extra retirement pension. You receive a paid-up policy for the pension benefits that you accrued up to 1 January
31 Practical points and useful tips This booklet contains the most important information about the pension changes that take effect from 1 January Together with the personal Overview Pension changes 1 January 2014 this package provides a lot of information about your renewed pension scheme and its consequences for your pension. Do you wish to know more about this or are there special circumstances in your case? Below you will fi nd a few more practical points and useful tips. Are you aged 60 or older? In that case you will receive with this information package extra information about choosing your retirement date. A conversion of pension benefits from a previous employer If you are in the process of having the pension benefi ts accrued with a previous employer transferred to Philips Pensioenfonds and this process has not yet been completed, you will not see these pension benefi ts on the Overview Pension changes 1 January You will receive further information from Philips Pensioenfonds as soon as the conversion has been completed. The website of Philips Pensioenfonds has been brought fully into line with the renewed pension scheme. But a special information board has also been created where all the information about the renewed pension scheme can be found: not only a specifi c explanation of the changes, but also FAQs, previous articles published in Generaties and current news. For this, go to (in Dutch). And of course you can download here all the available booklets and forms regarding the renewed pension scheme. These documents can also be requested from the Service Desk of Philips Pensioenfonds (see page 34). Tip! Any questions you might have about the changes to the pension scheme can be addressed to the Service Desk of Philips Pensioenfonds. The contact details can be found on page
32 Insight into your pension situation via the Pension Planner You have a pension scheme with various flexible options. However, you only really get a clear picture of your pension situation if you calculate the effects of your personal choices. You can do this with the Pension Planner. The Overview Pension changes 1 January 2014 does not take account of individual choices. The Pension Planner enables you to make your own calculations based on the renewed pension scheme, so that you see what the financial consequences of your choices are. The Pension Planner has been adapted to the renewed pension scheme from 1 January 2014, taking account of the conversion of your accrued pension benefits to the renewed pension scheme. Tip! You can log onto the Pension Planner with your payroll number and your password. Go to: (in Dutch) If you have forgotten your password, you can request a new one. Annual pension overview Once per year your personal Uniform Pension Overview is sent by us to your home address. On this overview you will find all the financial information about your personal pension situation with Philips Pensioenfonds. In the next Uniform Pension Overview that you receive from us you will see your pension situation in the renewed pension scheme. Pension scheme rules Your pension scheme is described in the pension scheme rules, which can be downloaded from You can also request a copy of the pension scheme rules from the Service Desk of Philips Pensioenfonds. 32
33 Checklist Are you aware of the main changes to your pension? In this booklet you can read what the most important changes are. Do you have any questions or is there anything which is not clear on your Overview Pension changes 1 January 2014? In that case look at the FAQs at (in Dutch). Or call the Service Desk of Philips Pensioenfonds on telephone number (from abroad ). The Service Desk can be contacted on working days from 9.00 a.m. to 5.00 p.m. More contact details can be found on page 34 of this booklet. Are your partner s details registered correctly on the overview? Do you wish to register your partner with Philips Pensioenfonds? Or are your partner s details incorrect? If so, fi ll in the form Partner Registration. You can download the form from or request it from the Service Desk of Philips Pensioenfonds (see page 34). Your accrued pension was automatically converted to the renewed pension scheme on 1 January By the summer you will receive your Uniform Pension Overview showing your new pension situation. You do not have to undertake any further action, unless you do not agree to the conversion of your accrued pension. If you wish to lodge an objection, you can do so by fi lling in the form Objection to conversion of accrued pension, which can be downloaded from Your objection must be received by us by 10 April You will then receive an acknowledgement from us.! Action point If you wish to register your partner with Philips Pensioenfonds or if your partner s details are incorrect, fi ll in the form Partner Registration, which can be downloaded from or requested from the Service Desk of Philips Pensioenfonds. 33! Checklist
34 Contact If you have any questions, don t hesitate to contact our Service Desk. The contact details are: Philips Pensioenfonds P.O. Box JP EINDHOVEN The Netherlands Visiting address : Beukenlaan VD Eindhoven Telephone : (Netherlands) : (Abroad) (during working days from 9.00 a.m. until 5.00 p.m. (CET)) Fax : (pension questions) : info@philipspensioenfonds.nl (brochures) : brochures@philipspensioenfonds.nl Internet : 34
