Netto Werknemers Pensioen

Transcription

1 Netto Werknemers Pensioen Product information for advisers and employers Effective date 1 January 2018 For pension accruals above the tax-efficient salary threshold 1 a.s.r.

2 The Netto Werknemers Pensioen The Netto Werknemers Pensioen from a.s.r. is a supplementary net pay pension scheme. This pension scheme allows your employees with a salary in excess of the tax-efficient maximum to continue their pension savings in a convenient and reliable way. You decide what options are available to your employees. A new pension situation Since 1 January 2015, you no longer pay any pension contributions in respect of the salary in excess of the salary threshold of 100,000. Effective 1 January 2018, this amount has been indexed to 105,075. You decide how you use this financial scope and what options you offer your employees. For instance, through one of the arrangements available within the Netto Werknemers Pensioen from a.s.r. Because you already have a core pension scheme with a.s.r., you may offer your employees the Netto Werknemers Pensioen on top of your current core pension scheme. What does the Netto Werknemers Pensioen offer? 1. You decide what you want to offer: cover only for a net surviving dependants pension in the case of death before the retirement date, or cover for a net surviving dependants pension in the case of death before the retirement date and accrual of a net pay pension capital based on investing. On the retirement date, the net pay pension capital must be used to purchase a defined or a variable net pay retirement pension and a net pay partner s pension. 2. Once you have decided which scheme you wish to offer your employees, your employees then decide for themselves whether they wish to take part in the scheme. 3. Cover is automatically provided for a waiver of contributions during occupational disability. If an employee becomes unfit for work, we will pay their contributions. The net pay surviving dependants pension comprises a net pay partner s pension and a net pay orphan s pension. Your employees decide for themselves whether they want a partner s pension or orphan s pension, or both. Advantages for you - Convenient and well-organised supplementary pension scheme for employees with a salary in excess of the tax-efficient salary threshold. - You offer your employees good employment benefits that allow them to accrue a net pay pension capital and provide cover for a net pay surviving dependants pension in the event of death before the retirement date. - No service fees. Advantages for your employees - Prevents a major financial setback for the partner and children if an employee dies (while still in employment). - Accrual of net pay retirement pension in respect of the salary above the tax-efficient salary threshold. - Cover is automatically provided for a waiver of contributions during occupational disability. - Freedom of choice: your employees decide for themselves whether they participate in the scheme you propose. - No medical examination needed. What are the statutory stipulations? Effective 1 January 2015, employees accrue a pension in respect of a maximum salary of 100,000 per year (based on full-time) on account of new pension legislation. Effective 1 January 2018, this amount has been indexed to 105,075. Employees may only accrue a pension in respect of the salary above this amount through the net pay pension scheme. This form of pension accrual is referred to as net pay pension. Their surviving dependants pension will also be reduced. If an employee dies, this may have financial consequences for the surviving partner and the children. 2 a.s.r.

3 Net pay pension capital Employees accrue a tax-efficient pension up to a maximum of a certain salary threshold. Only following retirement do they pay tax on this part of their pension. Effective 1 January 2015, employees with an income in excess of the maximum salary threshold may voluntarily make contributions from their net pay above this threshold. This will provide them with a net pay pension capital based on investing. On the retirement date, this net pay pension capital must be used to purchase a defined or a variable net pay retirement pension and a net pay partner s pension. Following retirement, they will not pay any tax on this part of their pension. We refer to this as a net pay pension. Net pay surviving dependants pension Employees may also voluntarily pay a risk premium from their net pay to take out cover for a net pay surviving dependants pension in respect of their salary above the tax-efficient salary threshold. If an employee dies (during service with you), the partner and/or child(ren) will not pay tax on the net pay surviving dependants pension. Product specifications (in general) The following principles apply to the Netto Werknemers Pensioen: - The scheme follows the Werknemers Pensioen of a.s.r. (and its philosophy) as far as possible. - It is only possible to take part in the scheme on top of a core pension scheme with a.s.r. The following choices are available to employers: - Scheme with accrual of a net pay pension capital + surviving dependants pension in the case of death before the retirement date. - Scheme with only a net pay surviving dependants pension in the case of death before the retirement date. The net pay surviving dependants pension comprises a net pay partner s pension and a net pay orphan s pension. Members are free to make their own choice depending on their personal situation. Scheme with accrual of a net pay pension capital + surviving dependants pension in the case of death before the retirement date Employer choices Employee choices Cover N/A Members may choose one or a combination of the following provisions: - net pay partner s pension - net pay orphan s pension - net pay pension capital Net pay partner s pension: - risk-based net pay partner s pension in the case of death before the retirement date - specified system - Continued pension accruals during occupational disability (VPA) for a risk premium - percentage of the insured increase - number of VPA classes (equal to VPA during accrual of a net pay pension capital) Moments to choose participation (no 3 a.s.r.

