Aegon PPI B.V. Pension regulations Graduated scale 4% [Type text]
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1 PPI B.V. Pension regulations Graduated scale 4% 2016 [Type text]
2 Preface In these pension regulations you will find your employer s pension scheme. The pension regulations also arrange the relationship between you and us. The pension scheme has been adopted on the basis of the pension agreement as applicable on commencement of the execution agreement. Your employer Execution agreement Pension agreement Pension regulations We as the pension provider You as the employee In these regulations you can find the pension entitlements that you have. A pension entitlement gives you or your dependants the right to a benefit if a certain situation occurs. In the pension regulations you can find how you accrue a pension for the future, among other things. But also, for example, that your partner is entitled to a lifelong partner s pension if you die before the retirement date. This document is an unofficial translation of the Dutch original and is provided as a courtesy only. In the event of any disparity between this version and the original Dutch version, the Dutch version will prevail. No rights may be derived from this unofficial English translation. 2
3 In these pension regulations 1. What do we mean by 5 2. Starting points The pension providers The participant The employer Obligation to cooperate Termination of your participation to the pension scheme Functioning 8 3. Your pension scheme Nature of the pension scheme Your pension entitlements Pensionable earnings Working part-time Accrual of pension Defined contribution Investment pension and Guarantee pension Investment pension Life Cycle Investing Free Investing Request for change of investments Investment costs Replacing investment funds Guarantee pension Transfer of accrued benefits for the new participant Supplements and profit-sharing pool Supplements Lifelong increase of Partner s pension Profit sharing pool for Investment pension Profit sharing pool for Guarantee pension Limits and restrictions Maximum amounts for pension Fiscal approval Adjustments by your employer Commuting, disposing, waiving and securing Commutation of a small pension Acceptance of insured entitlements Retirement Flexible retirement date Retire earlier Retire later Part-time pension Using and exchanging pension on retirement Variation in pension benefits Payment by Leven Transfer of accrued benefits on retirement 28 3
4 8. Death before the retirement date Partner s pension Orphan s pension ANW shortfall pension Disability Waiver of premium Resignation and dismissal Pension entitlements after resignation or dismissal Partner s pension after resignation or dismissal Transfer of accrued benefits to new pension scheme Divorce Consequences for your pension Conversion Unpaid leave Continuation of entitlements Termination of entitlements Complaints 37 Annexes Annexe 1 Explanation of terms Annexe 2 - Rates Annexe 3 Factors for exchanging, deferring, advancing, varying and commuting pension 4
5 Chapter 1. What do we mean by... The regulations contain terms that are frequently used in the context of pensions. These terms may not be immediately clear to you. We will explain these terms as much as possible in the section in which the term appears. Terms that are frequently used can be found in annexe 1, Explanation of terms. Below, you will find the names and terms and an explanation of whom or what we refer to. It is therefore important to read this first. This will help you to get a proper understanding of the regulations. You are The person who is a participant, a former participant or a person entitled to pension. Which of these you are, will determine which chapters and sections in these pension regulations apply to you. You are a participant if: - you are an employee with the employer as named in this pension scheme; and - the employer has provided you with a pension agreement; or - you are no longer an employee, but you still have pension entitlements because you are disabled. If you are a participant all the sections apply to you. All sections in the table of contents therefore show a red square. And in the regulations themselves the red squares are also found with the sections. You are a former participant if: - you are a former employee of the employer named in this pension scheme; and - this employer no longer pays any premium for you; whereas - you still have pension entitlements. The sections that show a yellow square in the table of contents apply to you. In the regulations themselves the yellow squares are also found with the sections. You are a person entitled to pension if you receive a pension benefit under this pension scheme. The sections that show a green square in the table of contents apply to you. In the regulations themselves the green squares are also found with the sections. Your partner becomes entitled to pension if you die during your participation to this pension scheme. See chapter 8, Death before the retirement date. Your ex-partner can also be entitled to pension; see chapter 11, Divorce. We are The pension providers; PPI, Leven, and Schade. Together, we are the pension providers of your pension scheme. If we refer to one of the pension providers in these regulations, we refer to this one pension provider only. PPI acts as authorised agent for Leven and Schade. Therefore you have one point of contact for your pension with us, namely PPI. 5