35 This booklet has been prepared with the utmost care and is based on the information currently known to us as well as the pension scheme rules applicable to you. Ultimately, the pension scheme rules are decisive. The pension scheme rules can be requested from us or downloaded from
36
Explanatory notes. Uniform Pension Overview 2011 Philips flex pension. Balance as at 31 December 2010
Explanatory notes Uniform Pension Overview 2011 Philips flex pension Balance as at 31 December 2010 Philips Pensioenfonds has outsourced its pension administration to Hewitt Associates. If you have any
More informationThe Philips Flex Pension Plan
The Philips Flex Pension Plan Everything you need to know about your pension plan Eindhoven, January 2005 1 In spite of the fact that this brochure has been produced with all due care, no rights may be
More informationYour own pension capital. Information about your IBM pension Basic Pension, participant C
Your own pension capital Information about your IBM pension Basic Pension, participant C January 2014 Contents Your IBM pension... 4 A pension for you... 4 A pension for your family... 8 A pension in the
More informationPension scheme Pensioenfonds Robeco
Pension scheme Pensioenfonds Robeco ABRIDGED VERSION OF THE PENSION SCHEME EFFECTIVE FROM 2014 Contents 1 Introduction 1.1 Your pension in general terms 1.2 Your pension with Robeco Nederland 2 Elements
More informationStichting Shell Pensioenfonds Your pension at Shell
Stichting Shell Pensioenfonds Your pension at Shell The new scheme in brief INFORMATION FOR EMPLOYEES WHO WERE PARTICIPANTS PRIOR TO 1 JANUARY 2006 4 DE NIEUWE REGELING IN HET KORT Contents The new pension
More informationyour benefits in detail
Booklet 2 BASF UK Group Pension Scheme (DC section) Your member guide your benefits in detail 1 October 2015 Inside this guide: Benefits when you retire 4 If you die in service 8 If you die after taking
More informationYour pension options. This brochure looks at five options for a flexible pension.
Your pension options This brochure looks at five options for a flexible pension. 1 Introduction The TNO Pension Scheme already gives you a lot of freedom of choice. New is that from 1 January 2012 onwards
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 informationQ+A Life-course savings scheme
Q+A Life-course savings scheme What is the life-course savings scheme? The life-course savings scheme enables employees to save part of their gross salary. These savings can be used to pay for a period
More informationWelcome to PME. My pension. for members born in 1950 or later
Welcome to PME My pension for members born in 1950 or later November 2015 Guide to this publication Important! This brochure is for members who were born in 1950 or later. Were you born before 1950? If
More informationELDERSHIELD COMPREHENSIVE
Health Protection ELDERSHIELD COMPREHENSIVE Enhance your protection in your golden years At the prime of life when you are building your career and nurturing your family, it s hard to imagine anything
More informationQ+A AOW: Basic Old age pension
Q+A AOW: Basic Old age pension What is the AOW? The General Old Age Pensions Act (AOW) is a basic pension for people aged 65 and over. In addition, the AOW grants a supplementary allowance to people entitled
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 informationStichting Shell Pensioenfonds. Approaching 65. July 2012
Stichting Shell Pensioenfonds Approaching 65 July 2012 2 Approaching 65 You will soon be turning 65, so we are sending you this brochure to provide you with information about some possible changes. AOW
More informationRetiring on a pension. Version 25.07.2016
Retiring on a pension Version 25.07.2016 Version 25.07.2016 Retiring on a pension Retirement is on the horizon! The rhythm of your life is about to change, and it won t just affect your daily routine.
More informationEmployment contract between the Company and Mr A. Ragnetti
Employment contract between the Company and Mr A. Ragnetti The following contract is the employment contract of Mr A. Ragnetti, containing the terms of employment and other arrangements that apply with
More informationState of Affairs of social security, January 2014
This brochure provides a general overview of the range of national insurance schemes and social security benefits in the Netherlands including the amounts as at 1 January 2014. It is up to the implementing
More informationEmployment contract between the Company and Mr F.A. van Houten
Employment contract between the Company and Mr F.A. van Houten The following contract is the employment contract of Mr F.A. van Houten, containing the terms of employment and other arrangements that apply
More informationCover Page Product Guides Income Loyalis Insurance
You live, you change. Loyalis changes along with you. Cover Page Product Guides Income Loyalis Insurance Loyalis Insurance offers the possibility of purchasing employee insurance that largely covers the
More informationDivorce. Version: 09.05.2016
Divorce Version: 09.05.2016 Version 09.05.2016 Divorce and pension There are ten thousand divorces in the Netherlands every year. Divorce leaves (marriage) partners with a lot of affairs to arrange, including
More informationYourLife Plan Family Income Benefi t Key Facts. Total & Permanent disability. Specifi ed Critical Illness. Terminal Illness. Long term sickness.
