Your pension certificate

Transcription

1 Your pension certificate March 2014 Notes for the insured person Each year, a pension certificate is generatet for you. It contains important information about your personal insurance cover in the event of retirement, death or disability. The following explanations are intended to help you learn more about your pension situation. Certificate of benefits Contract No. G 9999 / Personal data Name Miller First name Henry Date of birth / Gender / AHV-number / male Civil status married Statutory retirement Insured person no. / category of insured persons 3 / All employees All amounts in CHF BVG-part Total Data on gainful employment Registered annual salary Insured annual salary Degree of occupation 100 % Degree of occupation disability Details of retirement assets Available retirement assets Vested benefits year end Interest rate valid until the end of the year for the compulsory component 1,500 % for the elective component 1,000 % Retirements benefits Projected retirement assets without interest Projected retirement assets with interest Projected interest rate for the BVG component 2,000 % Projected interest rate for the elective component 2,000 % Conversion rate applied to mandatory part (BVG-part) 6,800 % Conversion rate applied to non-mandatory part 5,835 % Presumed retirement pension Presumed annual children s pension per child Until the age of 18 years Es gelten die vertragsrelevanten Bedingungen der Allianz Suisse.

2 Certificate of benefits (continuation) Miller Henry Contract No. G 9999/1 5 6 All amounts in CHF BVG-part Total Survivors benefits Annual widow s pension 1) 5) Annual orphan s pension per child 1) Until the age of 18 years Disability benefits Annual disability pension 1) Waiting period 12 mths Annual children s pension (per child) 1) Waiting period 12 mths Until the age of 18 years Waiver of contribution Waiting period 3 mths Components of total contribution Annual contribution for retirement credits Annual contribution for risk benefits and administrative expences Annual contribution for inflation adjustment Annual contribution for safety fund Total annual contribution Employer s contribution per year Employee s contribution per year Periodical employee s contribution 12 contributions per year Supplementary data Maximum possible amount fo purchase of full plan benefits 4) ) In case of illness 4) Full calculable Credit or other regulatory limitations are not tasken into account. The Application Form for purchase of Benefits can be found at under Unternehmenskunden Berufliche Vorsorge Formulare. 5) Registered partnership pension (Federal Law on the Registration of Partnership for Same-Sex Couples, PartG) or non registred partnership's pension in the equivalent amount.

3 Explanatory notes about the pension fund statement: Personal data Please inform your employer directly of any change to your marital status. Same-sex couples in registered partnerships are treated on a par with married couples and, for technical reasons, are thus indicated in the pension certificate as «married». Cohabiting unmarried couples who are not in a registered partnership may, under certain circumstances, be entitled to a partner s pension. Entitlement requires, among other things, that the partnership be notified in writing to the insurer using the «Declaration of cohabitation» form. Tip: Unmarried couples who live together should enquire whether and to what extent the partner can be a beneficiary in pension fund-related matters. Information sheet: Declaration of cohabitation with joint household Data on gainful employment The registered annual salary corresponds to the AHV annual salary (gross salary). This amount less a coordination deduction equals the insured annual salary (minimum insurable annual salary in accordance with BVG; as form 1 January 2013 = CHF 3 510). The coordination deduction is used for reconciliation with the first pillar (AHV). Since 1 January 2013, the coordination deduction has been CHF , and the maximum insurable annual salary as per BVG CHF The BVG-part column shows the insured salary in accordance with the BVG requirements. The Total column shows the entire insured salary under the applicable pension plan; this figure includes the statutory BVG component of the insured salary. Details of retirement assets Available retirement assets are the amount you had saved by the end of last year. It includes the annual savings credits, any vested benefits transferred to us, interest income, personal purchases as well as any allocated surpluses and free funds. The departure benefit at the year-end is available to you as vested benefits if you terminate your employment relationship to the end of the year. In that case, this is the amount that will be transferred to the pension scheme of your new employer or that is used to maintain your pension cover in another manner. Tip: If you are considering taking early retirement, our staff will be pleased to advise you about the implications for your retirement capital and old-age pension. Information sheet: Preparing for retirement 4 Retirement benefits Projected retirement assets without interest is used to determine the risk benefits (death and disability) payable under a defined contribution plan. Depending on the plan chosen, the risk benefits may also be defined as a percentage of the salary subject to AHV contributions/the insured salary. The projected retirement assets with interest are extrapolated on the basis of the information we currently have, i.e. available retirement assets, unchanged salary (registered annual salary), annual retirement credits, duration of insurance until regular retirement age and the applied interest rate. This figure is used to calculate the presumed retirement pension (using the applied conversion rate). In line with the pension regulations, all or part of the retirement benefits may be disbursed as a lump sum («Application for payment of retirement benefits as a lump sum» form). The interest rate applied to mandatory part (BVG-part) is the statutory minimum interest rate. This rate is guaranteed. The interest rate applied to non-mandatory assets is not stipulated by law. The projected retirement pension at regular retirement age is determined using the applied conversion rate. The statutory conversion rate applies to the mandatory BVG part. It will be lowered to 6.8% until Sample calculation: The annual pension payable from accrued capital of CHF with a pension conversion rate of 6.8% is CHF For the non-mandatory part, Allianz Suisse currently applies a conversion rate of 5.835% for men and 5.574% for women at regular retirement age (applies to split contracts).