6 The retirement date This is the standard retirement date, namely the first day of the month in which you reach the age of 67 years. This is the retirement date permitted under the Wages and Salaries Tax Act. In the future, increases in the retirement age are possible under this act. This will depend on the life expectancy in the Netherlands. The law has a formula for this. The retirement date in your pension scheme is equal to the date stated in the Wages and Salaries Tax Act. You can find this date in Section 18a. You can also view this age at Mijn. Your personal retirement date You are not obliged to retire on the retirement date. You can also retire earlier or later. By your personal retirement date we mean the date on which you actually retire. Pension The pensions that are paid out after your personal retirement date, namely: - a lifelong retirement pension; - a partner s pension in the event of death after the personal retirement date; 70% of the retirement pension is the standard benefit; Where Pension is printed with a capital P, we refer to the retirement pension and the partner s pension in the event you die after the retirement date. Dependant s Pension These are the pensions that your partner and your children receive if you die before your personal retirement date. It comprises of a partner s pension and an orphan s pension. Where Dependant s Pension is printed with a capital D and P, we refer to the partner s pension and orphan s pension in the event you die before the retirement date. Investment pension The Investment pension minus the investment costs is invested using your defined contribution. Therefore you invest for your pension. On the retirement date, the value of these investments is used to purchase a Pension. The level of the Pension depends on the value of the investments on the retirement date, among other things. And the rates that the life insurers apply to the purchase of Pension at that moment. Guarantee pension In case of a Guarantee pension you purchase a Pension immediately. Guarantee pension is an insurance that gives immediate certainty on the level of the Pension. 6
7 Chapter 2. Starting points 2.1. The pension providers PPI PPI is a pension provider for the defined contribution scheme of your employer. Under a defined contribution scheme, your employer makes available a pension premium for you. You must use this to purchase a Pension. In addition, PPI also acts on behalf of: Leven Schade insurer if you opt for a Guarantee pension. insurer for the Dependant s Pension. insurer if you opt for the ANW shortfall pension insurer for waiver of premium in the event of disability. Until your retirement date PPI is at all times your point of contact for your pension The participant Participation to the pension scheme Before you enter the employer s service, your employer offers you the pension agreement as part of the total employment agreement. Participation to the pension scheme is therefore compulsory. You cannot work for your employer without participating in the pension scheme. As long as you work for the employer of these pension regulations, you are a participant of this pension scheme and you receive pension entitlements The employer Your employer has arranged this pension scheme with PPI for you. We collect all the premiums and costs from your employer. The level of your employee contribution is found in the pension agreement that you have concluded with your employer. Your employer will settle the employee contribution with your salary. Your employer has fulfilled its pension commitments under this pension scheme if the employer: - pays the premiums on time; and - fulfils its obligations under the execution agreement. If a situation occurs that has not been provided for in the pension agreement, your employer will act to the best of its knowledge and in the spirit of the agreement. When administrative or contentrelated pension matters are involved, your employer and PPI will at all times decide about these in consultation. 7
8 2.4. Obligation to cooperate You are obliged to cooperate in the proper execution of the pension scheme. This means that you provide your employer and us with all the data and supporting documents necessary. In any case you are required to inform your employer about: - any marriage; before the wedding day. For your children we automatically insure an orphan s pension if you have a partner; - entering into a (registered) partnership, before the date this takes place. For your children we automatically insure an orphan s pension if you have a partner; - divorce, within fourteen days after your divorce is official; - children entitled to the orphan s pension if you have no partner; as soon as possible. In the following events you are required to inform us directly: - You receive a decision from the Employee Insurance Agency (UWV) that shows that you are (partly) disabled you are required to inform us if you are no longer employed by the employer as stated in these pension regulations. More about this can be read in chapter 9, Disability. - If the UWV changes your disability percentage you are required to inform us if you are no longer employed by the employer as stated in these pension regulations and your premium has been waived. - Your address or any changes thereof must be passed on via Mijn. If these data are provided to us or to your employer incorrectly, not at all or not in time, your pension entitlements will not be, or not be fully, insured. In that case the cover of your pension entitlements is also limited to the level that is based on the information that we most recently received from you correctly and in full. Besides the data to be provided by you, your employer must also provide data. The insurance is also based on these data Termination of your participation to the pension scheme Your participation to the pension scheme ends if you are no longer employed by the employer of this pension scheme and you transfer the value of the Pension to another pension provider. This is called a transfer of accrued benefits, which is described in more detail in 10.3, Transfer of accrued benefits to new pension scheme. In a number of situations the pension entitlements under the pension scheme continue to exist. You can read more about this in section 10.1, Pension entitlements after resignation or dismissal. Your participation to the pension scheme also ends if you transfer the value of your investments as described in section 7.8, Transfer of accrued benefits on retirement. Your participation to the pension scheme does not end if you become disabled during your employment with this employer. In that case the premium is waived and your participation continues. Waiving means that your employer no longer needs to pay the premium for you. Your pension scheme ends at all times on your personal retirement date Functioning During your participation to this scheme, there may be circumstances that have an effect on our functioning. Or there may be other circumstances that influence your pension scheme. If such circumstances occur, we will inform you accordingly. 8
