Common use of Adjustment by us Clause in Contracts

Adjustment by us. We perform the administration of the net pension scheme on the basis of a pension subscription. We may adjust the administration of the net pension scheme. We may make the following adjustments: - product changes and changes to rates, costs and/or other conditions, such as products chosen under the pension subscription; - changes arising from legislation and regulations, court rulings, or an instruction or change of policy on the part of a supervisory authority such as the Dutch Central Bank (DNB) or the Dutch Authority for the Financial Markets (AFM); - other adjustments to prevent market conditions from jeopardising our continuity and effective operations. We can only do this on the basis of a resolution by the board of Aegon Cappital. In doing so, we will take account, in all reasonableness, of your interests and those of the participant/former participant; - replacement, alteration, or closing one or more investment funds. That also applies to the Profile Indicator, the risk profiles, and the investment profiles. You can find more information about this in Section 4 of the Pension Regulations. Changes in the standard retirement age may also apply to pension entitlements that have already been accrued. If we make an adjustment, we will notify you in writing in good time. You are at all times obliged to ensure that the net pension scheme conforms to this Execution Agreement, including when we make adjustments to the administration and this has consequences for the net pension scheme. You are required to ensure that you gain the consent of your employees and the works council (if there is one) for changes to the net pension scheme. If your company employs between 10 and 50 employees, you should inform your employees about the changes (through the employee representative body or a staff meeting). This also applies if the Execution Agreement is amended and the amendments have consequences for the net pension scheme. You must do this in good time. In the event of an amendment, we will set a period within which you adjust your net pension scheme. If you fail to do so within that period, we may be required to incur additional costs, which we will then charge on to you. An adjustment made to the net pension scheme applies to the net pensions already accrued and to those still to be accrued. However, net pensions already accrued cannot be decreased, unless statutory measures provide otherwise. The nature of the net pension scheme will also be unaffected. The value of the Investment Pension may, however, be subject to a decrease due to price fluctuations. The investment risk is for the participant’s account. The net pension scheme of a participant to whom we grant a waiver of contribution on account of disability will not be adjusted. If we grant such a waiver, the net pension scheme will remain unaffected. The costs for carrying out the adjustment in our administration system are for our own account. If you do not agree to the adjustment, you can cancel the agreement.

Adjustment by us. We perform the administration of the net pension scheme on the basis of a pension subscription. We may adjust the administration of the net pension scheme. We may make the following adjustments: - product changes and changes to rates, costs and/or other conditions, such as products chosen under the pension subscription; - changes arising from legislation and regulations, court rulings, or an instruction or change of policy on the part of a supervisory authority such as the Dutch Central Bank (DNB) or the Dutch Authority for the Financial Markets (AFM); - other adjustments to prevent market conditions from jeopardising our continuity and effective operations. We can only do this on the basis of a resolution by the board of Aegon Cappital. In doing so, we will take account, in all reasonableness, of your interests and those of the participant/former participant; - replacement, alteration, or closing one or more investment funds. That also applies to the Profile Indicator, the risk profiles, and the investment profiles. You can find more information about this in Section 4 of the Pension Regulations. Changes in to the standard retirement age date may also apply to pension entitlements that have already been accrued. If we make an adjustment, we will notify you in writing in good time. You are at all times obliged to ensure that the net pension scheme conforms to this Execution Agreement, including when we make adjustments to the administration and this has consequences for the net pension scheme. You are required to ensure that you gain the consent of your employees and the works council (if there is one) for changes to the net pension scheme. If your company employs between 10 and 50 employees, you should inform your employees about the changes (through the employee representative body or a staff meeting). This also applies if the Execution Agreement is amended and the amendments have consequences for the net pension scheme. You must do this in good time. In the event of an amendment, we will set a period within which you adjust your net pension scheme. If you fail to do so within that period, we may be required to incur additional costs, which we will then charge on to you. An adjustment made to the net pension scheme applies to the net pensions already accrued and to those still to be accrued. However, net pensions already accrued cannot be decreased, unless statutory measures provide otherwise. The nature of the net pension scheme will also be unaffected. The value of the Investment Pension may, however, be subject to a decrease due to price fluctuations. The investment risk is for the participant’s account. The net pension scheme of a participant to whom we grant a waiver of contribution on account of disability will not be adjusted. If we grant such a waiver, the net pension scheme will remain unaffected. The costs for carrying out the adjustment in our administration system are for our own account. If you do not agree to the adjustment, you can cancel the agreement.