YourLife Plan Family Income Benefi t Key Facts Death Terminal Illness Specifi ed Critical Illness Long term sickness Total & Permanent disability Contents Section A: About YourLife Plan Page A1 What is
More informationDisability leave and your pension. You can rely on us
Disability leave and your pension You can rely on us If you are receiving workplace disability benefits, you may have many questions about what to expect. As a member of the CAAT Pension Plan, you can
More informationRetired Public Safety Officer Insurance Premium Deduction Program. Frequently Asked Questions
Program Information Frequently Asked Questions 1. What is this new program and when does it start? The Retired Public Safety Offi cer Insurance Premium Deduction Program allows eligible, retired public
More informationThe old age pension system in the Netherlands
The old age pension system in the Netherlands Index Index 1 Introduction 3 1. Principles of the Dutch pension system 5 2. First pillar: the state old-age pension (AOW) 7 3. Second pillar: occupational
More informationLGPS 2014 - FREQUENTLY ASKED QUESTIONS
LGPS 2014 - FREQUENTLY ASKED QUESTIONS THE BACKGROUND TO LGPS 2014 Why is another new scheme being introduced? The Coalition government came to power with a clear agenda to change public sector pensions,
More informationWith Our PRSA You Can
Live Life Your Way With Our PRSA You Can Making Your Money Work As Hard As You Do Contents Why Should I Plan For My Retirement?... 2 How Will My PRSA Work?... 4 How Will I Benefit From A PRSA?... 6 Investment
More informationYour pension cover with PUBLICA
Your pension cover with PUBLICA A summary of the ETH Pension Plan Regulations for employees in the ETH Domain (VR-ETH 1) and for professors in the ETH Domain (VR-ETH 2) This brochure gives an overview
More informationMember s Right to Information: Annual Statements, Termination Statements, Notices. PBA, 1990, s. 25-30, 42, O. Reg. 909 s.
Financial Services Commission of Ontario Commission des services financiers de l Ontario SECTION: Access to Information INDEX NO.: I150-800 TITLE: Member s Right to Information: Annual Statements, Termination
More informationTowards sustainable Dutch occupational pensions
Towards sustainable Dutch occupational pensions Ilja Boelaars, Lans Bovenberg, Dirk Broeders, Peter Gortzak, Sacha van Hoogdalem, Theo Kocken, Marcel Lever, Theo Nijman and Jan Tamerus 1 November, 14,
More informationYOUR PENSION BENEFITS BOOK. This U.S. Benefits Book describes the Pension Plans effective Jan. 1, 2013.
YOUR PENSION BENEFITS BOOK This U.S. Benefits Book describes the Pension Plans effective Jan. 1, 2013. About this document This Summary Plan Description (SPD) provides general information regarding benefit
More informationTeachers Retirement Association. Marriage Dissolution: Dividing TRA Benefits
Teachers Retirement Association Marriage Dissolution: Dividing TRA Benefits Marriage Dissolution: Dividing TRA Benefits Preface This booklet is designed to give all parties involved in a marriage dissolution
More informationWhat are my Pension Options?
What are my Pension Options? The types of pension plans you can use to save for your retirement www.pensionsboard.ie www.pensionsboard.ie Verschoyle House 28/30 Lower Mount Street Dublin 2 Tel 01 613 1900
More informationGroup Income Protection Technical Guide
For commercial customers and their advisers only Group Income Protection Technical Guide Reference BGR/4019/OCT12 Contents Page Its aims Employers your commitment Risk factors How does the policy work?
More informationBUYING A HOME WITH A MORTGAGE LOAN Keep the decision in your own hands
A practical guide for future home owners BUYING A HOME WITH A MORTGAGE LOAN Keep the decision in your own hands Understanding the risks of long-term borrowing ABOUT THE BROCHURE About the brochure This
More informationLAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET
LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET 2011 1 TABLE OF CONTENTS Introduction... 3 Eligibility... 4 Contributions... 5 Individual Account... 8 Short Term Account... 8 Retirement Dates...