9 Chapter 3. Your pension scheme 3.1. Nature of the pension scheme The Pensions Act distinguishes the pensions in the Netherlands into several types of agreements. The type of agreement determines the nature of the pension scheme. This pension scheme has the following characteristics: - a defined contribution agreement for the entitlement to defined contribution. - a defined benefit agreement for: - Dependant s Pension; - ANW shortfall pension. Explanation A defined contribution agreement gives you a right to a pension premium. If you have Investment pension, the pension premium - after deducting investment costs - is invested. The value of the investments is used to purchase a Pension on your personal retirement date. At this moment it is not possible to calculate how much Pension you will purchase with it on your personal retirement date. See also chapter 4, Accrual of pension. You can also use the pension premium for Guarantee pension. In that case you have instant certainty about the level of Pension that you have purchased. A defined benefit agreement gives you the right to a guaranteed benefit. The level of this amount is known. See also chapter 8, Death before the retirement date and chapter 9, Disability Your pension entitlements Entitlement to defined contribution You are entitled to a defined contribution as described in chapter 4, Accrual of pension. You use the defined contribution for the accrual of Pension. Insured pension entitlements in the event of death The following pension entitlements are insured if you die before the personal retirement date: - Dependant s Pension; your partner receives a partner s pension and each child an orphan s pension; see annexe 1, Explanation of terms for the definitions of partner and child. - ANW shortfall pension; your partner receives a supplementary partner s pension. This is an optional pension. You determine whether or not you participate. An entitlement to Dependant s Pension and ANW shortfall pension is subject to the following provisions: - You must report to your employer and demonstrate that you have a partner. At any moment there exists an entitlement to Dependant s Pension and ANW shortfall pension for one partner only. - The level of the pension benefit as stated on your Uniform Pension Overview only applies if you are a participant at the moment you die. 9
10 3.3. Pensionable earnings The pensionable earnings serve as a basis for calculating all your pension entitlements. This is therefore an important piece of information. Calculating the pensionable earnings The pensionable earnings is the pensionable salary minus the state pension offset. We determine your pensionable earnings on the day on which your participation to this pension scheme commences. And subsequently annually on 1 January for the next year. Pensionable salary The pensionable salary is the salary as stated by the employer. Not included in your fixed monthly salary are: - expense allowances; - company car; - bonuses. In 2016, the pensionable annual salary can be a maximum of 101,519. We adjust this amount annually to reflect the changes of the wage and consumer price index. The employer may set its own maximum to the pensionable salary that is lower than this amount. Also, your pensionable salary may show a maximum increase of 15% per year. AOW state pension offset The state pension offset is the part of the salary that is not taken into account in determining your pension because later on you will also receive a state pension (old-age pension; AOW). In 2016, the AOW state pension offset amounts to 12,953. We adjust this amount annually to reflect the changes of the AOW. Decrease of pensionable earnings If your pensionable earnings decrease for any reason whatsoever, this will not affect the pension entitlements you already had. You can read about the influence of disability on the pensionable earnings in section 9.1, Waiver of premium Working part-time Working part-time has an influence on your pensionable earnings. You work part-time if you work fewer hours than the number of hours that the people in your company or organisation work if they have full-time employment. In determining your pensionable earnings we start from the pensionable salary that you would earn if you worked full-time. These pensionable earnings are multiplied by your part-time percentage. This percentage is the actual number of hours worked divided by the number of hours of a full-time employment and multiplied by 100%. 10
11 Example You work 24 hours per week and a full-time employment relationship would be 38 hours per week. Your part-time percentage is then 24 / 38 = x 100% = 63.16% Suppose you earned 35,000 per year in case of full-time employment and the state pension offset is 15,000 per year. Your full-time pensionable earnings are 20,000 and this amount is multiplied by your part-time percentage. The part-time pensionable earnings in that case are 20,000 x 63.16% = 12,632 We will set a new part-time percentage at the moment that: - you switch from part-time to full-time employment; or - you switch from full-time to part-time employment; or - your part-time employment changes without resulting in full-time employment. After we have set the new part-time percentage, for future years of service we will assume that this part-time percentage remains the same until the retirement date. 11