4 Net pay orphan s pension: - risk-based net pay orphan s pension in the case of death before the retirement date - specified system (a single premium for all children) - Continued pension accruals during occupational disability (VPA) for a risk premium Net pay pension capital: - investment-based accrual - defined contributions, based on graduated scale II - Continued pension accruals during occupational disability (VPA) for defined contributions - net pay additional contributions up to the tax-efficient maximum (VPA does not apply for net pay additional contributions) Employer choices - net pay orphan s pension age limit Number of VPA classes (equal to VPA during accrual of a net pay pension capital and net pay partner s pension) If the employer has opted for an insured increase of the net pay partner s pension, this increase will also apply to the net pay orphan s pension. Depending on the core scheme, the employer may choose from the following items: - retirement age - number of VPA classes (equal to riskbased VPA) - actuarial interest rate graduated scale II (4%, 3% or market interest rate) - amount of the defined contributions (graduated scale percentage or constant percentage; N.B. percentage equal to zero is also possible, but accrual of a pension capital is only possible based on net pay additional contributions: this gives employees maximum flexibility, but no VPA) - 1 or 3 investment profiles - Self-directed investing Employee choices If cover has been taken out for a net pay orphan s pension, the cover will end once the youngest child has reached the age limit. - investment-based accrual Use of the defined contributions: depending on the choice of the employer, the employee may or may not be able to choose from 3 investment profiles and/or Self-directed investing. With 3 investment profiles, employees can choose from the following investment profiles: - Defensive Investment Profile: Defensive life cycle (defined pension) - Neutral Investment Profile: Neutral life cycle, defined pension (standard) and variable pension - Offensive Investment Profile: Offensive life cycle, defined pension and variable pension With Self-directed investing, the employee can choose from a range of investment funds. More information can be found in the brochure Information on Pension Profile Investing and Self-directed Investing. With 1 investment profile, investment takes place automatically in the Neutral investment profile. Net pay additional contributions: participation in net pay additional contributions and the amount of the net pay additional contributions can be determined/adjusted monthly (there are no set moments for choosing and no medical assurances). Please note: The scope for additional contributions is determined by the taxefficient maximum 4 a.s.r.

5 Scheme with only a net pay surviving dependants pension in the case of death before the retirement date Net pay partner s pension: - risk-based net pay partner s pension in the case of death before the retirement date - specified system - Continued pension accruals during occupational disability (VPA) for a risk premium Net pay orphan s pension: - risk-based net pay orphan s pension in the case of death before the retirement date - specified system (a single premium for all children) - Continued pension accruals during occupational disability (VPA) for a risk premium Employer choices - percentage of the insured increase - number of VPA classes - net pay orphan s pension age limit number of VPA classes is equal to VPA for net pay partner s pension. If the employer has opted for an insured increase of the net pay partner s pension, this increase will also apply to the net pay orphan s pension. Employee choices If cover has been taken out for a net pay orphan s pension, the cover will end once the youngest child has reached the age limit. Other features - Contributions paid monthly - Direct debit via the employer - Open-ended agreement, for as long as the current core pension scheme with a.s.r. runs - No health assurances 5 a.s.r.

6 Fees and charges (effective 01/01/2018) General Service and change fees Fees where an employee does not consent to correspondence via the online portal Waiver of contributions during occupational disability No additional charges 1.26 per month for additional service The amount of the premium for waiver of contributions during occupational disability depends on the retirement age and is expressed as a percentage of the defined contributions and the risk premiums. For a retirement age of 68, the percentage for 3 classes is 3.25%, and for 6 classes 3.50%. Net pay surviving dependants pension Risk-based net pay partner s pension in the case of death before the retirement date Funding method Monthly risk premiums. The monthly contribution is determined in advance of an insurance year and remains the same during the insurance year. Mortality table AG2016 forecast table including mortality experience pensions CVS Actuarial interest rate Insurance system Solvency Investment fees Disbursement Net pay partner s pension margin on account of the employment benefit period The interest included in the pricing is based on the interest rate term structure. The interest rate term structure is based on the 6-month Euribor swap curve plus a margin of 0.10%. Specified system 2.00% of the risk premium based on the interest curve including negative margins 2.50% of the risk premium based on the interest curve including negative margins Risk-based net pay orphan s pension in the case of death before the retirement date Funding method Monthly average contribution. The monthly contribution is determined in advance of an insurance year and remains the same during the insurance year. Mortality table AG2016 forecast table including mortality experience pensions CVS Actuarial interest rate Insurance system Solvency Investment fees Disbursement The interest included in the pricing is based on the interest rate term structure. The interest rate term structure is based on the 6-month Euribor swap curve plus a margin of 0.10%. Specified system 2.00% of the risk premium based on the interest curve including negative margins 6 a.s.r.

7 Net pay pension capital The following also applies to net pay additional contributions. Service and investment fees Investment service charges Investment fund fees Divorce Employee Insurer's fee for investment services: - The insurer's fees for investment services is % of the invested assets per month. The fee is charged monthly (at the end of the month) - by withdrawing units from the unit balance. The fees that are settled via the price of the investment fund are explained in the brochure Information on Pension Profile Investing and Self-directed Investing - No fees are charged for the separation of a special partner's pension. - A fee of is charged to the (former) employee for the settlement or relinquishment of a special partner s pension. Investing Bonus contributions The invested capital (unit balance) is forfeited on the death of a member before the retirement date. For this reason, a bonus contribution is added each month (at the end of the month) to the unit balance (= gender-neutral negative risk premium). The monthly bonus contributions are determined on the basis of the accrued unit balance. a.s.r. Verzekeringen Archimedeslaan BA Utrecht _ a.s.r.