More informationLimits to tax relief and tax-free benefits
TAX LIMITS FINAL SALARY AND CAREER REVALUED BENEFITS SECTIONS Limits to tax relief and tax-free benefits Introduction Pension benefits earned by individuals in the UK which qualify to receive tax relief
More informationWorking outside the Netherlands temporarily
Working outside the Netherlands temporarily Contents How to remain insured in the Netherlands 2 Why remain insured in the Netherlands 2 Where to pay social insurance contributions 2 Which social insurance
More informationHow To Pay Taxes On A Pension From A Retirement Plan
Payout Guide A GUIDE TO OPTIONS FOR YOUR STATE OF MICHIGAN 401(K) AND 457 PLAN ACCOUNTS 1-800-748-6128 http://stateofmi.ingplans.com State of Michigan 401(k) and 457 Plan Participant: You ve worked hard
More informationSummary Plan Description
Summary Plan Description Glatfelter Retirement Plan Program for Hourly Employees in the Spring Grove Group (Applicable to Employees hired prior to January 17, 2011) Effective January 1, 2012 DMEAST #14404512
More informationHow To Get A Pension In Canada
United Food and Commercial Workers Union for further information Plan Administrator: William M. Mercer Suite #860, One Bentall Centre 505 Burrard Street Vancouver, BC, V7X 1M4 Pension Plan Canada Safeway
More informationCompensation and divorce
Compensation and divorce Pension Protection Fund Protecting People s Futures This booklet is for guidance only. It is not a definitive statement of law or entitlement. Information in the booklet is based
More informationState of Affairs of social security
This brochure provides a general overview of the range of national insurance schemes and social security benefits in the Netherlands including the amounts as at 1 July 2012. It is up to the implementing
More informationLimits to tax relief and tax-free benefits
TAX LIMITS FINAL SALARY AND CAREER REVALUED BENEFITS SECTIONS Limits to tax relief and tax-free benefits Introduction Pension benefits earned by individuals in the UK, which qualify to receive tax relief,
More informationWhat the Financial Assistance Scheme means to you
What the Financial Assistance Scheme means to you Pension Protection Fund Protecting People s Futures The Financial Assistance Scheme is administered by the Pension Protection Fund Introduction This booklet
More informationFinancial planning guide For teachers who are approaching retirement
Financial planning guide For teachers who are approaching retirement Financial planning guide 1 2 Contents Think ahead 4 When did you join? 5 Different rules, at different times 6 What kind of member are
More informationA Guide to the Local Government Pension Scheme (LGPS) in Scotland
A Guide to the Local Government Pension Scheme (LGPS) in Scotland April 2016 1 1. Introduction 4 2. How the LGPS changed on 1 April 2015 5 3. About the Local Government Pension Scheme (LGPS) 9 Who runs
More informationMaking Smart Decisions About Your Retirement Income SOCIAL SECURITY SAVVY
Making Smart Decisions About Your Retirement Income SOCIAL SECURITY SAVVY If you re like many Americans, you ve worked and contributed to the Social Security system for most of your life. Now, it s time
More informationPut a piece of now aside for later. A Nationale-Nederlanden pension
Put a piece of now aside for later A Nationale-Nederlanden pension Now Life is not made up of days, weeks, months or years. It is made up of moments of little pieces of now. For one person, a piece of
More informationPolice Pensions Scheme FAQ s. Q. What is the level of my contribution each month?