12 Chapter 4. Accrual of Pension 4.1. Defined contribution As soon as you start working for the employer of these pension regulations, you will start participating in this pension scheme. Until you stop working for this employer, your employer will make a premium available for pension each year. When you start participating in the scheme, we will determine the level of the defined contribution for the first time. We will subsequently do this every year on 1 January. For this we take your age on 31 January. The defined contribution is a percentage of the pensionable earnings and depends on your age. We take your age on the last day of the month in which we determine the defined contribution as a starting point. The percentages applicable to you are stated below in one of the columns. Your employer has decided which column applies to you. At Mijn and in your initial letter you can see which column applies to you. 4% graduated scale From age R 100% R 95% R 90% R 85% R 80% R 75% R 70% R 65% R 60% R 55% R 50% 4,7% Fixed 15 4,10% 3,90% 3,69% 3,49% 3,28% 3,08% 2,87% 2,67% 2,46% 2,26% 2,05% 4,70% 20 4,70% 4,47% 4,23% 4,00% 3,76% 3,53% 3,29% 3,06% 2,82% 2,59% 2,35% 4,70% 25 5,70% 5,42% 5,13% 4,85% 4,56% 4,28% 3,99% 3,71% 3,42% 3,14% 2,85% 4,70% 30 6,90% 6,56% 6,21% 5,87% 5,52% 5,18% 4,83% 4,49% 4,14% 3,80% 3,45% 4,70% 35 8,40% 7,98% 7,56% 7,14% 6,72% 6,30% 5,88% 5,46% 5,04% 4,62% 4,20% 4,70% 40 10,20% 9,69% 9,18% 8,67% 8,16% 7,65% 7,14% 6,63% 6,12% 5,61% 5,10% 4,70% 45 12,50% 11,88% 11,25% 10,63% 10,00% 9,38% 8,75% 8,13% 7,50% 6,88% 6,25% 4,70% 50 15,40% 14,63% 13,86% 13,09% 12,32% 11,55% 10,78% 10,01% 9,24% 8,47% 7,70% 4,70% 55 18,90% 17,96% 17,01% 16,07% 15,12% 14,18% 13,23% 12,29% 11,34% 10,40% 9,45% 4,70% 60 23,60% 22,42% 21,24% 20,06% 18,88% 17,70% 16,52% 15,34% 14,16% 12,98% 11,80% 4,70% 65 27,70% 26,32% 24,93% 23,55% 22,16% 20,78% 19,39% 18,01% 16,62% 15,24% 13,85% 4,70% 00% The Wages and Salaries Tax Act contains rules for the maximum defined contribution. In the future, the maximum percentages can be changed by law. If the percentages for the defined contribution in Mijn and in your initial letter are, now or in the future, higher than the maximum percentages according to the law, the following applies to you: Your percentage of defined contribution is always equal to the maximum percentage according to the Wages and Salaries Tax Act. Any change in defined contribution will only apply for the future. The commencement date of your entitlement to defined contribution is equal to the date of the start of the employment at the employer. Your entitlement to defined contribution stops when you leave your employer s service. The premiums for the following elements are paid separately by your employer: - Dependant s Pension; - ANW shortfall pension; - waiver of premium in the event of disability. Employee contribution Whether or not you need to pay an employee contribution for this pension scheme and if so, how much, depends on the agreements made between your employer and you. 12
13 Additional savings If your employer has not opted for column R 100%, you may make additional premium deposits. With these deposits you invest for additional pension. This is optional and for your own account. The premium is paid via your employer. Your employer will settle this with your salary. There is a maximum to the additional deposits you can make which depends on your pensionable earnings. The maximum percentages are stated per age category below: From age R 95% R 90% R 85% R 80% R 75% R 70% R 65% R 60% R 55% R 50% 15 0,20% 0,41% 0,61% 0,82% 1,02% 1,23% 1,43% 1,64% 1,84% 2,05% 0,00% 20 0,23% 0,47% 0,70% 0,94% 1,17% 1,41% 1,64% 1,88% 2,11% 2,35% 0,00% 25 0,28% 0,57% 0,85% 1,14% 1,42% 1,71% 1,99% 2,28% 2,56% 2,85% 1,00% 30 0,34% 0,69% 1,03% 1,38% 1,72% 2,07% 2,41% 2,76% 3,10% 3,45% 2,20% 35 0,42% 0,84% 1,26% 1,68% 2,10% 2,52% 2,94% 3,36% 3,78% 4,20% 3,70% 40 0,51% 1,02% 1,53% 2,04% 2,55% 3,06% 3,57% 4,08% 4,59% 5,10% 5,50% 45 0,62% 1,25% 1,87% 2,50% 3,12% 3,75% 4,37% 5,00% 5,62% 6,25% 7,80% 50 0,77% 1,54% 2,31% 3,08% 3,85% 4,62% 5,39% 6,16% 6,93% 7,70% 10,70% 55 0,94% 1,89% 2,83% 3,78% 4,72% 5,67% 6,61% 7,56% 8,50% 9,45% 14,20% 60 1,18% 2,36% 3,54% 4,72% 5,90% 7,08% 8,26% 9,44% 10,62% 11,80% 18,90% 65 1,38% 2,77% 4,15% 5,54% 6,92% 8,31% 9,69% 11,08% 12,46% 13,85% 23,00% 4,7% fixed You cannot insure a waiver of premium for these additional deposits. The maximum percentages for the additional deposits are established annually on 1 January. More information on Additional savings and the application form can be found at Mijn Investment pension and Guarantee pension With this pension scheme you are entitled to defined contribution. You must use this premium for making investments. The value of the investments is used to buy Pension. After commencing employment, you can choose when you purchase Pension, namely: - on your retirement date, until that point in time the premium is invested Investment pension; - before your retirement date, to be insured using the Pension Guarantee pension. With Investment pension, the level of your Pension is determined by the interest rate on your retirement date, among other things. And the rates chosen at that point in time by the life insurance company. Therefore, with Investment pension you have no certainty in advance about the level of your Pension. Guarantee pension does give you instant certainty about the level of your Pension. Of course you can also choose a combination of investing and insuring. You can state your choice via Mijn. If you opt for using (part of) the defined contribution to purchase Guarantee pension, we will do this on the first premium due date after receiving your request in writing. The premium due date is the day on which we charge the periodical premium. This is always the first day of the month. A request to do this retroactively will not be granted. 13
14 4.3. Investment pension Commencement On commencement of the participation to the pension scheme your defined contribution is always invested in accordance with Life Cycle Investing. As a standard procedure this takes place in accordance with the defensive risk profile and taking into account your age. We will subsequently ask you for your personal risk profile and your choice for Life Cycle Investing or Free Investing. This takes place via the Investment Choice Form. You are free to choose either for Life Cycle Investing or Free Investing. After receiving the Investment Choice Form, we will switch the invested value to the investment fund that corresponds with your personal risk profile and the choices mentioned above. Switching means changing the composition of investments. Value Your investments are currently held in a pension investment account. The invested value in your pension investment account is always equal to the number of investment units on the day in question - multiplied by the current price on the day of trading, minus selling costs. On your personal retirement date The value of