4 The presumed retirement pension is an indicator of how high your lifetime pension will be at regular retirement age. For men, the regular retirement age is 65, for women 64. The amount of the presumed retirement pension is calculated by taking the projected retirement assets with interest and multiplying this amount by the applicable conversion rate. Tip: You have two options for receiving retirement benefits a lifelong pension or a retirement capital lump sum. Please look into these two options in good time. Information sheet: Pension or lump-sum payment Survivors benefits In the event that an insured person dies, a widow s or partner s pension may be payable, depending on that person s marital status. A widow s pension is always shown in the certificate, regardless of the insured person s marital status. If surviving children are entitled to an orphan s pension, the amount of the annual orphan s pension per child without deductions is indicated in the certificate. If an additional lump-sum death benefit is insured, it is also shown under this heading. Disability benefits The information contained in the pension certificate on the annual disability pension applies for a degree of disability of 100% (in accordance with federal disability insurance), i.e. for insured persons who are at least 70% disabled and who have completed the agreed waiting period. These benefits are reduced if the degree of disability is lower. In addition to a disability pension, the disabled person s children may be eligible for a children s disability pension. The amount of this pension without deductions is shown under annual children s disability pension. Modifications of retirement assets If you have purchased pension benefits during the past year, or paid in vested benefits or any other single premium, these amounts are listed under single premium (in the case of purchases of pension benefits, the amounts are classed as single premium purchases of service years). Any surplus component included as a single premium from the surplus is also shown here. Any capital payment as a result of divorce is also mentioned in this section, as is any advance withdrawal for financing home ownership or repayment of home ownership financing. Tip: If you are considering investing the money in your pension fund under a home ownership promotion scheme, it is more taxefficient to pledge the money to the bank rather than withdraw the capital. Information sheet: Promoting home ownership using funds from occupational pension plans 8 Suppmentary data Following marriage or registration of a partnership, the retirement assets accrued at the time of marriage/registration are noted here. If the insured person has applied for the lump-sum payment option, the date of receipt of the application is also shown here. Similarly, the date and the amount of any early withdrawal or of any pledge of funds to finance home ownership are shown here. If you have a shortfall in your pension, the maximum amount of benefits you may purchase to close this pension gap are shown under the heading maximum possible amount for purchase of full plan benefits. If you pay in this amount, it will increase your retirement assets and thus entitle you to higher pension benefits. In terms of the tax-deductibility of purchases of pension benefits, especially in cases where you plan to withdraw a lump sum from your pension assets within three years of purchasing benefits, we advise you to discuss your individual tax situation with your local tax authority. In line with a recent Federal Court judgment (2C.658/2009 of 12 March 2010), withdrawal of a lump sum within three years of purchasing benefits is classed as improper tax minimization, and the corresponding purchase amount is thus no longer considered as tax-deductible. Nonetheless, despite the court s decision, which is grounded in tax law and has been criticized by experts, Allianz Suisse is continuing to adhere to previous practice. In line with this, lump sum payments within three years of purchasing benefits are only ruled out in cases where the amount of the lump sum corresponds to the amount of benefits purchased plus interest. If you would like further information or wish to see the information sheets, please visit our website (Merkblätter/information sheets)

5 Summary and contact: You can find detailed information about making payments to your occupational benefits scheme and about your pension capital on your pension fund statement, which you receive each year from your company pension fund. It contains important information about your personal insurance cover in the event of retirement, death or disability. The many amounts and technical terms on the pension fund statement can appear confusing and unclear. In the event of a claim, the actual benefits paid will be in line with the applicable pension regulations. Please consult your employer for a copy of these regulations or contact Allianz Suisse. If you have questions about your pension fund statement you will find the name of the contact person, including address and telephone number, at the top right of your pension fund statement under «Your contact». A specimen pension fund statement is therefore included on pages 1 2 and explains the individual items in detail. The pension fund statement shown is a fictitious example based on a defined contribution plan and may differ from your personal pension fund statement. The contractual conditions of Allianz Suisse apply.