Police Pensions Scheme FAQ s Q. What is the level of my contribution each month? A. The current contribution rates at 12.25% with parity of contributions for both men and women. It is possible that the
More informationPension Fund of Credit Suisse Group (Switzerland) Retirement Savings Plan
Pension Fund of Credit Suisse Group (Switzerland) Retirement Savings Plan Effective January 1, 2015 Key Facts about the Pension Fund The Pension Fund of Credit Suisse Group (Switzerland) is one of the
More informationLimits to tax relief and tax-free benefits
TAX LIMITS FINAL SALARY AND CAREER REVALUED BENEFITS SECTIONS Limits to tax relief and tax-free benefits Introduction Pension benefits accrued by individuals in the UK which qualify to receive tax relief
More informationPublic School Employees Retirement System. Let s Talk About. Taxes on Your Retirement Benefits
Public School Employees Retirement System Let s Talk About Taxes on Your Retirement Benefits Publication # 9600 9/2013 The information contained in this publication is intended only for general guidance
More informationFSA Factsheet Retiring soon what you need to do about your pensions
October 2005 FSA Factsheet Retiring soon what you need to do about your pensions Financial Services Authority This factsheet is for you if: you re planning to retire soon, or you want to plan ahead; and
More informationAn Easy-to-Understand Introduction to the Retirement Plan and the Savings Plan. How the Plans Work. Contributions. Other Benefits
An Easy-to-Understand Introduction to the Retirement Plan and the Savings Plan Annuities How the Plans Work Contributions Eligibility Enrollment Other Benefits November 2015 WELCOME TO THE YMCA RETIREMENT
More informationIntroduction...4 How to contact West Yorkshire Pension Fund...4
1 The Index Page Introduction...4 How to contact West Yorkshire Pension Fund...4 The Choice Your Pensions Choice... 5 State Second Pension Scheme (S2P)... 5 Personal Pension Plans and Stakeholder Pension
More informationGUIDE TO RETIREMENT PLANNING FINANCIAL GUIDE. Making the most of the new pension rules to enjoy freedom and choice in your retirement
GUIDE TO RETIREMENT PLANNING Making the most of the new pension rules to enjoy freedom and choice in your retirement FINANCIAL GUIDE WELCOME Making the most of the new pension rules to enjoy freedom and
More informationKey Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales
Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales Important information you need to read The Financial Conduct Authority is an independent financial
More informationBT Business Super. Additional Information Booklet Part 3 Insurance. Dated: 1 July 2015 Last updated: 1 July 2015
BT Business Super Additional Information Booklet Part 3 Insurance Dated: 1 July 2015 Last updated: 1 July 2015 About this Additional Information Booklet This document is Part 3 of the Additional Information
More informationWelcome to NEST. All the key information you need about being a member of NEST
Welcome to NEST All the key information you need about being a member of NEST 2 Please write your NEST ID here: You ll find this number on the letter that came with this booklet. Welcome to NEST Building
More information1999 Academic Pension Plan
1999 Academic Pension Plan TABLE OF CONTENTS Introduction... 3 Eligibility... 3 Enrolling in the Plan... 3 Contributions... 3 Defined Benefit Component:... 3 Defined Contribution Component:... 4 Other
More informationThe Boeing Company Employee Retirement Plan
The Boeing Company Employee Retirement Plan Summary Plan Description 2007 Edition/Certain Union-Represented Employees The summary plan description (SPD) for this Plan is this booklet and any summaries
More informationEmployees Retirement Plan University of Windsor Pre-Retirement Seminar
Employees Retirement Plan University of Windsor Pre-Retirement Seminar Welcome! April 22, 2014 Presentation Overview Preparing for Retirement Sources of Retirement Income Types of Pension Plans Plan Definitions
More informationDetailed guidance for employers
April 2015 6 Detailed guidance for employers Opting in, joining and contractual enrolment: How to process pension scheme membership outside of the automatic enrolment process Publications in the series
More informationBenefits through the stages of your life. PLANNING TO RETIRE Your Benefit Options at Retirement
Benefits through the stages of your life. PLANNING TO RETIRE Your Benefit Options at Retirement Table of Contents 1. Overview...1 2. Considering Your Retirement Income....3 From Your Employer: The Pension
More informationA brief guide to The Local Government Pension Scheme. Employees in England and Wales April 2011
A brief guide to The Local Government Pension Scheme Employees in England and Wales April 2011 Highlights of the Local Government Pension Scheme (LGPS) The LGPS gives you: Secure benefits the scheme provides
More informationPreparing for Retirement. A Guide for Employees. Human Resources
Preparing for Retirement A Guide for Employees 010 Human Resources Contents Introduction... 3 Canada Pension Plan Retirement Benefits... 4 Old Age Security... 6 Employment Insurance Benefits at Retirement...