your investments is available on your personal retirement date. A condition is that you are still alive at that point in time. You may only use the value of your investments to purchase Pension. You may choose the life insurance company where you purchase your Pension. The level of the Pension that you purchase depends among other things on the interest rate on your personal retirement date. And the rates then used by the life insurance company you have chosen Life Cycle Investing With Life Cycle Investing we invest - after deducting investment costs - the defined contributions for you in investment funds according to a previously determined profile. You do not need to worry about it, the only thing that you need to do yourself is choose the profile that best fits you. You determine your so-called personal risk profile using the Investment Manual. Subsequently you state your choices using the Investment Choice Form. Both documents can be found at Mijn. With Life Cycle Investing, we reduce the investment risk as the retirement date approaches. We use ten investment funds for this, namely DC Fund A up to and including J. DC Fund J involves investments with the highest risk; DC Fund A investments with the lowest risk. During the period before retirement, the risk of the investments is increasingly reduced. The table shows how the investing takes place. The funds in which you invest depend on your personal risk profile and the number of years until you reach your retirement date. Each time you reach the next category or remaining period, the invested value is automatically switched to the next investment fund within the applicable risk profile. 14
15 Remaining period until state pension age. Risk profile >20 years 20 years 15 years 10 years 8 years 6 years 4 years 2 years Offensive DC J DC I DC H DC G DC F DC E DC D DC C Neutral DC I DC H DC G DC F DC E DC D DC C DC B Defensive DC H DCG DC F DC E DC D DC C DC B DC A The return on the investment funds can be either positive or negative. The investment risk is always for your own account. Changing your risk profile You may change your risk profile. This is called switching; your investments are sold and subsequently investments in another DC Fund are purchased. You can only switch Funds when your personal risk profile is adjusted Free Investing Free Investing requires you to make your own choices and your personal risk profile must be known to us. Free Investing gives you the freedom to invest in one or more of the following funds: World Equity Index Fund (EUR) Vastgoed Fund Internationaal Emerging Market Debt Fund (EUR) Global Commodity Fund (EUR) Core European Government Bond Index Fund Global High Yield Fund European Credit Fund ABS Fund AEAM Money Market Euro Fund The return on the investment funds can be either positive or negative. The investment risk is always for your own account. Annually, we check whether your investment choice still fits your personal risk profile. Subsequently you receive a so-called assessment letter in which we explain whether your choice still fits your profile. Changing the investment choice You may sell (part of) your investments and purchase investments in one or more other investment funds. For each switch you pay the purchase and selling costs corresponding with the funds that you purchase and sell. To invest future premiums you may set a new combination of investment funds. This is called adjusting. Any investments purchased earlier will remain in the previous combination of investment funds. Adjusting is free of charge. 15
16 Request for change of investments A request for switching or adjusting must be submitted to PPI in writing. These requests are always carried out on the first day of the month after the request has been received. A request for retroactive switching or adjusting will not be granted. If we receive a request before noon Dutch time on the last working day of a month, the price of the working day following the working day on which the request was received will be used. If we receive a request after noon Dutch time on the last working day of a month or on the last day, or the last day but one of a month that is not a working day, the request is processed as if it had been received on the next working day before noon Dutch time. If for whatever reason no price can be fixed at any moment, the price of the next moment at which the price can be fixed will apply Investment costs Investing costs money. Therefore we charge purchase and selling costs and costs for the management of the investments. The purchase and selling costs are settled with the defined contribution of the investments. The fees for the management are combined under the name Ongoing Charges Figure (OCF). Each year, we set the OCF for all funds and settle it with the return on the investments. Go to for the current rates per fund. Purchase and selling costs The purchase and selling costs are shown per fund in the table. These may vary due to market conditions. We charge purchase and selling costs in the following situations: 1) Purchasing investments using the defined contribution We charge purchase costs for purchasing investments. The purchase costs are deducted from your defined contribution. If the purchase costs are for example 0.31%, we purchase investments using 99.69% of the defined contribution. 2) Automatic switching with Life Cycle Investing Each time you reach the next category of the remaining period, the invested value is automatically switched to the next investment fund within the applicable risk profile. On switching, we sell investments and subsequently purchase other investments. Purchase and selling costs are charged for this. These are the switching costs. Switching costs are settled with the invested value on the day on which the purchase and selling take place. 3) Changing the risk profile with Life Cycle Investing You may change your risk profile. This involves switching. With switching we sell investments and subsequently purchase other investments. We charge purchase and selling costs for this. These are the switching costs. Switching costs are settled with the invested value on the day on which the purchase and selling take place. 4) Changing the investment choice with Free Investing You may sell (part of) your investments and purchase investments in one or more other investment funds. For each switch we charge the purchase and selling costs corresponding with the funds that you purchase and sell. These switching costs, too, are settled with the invested value on the day on which the purchase and selling take place. 5) Selling costs on selling investments We charge selling costs on selling investments for: 16
17 - purchasing Pension on your personal retirement date; - an individual or group transfer of accrued benefits; - commuting a small pension ; see section 6.5, Commutation of a small pension ; - exchanging retirement pension on resignation or dismissal; see section 10.2 Partner s pension after resignation or dismissal. We may adjust the purchase and selling costs twice a year. Ongoing Charges Figure (OCF) The OCF is a standard for recurrent costs of an investment fund. We show this in terms of a percentage of the fund s assets. Investment Management settles the OCF with the return on the investments. The method of calculation is prescribed by the Financial Markets Authority. The level of the OCF can differ per year and depends on the fund in which the investment is made. The OCF consists of a management fee and the service fee that charges to investment funds. An investment fund can also invest in other underlying funds or in underlying funds of managers not affiliated with. In calculating OCF, the recurrent costs for these underlying investment funds are also taken into account. These costs have all been settled in the prices published on Management fee The recurrent costs of an investment fund during the reporting period of a year is referred to as the management fee. The management fee represents the ratio between the recurrent costs and the average intrinsic value of an investment fund. The intrinsic value is the actual value, not the trading value. The management fee differs per fund and can be found on the next page and on under Documents. Service fee The service fee is a fee for costs, such as the costs of: regulators, custody, accountants, (legal) advice, formation, administration, marketing and communication. The service fee is charged daily in accordance with the intrinsic value of the investment fund up to and including the previous trading day. Fundname Manage -ment fee Service fee OCF 2014 Purchase and selling costs World Equity Index Fund (EUR) 0,23% 0,03% 0,27% 0,20% Vastgoed Fund Internationaal 0,48% 0,03% 0,52% 0,30% Global Commodity Fund (EUR) 0,30% 0,03% 0,34% 0,09% Core Eurozone Government Bond Index Fund 0,04% 0,03% 0,07% 0,02% Emerging Market Debt Fund(EUR) 0,60% 0,03% 0,64% 0,40% Global High Yield Fund (EUR) 0,40% 0,03% 0,44% 0,50% European Credit Fund 0,15% 0,03% 0,18% 0,20% ABS Fund 0,12% 0,03% 0,15% 0,15% AEAM Money Market Euro Fund 0,09% 0,02% 0,11% 0,01% DC Fund A 0,41% 0,03%+service fee LDO 0,53% 0,21% DC Fund B 0,41% 0,03%+service fee LDO 0,53% 0,21% DC Fund C 0,41% 0,03%+service fee LDO 0,54% 0,22% DC Fund D 0,41% 0,03%+service fee LDO 0,55% 0,21% DC Fund E 0,41% 0,03%+service fee LDO 0,57% 0,21% DC Fund F 0,41% 0,03%+service fee LDO 0,53% 0,21% DC Fund G 0,41% 0,03%+service fee LDO 0,49% 0,21% DC Fund H 0,41% 0,03%+service fee LDO 0,46% 0,19% DC Fund I 0,41% 0,03% 0,46% 0,20% DC Fund J 0,41% 0,03% 0,46% 0,20% 17
18 4.5. Replacing investment funds We may replace the investment funds by one or more other investment funds. The investments are then transferred from the investment fund to be replaced to an investment fund or investment funds with a similar risk profile. An investment fund is only replaced if we consider this necessary for reasons of prudent management. In doing so, we take into account - in all reasonableness - your interests. If you invest in accordance with Free Investing, you make your own choice of another investment fund from the total range of investment funds of Free Investing at that moment. You do not pay any purchase and selling costs or other costs Guarantee pension If you opt for a (partial) Guarantee pension, from the moment of purchase you have certainty about (part of) the level of your Pension, for these pensions will be insured from that point in time. Before your Pension is purchased, an interest rate guarantee premium and a risk premium for transfer of accrued benefits is charged. The interest rate guarantee premium is charged so that we can pay out a lifelong pension to you after your retirement date. For 2016, the interest rate guarantee premium amounts to 51,48% of your defined contribution. The risk premium for transfer of accrued benefits that we charge is to prevent that your employer will have to make additional payments in case of a statutory (individual) transfer of accrued benefits. For 2016, this amounts to 0.75% of your defined contribution. Retirement pension Before your retirement date you purchase a retirement pension. This retirement pension commences on the retirement date and is paid out until the end of the month in which you die. The level of this pension is calculated in accordance with the rates in annexe 2, Rates. Partner s pension Before your retirement date you purchase a partner s pension in the event of death after the retirement date. This partner s pension commences on the first day of the month in which you die and is paid out until the end of the month in which your partner dies. The level of this pension is calculated in accordance with the rates in annexe 2, Rates Transfer of accrued benefits for the new participant As a new participant of this pension scheme you can transfer the value of your pension entitlements with your previous pension schemes to us. The request is to be submitted to us. 18