More informationMaking Sense of Prepaid Funerals
Making Sense of Prepaid Funerals Thank you for enquiring about a prepaid funeral service with Stephen Baggs Funeral Directors. When people are first thinking of paying for a prepaid funeral we have often
More informationFLEXIBILITY CHOICES COMPETITIVE COVERAGE PROTECTION
BENEFITS FLEXIBILITY CHOICES COMPETITIVE COVERAGE PROTECTION HEALTH CARE RETIREMENT WORK/LIFE BENEFITS FLEXIBILITY CHOICES COMPETITIVE COVERAGE PROTECTION HEALTH CARE RETIREMENT WORK/LIFE BENEFITS FLEXIBILITY
More informationPensions Information for Scheme Members in the format of Frequently Asked Questions
Pensions Information for Scheme Members in the format of Frequently Asked Questions RPC005769_EN_PR_L_1.indd Feb 2015 Designed & Printed by the Revenue Printing Centre Preface The information in the F.A.Qs
More informationLOCAL GOVERNMENT SUPERANNUATION SCHEME
LOCAL GOVERNMENT SUPERANNUATION SCHEME SUPERANNUATION SCHEMES (REPRODUCED WITH THE KIND PERMISSION OF THE SUPERANNUATION SECTION, DEPT. OF THE ENVIRONMENT AND LOCAL GOVERNMENT) 1 The pensions legislation
More informationMaking the Most of Your Super
Making the Most of Your Super For many people, super is one of the best ways to accumulate wealth. The Government provides tax benefits to encourage people to fund their own retirement. With more Australians
More informationTable of Contents. Participant Section
Table of Contents Participant Section Introduction...1 Planning Ahead...1 Distribution Making Your Choice...2 Other Considerations...5 Joint Life and Survivor Expectancy Table...7 Single Life Expectancy
More informationThe Local Government Pension Scheme (LGPS) in England and Wales
The Local Government Pension Scheme (LGPS) in England and Wales The Scheme This is a short description of the conditions of membership and main scheme benefits that apply under the LGPS. What kind of scheme
More informationThe Teachers Pension Scheme
The Teachers Pension Scheme Today s session And what we hope you ll get out of it. It s a basic overview. Pensions are complex and so we can t squeeze all the finer details into this session. If you want
More informationLocal Government Pension Scheme. Summary Guide - April 2010. Hertfordshire Pension Fund
Local Government Pension Scheme Summary Guide - April 2010 Hertfordshire Pension Fund Local Government Pension Scheme Contents Page Number The Scheme 2 What do I pay? 4 Retirement 7 The Benefits 9 Protection
More informationCAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT ST JOHN S COLLEGE
CAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT ST JOHN S COLLEGE How the Scheme is run Why you should join State pensions Auto-enrolment Membership Cost Who can become a member? What
More informationBuy to Let Residential Properties
Buy to Let Residential Properties AWARDS 2015 Best Regional Building Society AWARD WINNERS for providing consistently competitive mortgages Be more than a number Buy to Let from the Cumberland we are here
More informationHave you ensured the security of your family s future?
PROTECTION AIA SECURE TERM PLUS Have you ensured the security of your family s future? Protect them confidently with a plan that offers high protection at a low premium AIA.COM.SG While 6 in 10 Singaporeans
More informationEmployer Obligations
Employer Obligations Superannuation The information contained in this booklet is a brief summary of superannuation and the issues that arise regarding it from an employer s perspective. For more detailed
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 informationSmall Self Administered Scheme. Benefit Form Uncrystallised Funds Pension Lump Sum (UFPLS)
Small Self Administered Scheme Benefit Form Uncrystallised Funds Pension Lump Sum (UFPLS) Important notes Taking benefi ts from your pension is an important decision. We recommend that you take advice
More informationISAs watch your savings grow
ISAs watch your savings grow Includes Help to Buy: ISA Be more than a number INDIVIDUAL SAVINGS ACCOUNTS, better known as ISAs, are a tax free way to save. In the current tax year, you can save or invest
More informationGN11A(ROI): CALCULATIONS REQUIRED UNDER THE FAMILY LAW ACT, 1995 OR THE FAMILY LAW (DIVORCE) ACT, 1996
GN11A(ROI): CALCULATIONS REQUIRED UNDER THE FAMILY LAW ACT, 1995 OR THE FAMILY LAW (DIVORCE) ACT, 1996 Classification Practice Standard Legislation or Authority This Guidance Note must be read in conjunction
More informationSlide 2. Income Taxes
Slide 1 Taxes Income taxes have been a part of American life since 1909 when the 16 th Amendment to the Constitution was ratified. You can t avoid taxes, so you might as well understand how taxes are structured
More informationThe Local Government Pension Scheme. Leaving the LGPS
The Local Government Pension Scheme Leaving the LGPS A guide to the options and benefits available to you when leaving the Local Government Pension Scheme (LGPS) Leaving the Local Government Pension Scheme
More informationYour pension and tax. How the tax rules affect you
Your pension and tax How the tax rules affect you Occupational pension schemes and personal pension arrangements which benefit from tax relief are subject to tax rules. The rules limit the amount of tax
More informationContents Introduction To Annuities Flexibility of Annuity Types of Annuity About Pensioncalculator.org
Annuities Guide Contents Introduction To Annuities What is an Annuity? Why Bother with an Annuity? Main Advantages of Annuities Pros and Cons Flexibility of Annuity Buying an annuity Tax & National Insurance
More informationA guide to your Annual Benefit Statement 2015
A guide to your Annual Benefit Statement 2015 Contents Page 03 Page 04 Page 05 Page 06 Page 07 Page 08 Page 09 Page 1 0 Page 1 1 Page 1 2 Page 1 3 What is your Annual Benefit Statement? Personal details
More informationBT Super for Life. Product Disclosure Statement (PDS) Contents. Dated 1 July 2014
Contents BT Super for Life Product Disclosure Statement (PDS) Dated 1 July 2014 1. About BT Super for Life 2 2. How super works 2 3. Benefits of investing with BT Super for Life 3 4. Risks of super 5 5.