19 Chapter 5. Supplements & Profit sharing pool 5.1. Supplements Supplements No supplements are granted on the Pension that you purchase using the investments of the Investment pension Lifelong increase of Partner s pension If your employer has opted for a lifelong increase of the Partner s pension, the partner and orphans pension will be increased every year on the 1st of January with 2%, after the pensions have commenced. The increase amounts to 2% of the partner s pension paid out the previous year. Your employer has paid for all future increases of the partner s pension. See Mijn if the lifelong increase is applicable to your situation. The granting of supplements on Partner s pension is subject to the following disclaimer. We have to state the disclaimer according to legislation like this: We grant a supplement on the pension rights according to ambition Profit sharing pool for Investment pension No supplement is granted on the pension that you purchase using the Investment pension. However, the starting point is that we increase the value of your investments annually by adding the result of the so-called profit sharing pool. This result comes about as a consequence of the death of other participants who have their pension scheme executed by PPI. Therefore this involves not only the participants to the same pension scheme as you have. If a participant dies, the value of his investments and the refunded dividend tax accrue to the profit sharing pool. This profit sharing pool pays out to the participants. Each year, we determine whether we can make payments out of the profit sharing pool, and if so, how much. If the benefit results in an increase of less than 0.5% of the value of the investments of all participants together, we will not pay out. The benefit will then be passed on, including interest, to the next year and added to the payment of that next year. Any payments from the profit sharing pool will be paid out on 1 January. If we pay out, each participant will receive an equal payment percentage with a maximum of 3% per year Profit sharing pool for Guarantee pension Our starting point is to increase your guaranteed pensions annually by adding profit. The profit we refer to here is calculated as follows: You have used your premium to purchase Guarantee pension. You reserve money for Pension to be paid out later. We guarantee the level of the Pension. To calculate the level of this Pension, we assume that we are able to make a minimum return of 3% (interest). This 3% is called the actuarial interest rate. If we realise a higher return than this 3% actuarial interest rate, there is a profit. This profit is distributed among the participants. 19
20 To calculate the profit, we start from the return on loans. These loans are fictitious. Therefore we look at how much the return would be if we had had loans. If profit sharing is involved, this is used annually on 1 January for a supplement. For every participant, this supplement consists of the same increase in terms of percentage of the guaranteed pensions. If the supplement results in an increase of less than 0.5%, we will not grant a supplement. The benefit will then be passed on, including interest, to the next year and added to the supplement of that next year. To establish the maximum percentage we use the wage index for negotiated wages (CAO) including special remuneration (total) of the month of October of the year prior to 1 January. In any year, the supplements do not exceed the maximum amount permitted under the tax rules applicable for that year. Statistics Netherlands calculates the index. The granting of supplements on Guarantee pension is subject to the following disclaimer: In principle, supplements are granted annually on the pension rights and pension entitlements. The level of supplements solely depends on the profit sharing, which is calculated by us on the basis of an average return percentage on a package of fictitious loans. No premium is paid for this conditional granting of supplements. An increase and the projections for the next years do not automatically entitle you to any future increases. The fictitious loans are created by investing the net reserves of all insurance policies with this type of supplement. The net reserves at the end of a calendar year are discounted by3% and we make the fictitious investment as at the beginning of that year. The fictitious investments are made in the form of 10-year loans which are not redeemable during five years and subsequently redeemable in equal instalments over five years. The thus created fictitious loans are invested using a rate of return that we set at the average annual return of government loans (the U yield) of the year of investment. The increase of the reserves and the redemptions of the previously created fictitious loans is considered to be (re)invested in this way. The average rate of return is defined as the return of the total investment in fictitious loans realised in any year, divided by the reserves mentioned at the end of the year, minus the actuarial interest of 3%. The actuarial interest has already been included in the rates and is therefore no longer available as a source of funding for supplements or surplus interest. 90% of the total fictitious return is made available for granting supplements. The pension rights existent on 31 December of any year are increased by the surcharge percentage. 20
21 Chapter 6. Limits and restrictions 6.1. Maximum amounts for pension The pension does not exceed the maximum amounts for tax purposes as referred to in the Wages and Salaries Tax Act The supplements from chapter 5 do not exceed the amounts accepted for tax purposes at the time. On your personal retirement date you use the value of your Investment pension to purchase pension. The maximum amounts are inclusive of a benefit under the Old-Age Pensions Act (AOW). If the value of your investments on the retirement date is higher, you pay tax over the surplus amount in accordance with the normal rates for tax subjects until the age of 67 years. This does not apply if the value of your investments is higher as a result of our granting of supplements, a transfer of accrued benefits, variation in the benefit, or exchange Fiscal approval If the Tax and Customs Administration and/or tax division do not (fully) approve this pension scheme, we will replace your scheme by a scheme that does meet all the requirements. Your employer may accede to the judgment of the Tax and Customs Administration and/or the tax division. If the pension scheme is to be adjusted, the commitments made by your employer in this pension scheme will be taken into account as much as possible Adjustments by your employer Implementation or changes to legislation and regulations may involve changed circumstances. Your employer may unilaterally amend the pension scheme to changed circumstances if civil, social or tax legislation or mandatory pension obligations are introduced or amended. Your employer may amend the pension scheme without your permission if it has an interest in the amendment, such that it is reasonable to let this prevail over the interest of the employees. In that case an adjustment will be made to the future entitlements. In the event of a serious change of circumstances your employer may reduce or discontinue the payment of pension premiums to the extent that the company interest requires this. For example in case of a suspension of payments. A condition for this is that your employer immediately informs you and PPI about this in writing. The value of your investments and/or pensions purchased, remains intact, unless this is inconsistent with any statutory measures. You cannot hold PPI and your employer liable for a reduction of the pensions if this is a consequence of the application of statutory provisions Commuting, disposing, waiving and securing Rights are created for you under the pension regulations. For example the right to a pension benefit when you are retired. And on your death rights are created for your partner and/or children, for example the right to a benefit under the Dependant s Pension. 21
22 These rights cannot be commuted, disposed of or waived. Unless the Pensions Act provides otherwise, they cannot become the formal or factual subject of security, either. You cannot, for example, opt for a one-off payment instead of a monthly benefit, or have your benefit put in the name of someone else Commutation of a small pension A small pension is a pension benefit that is lower than the amount stated in Section 66 of the Pensions Act. In 2016 this is gross per year. In a number of situations we can commute a small pension. In that case you receive one benefit instead of a periodical payment. We calculate the level of the pension after being notified about your: - Retirement. - Death, as a result of which the Dependant s Pension comes about. - Resignation or dismissal. After resignation or dismissal, you can have the value of your Guarantee pension and/or investments remain with PPI. If the pension assets are still with us two years after your resignation or dismissal, we make a calculation. - Divorce. If you get a divorce, your ex-partner is entitled to part of the value of your investments intended for special partner s pension. We will calculate the pension for your ex-partner. If we commute the pension, the commuted value of this partner s pension will go to your ex-partner. If a small pension is involved, we pay out the commuted value. If we commute pension, we will inform you accordingly within six months after receiving the above-mentioned notification. In case of resignation or dismissal, we will wait two years. After these two years, we will inform you within six months. The commuted value will be paid out within the same six months. If your Pension is commuted, we will calculate the small pension on the basis of the (combined) value of the Investment pension and/or Guarantee pension. The commuted value is determined on the basis of a commutation rate that makes no distinction between the life expectancies of men and women. See annexe 3, Factors for exchanging, deferring, advancing, variation and commuting. Only Pension that has not yet commenced may be commuted. As a result of this one-off benefit, the pension entitlements lapse Acceptance of insured entitlements From the moment of participation you receive pension entitlements for which insurance policies are taken out. We will always accept you for these insurance policies. Any increases of the insurance arising from the pension scheme will also be accepted without taking into account your health situation. In two situations we may refuse acceptance of the insurance based on your health situation. Or accept it on different conditions or at a different rate. We will only check this where the law permits us to do so. The restrictions to acceptance only apply if the risk of death or disability that we run due to your health situation, increases. The restrictions to acceptance apply in the following situations: 22
23 - If you go back on refusing the types of pension under this pension scheme. Refusing is only possible if you have been recognised as a conscientious objector by the Social Insurance Bank (SVB); - If you opt for the ANW shortfall pension at a later point in time than on becoming a participant of the pension scheme, or later than three months after getting a partner or child. If we apply a restriction to acceptance, you are only entitled to the part accepted by us. You cannot claim the non-accepted part, also towards your employer. Adverse selection or misuse of Dependant s Pension and ANW shortfall pension No entitlement to a dependant s pension exists if your death was reasonably to be expected in view of your health situation on commencement of your participation to the pension scheme; this applies within half a year after: - these pension entitlements apply to you; or - you have married, your registered partnership has commenced or you have started a joint household. The question whether upon the insured s death any adverse selection or misuse is involved, will be submitted to the independent Health Data Review Committee (Toetsingscommissie Gezondheidsgegevens). If the exclusion applies, your dependants will not receive a pension benefit. Adverse selection or misuse of waiver of premium in the event of disability No right to a waiver of premium payment in the event of disability exists if your illness and/or other condition: - was reasonably to be expected on commencement of your participation to the pension scheme; and - occurs within half a year after commencement. In determining whether or not this exclusion applies, we take the WIA (Work and Income according to Labour Capacity Act) assessment of the government as a starting point. If there is no such WIA assessment available, we will conduct our own investigation to see if the exclusion applies. 23
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