More informationSIX Group Staff Pension Fund
SIX Group Staff Pension Fund Pension Fund Regulations Valid from 1 January 2014 These Regulations describe the benefits and the financing of the SIX Group Staff Pension Fund. The Regulations have been
More informationPensions Information for Scheme Members in the format of Frequently Asked Questions
Pensions Information for Scheme Members in the format of Frequently Asked Questions RPC005770_EN_PR_L_1.indd Feb 2015 Designed & Printed by the Revenue Printing Centre Preface The information in the F.A.Qs
More informationHow To Know What Happens To Your Benefits When You Quit Your Job
Westinghouse Electric Company Events Guide Benefits in the Event of: Leave of Absence Disability Layoff / Permanent Separation Death Furlough Voluntary Quit / Involuntary Termination Revised January 2015
More informationThe McClatchy Company. Retirement Plan. April 1, 2009 SUMMARY PLAN DESCRIPTION. April 1, 2009. Table of Contents. Rev. 08/10
The McClatchy Company Retirement Plan April 1, 2009 SUMMARY PLAN DESCRIPTION April 1, 2009 Table of Contents Rev. 08/10 Table of Contents I. INTRODUCTION... 4 PLAN HIGHLIGHTS... 5 II. LEGACY MCCLATCHY
More informationPensions. Information for Scheme Members. in the format of Frequently Asked Questions
Pensions Information for Scheme Members in the format of Frequently Asked Questions Designed & Printed by the Revenue Printing Centre January 2015 RPC005668_EN_PR_L_1.indd Preface The information in the
More informationPPS 1 October 2007 the age factors increased, so officers who wish to commute may, if they wish, take a larger lump sum
The Changes in the Lump Sum Age Factors. Implementation date :- PPS 1 October 2007 the age factors increased, so officers who wish to commute may, if they wish, take a larger lump sum NPPS 1 July 2008
More informationYour Master Retirement Plan Handbook...
annuity options. Master Retirement Plan Your Master Retirement Plan Handbook... Key points in understanding this generous benefit: Remember, if you re married, you can select any of the payment options.
More informationKey Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents
Pension Annuity Key Features This brochure outlines the key features of the Just Retirement Pension Annuity. The Financial Conduct Authority is a financial services regulator. It requires us, Just Retirement,
More informationA Guide to the Local Government Pension Scheme for Employees in England and Wales. Hampshire Pension Fund
A Guide to the Local Government Pension Scheme for Employees in England and Wales Hampshire Pension Fund Employees in England and Wales April 2014 Index 1. About this Booklet 2. About the Local Government
More informationApplying for Immediate Retirement Under the Federal Employees Retirement System
Applying for Immediate Retirement Under the Federal Employees Retirement System Do not use this pamphlet, or form SF 3107, FERS Application for Immediate Retirement, if you are applying for a deferred
More informationBenefits guide for the AJ Bell Investcentre SIPP
SIPP ISA GIA Benefits guide for the AJ Bell Investcentre SIPP SIPP ISA GIA Contents Introduction 3 SIPP benefits - the basics 3 Annuity, income drawdown and taxable lump sums - the commitments and risks
More information