Adjustment by us. We perform the administration of the net pension scheme on the basis of a pension subscription. We may adjust the administration of the net pension scheme. We may make the following adjustments: - product changes and changes to rates, costs and/or other conditions, such as products chosen under the pension subscription; - changes arising from legislation and regulations, court rulings, or an instruction or change of policy on the part of a supervisory authority such as the Dutch Central Bank (DNB) or the Dutch Authority for the Financial Markets (AFM); - other adjustments to prevent market conditions from jeopardising our continuity and effective operations. We can only do this on the basis of a resolution by the board of Aegon Cappital. In doing so, we will take account, in all reasonableness, of your interests and those of the participant/former participant; - replacement, alteration, or closing one or more investment funds. That also applies to the Profile Indicator, the risk profiles, and the investment profiles. You can find more information about this in Section 4 of the Pension Regulations. Changes in the standard retirement age may also apply to pension entitlements that have already been accrued. If we make an adjustment, we will notify you in writing in good time. You are at all times obliged to ensure that the net pension scheme conforms to this Execution Agreement, including when we make adjustments to the administration and this has consequences for the net pension scheme. You are required to ensure that you gain the consent of your employees and the works council (if there is one) for changes to the net pension scheme. If your company employs between 10 and 50 employees, you should inform your employees about the changes (through the employee representative body or a staff meeting). This also applies if the Execution Agreement is amended and the amendments have consequences for the net pension scheme. You must do this in good time. In the event of an amendment, we will set a period within which you adjust your net pension scheme. If you fail to do so within that period, we may be required to incur additional costs, which we will then charge on to you. An adjustment made to the net pension scheme applies to the net pensions already accrued and to those still to be accrued. However, net pensions already accrued cannot be decreased, unless statutory measures provide otherwise. The nature of the net pension scheme will also be unaffected. The value of the Investment Pension may, however, be subject to a decrease due to price fluctuations. The investment risk is for the participant’s account. The net pension scheme of a participant to whom we grant a waiver of contribution premium payment on account of disability will not be adjusted. If we grant such a waiver, the net pension scheme will remain unaffected. The costs for carrying out the adjustment in our administration system are for our own account. If you do not agree to the adjustment, you can cancel the agreementExecution Agreement.

Adjustment by us. We perform the administration of the net pension scheme on the basis of a pension subscription. We may adjust the administration of the net pension scheme. We may make the following adjustments: - product changes and changes to rates, costs and/or other conditions, such as products chosen under the pension subscription; - changes arising from legislation and regulations, court rulings, or an instruction or change of policy on the part of a supervisory authority such as the Dutch Central Bank (DNB) or the Dutch Authority for the Financial Markets (AFM); - other adjustments to prevent market conditions from jeopardising our continuity and effective operations. We can only do this on the basis of a resolution by the board of Aegon Cappital. In doing so, we will take account, in all reasonableness, of your interests and those of the participant/former participant; - replacement, alteration, or closing one or more investment funds. That also applies to the Profile Indicator, the risk profiles, and the investment profiles. You can find more information about this in Section 4 of the Pension Regulations. Changes in to the standard retirement age date may also apply to pension entitlements that have already been accrued. If we make an adjustment, we will notify you in writing in good time. You are at all times obliged to ensure that the net pension scheme conforms to this Execution Agreement, including when we make adjustments to the administration and this has consequences for the net pension scheme. You are required to ensure that you gain the consent of your employees and the works council (if there is one) for changes to the net pension scheme. If your company employs between 10 and 50 employees, you should inform your employees about the changes (through the employee representative body or a staff meeting). This also applies if the Execution Agreement is amended and the amendments have consequences for the net pension scheme. You must do this in good time. In the event of an amendment, we will set a period within which you adjust your net pension scheme. If you fail to do so within that period, we may be required to incur additional costs, which we will then charge on to you. An adjustment made to the net pension scheme applies to the net pensions already accrued and to those still to be accrued. However, net pensions already accrued cannot be decreased, unless statutory measures provide otherwise. The nature of the net pension scheme will also be unaffected. The value of the Investment Pension may, however, be subject to a decrease due to price fluctuations. The investment risk is for the participant’s account. The net pension scheme of a participant to whom we grant a waiver of contribution premium payment on account of disability will not be adjusted. If we grant such a waiver, the net pension scheme will remain unaffected. The costs for carrying out the adjustment in our administration system are for our own account. If you do not agree to the adjustment, you can cancel the agreementExecution Agreement.

Adjustment by us. We perform the administration of the net pension scheme on the basis of a pension subscription. We may adjust the administration of the net pension scheme. We may make the following adjustments: - product changes and changes to rates, costs and/or other conditions, such as products chosen under the pension subscription; - changes arising from legislation and regulations, court rulings, or an instruction or change of policy on the part of a supervisory authority such as the Dutch Central Bank (DNB) or the Dutch Authority for the Financial Markets (AFM); - other adjustments to prevent market conditions from jeopardising our continuity and effective operations. We can only do this on the basis of a resolution by the board of Aegon Cappital. In doing so, we will take account, in all reasonableness, of your interests and those of the participant/former participant; - replacement, alteration, or closing one or more investment funds. That also applies to the Profile Indicator, the risk profiles, and the investment profiles. You can find more information about this in Section 4 of the Pension Regulations. Changes in to the standard retirement age date may also apply to pension entitlements that have already been accrued. If we make an adjustment, we will notify you in writing in good time. You are at all times obliged to ensure that the net pension scheme conforms to this Execution Agreement, including when we make adjustments to the administration and this has consequences for the net pension scheme. You are required to ensure that you gain the consent of your employees and the works council (if there is one) for changes to the net pension scheme. If your company employs between 10 and 50 employees, you should inform your employees about the changes (through the employee representative body or a staff meeting). This also applies if the Execution Agreement is amended and the amendments have consequences for the net pension scheme. You must do this in good time. In the event of an amendment, we will set a period within which you adjust your net pension scheme. If you fail to do so within that period, we may be required to incur additional costs, which we will then charge on to you. An adjustment made to the net pension scheme applies to the net pensions already accrued and to those still to be accrued. However, net pensions already accrued cannot be decreased, unless statutory measures provide otherwise. The nature of the net pension scheme will also be unaffected. The value of the Investment Pension may, however, be subject to a decrease due to price fluctuations. The investment risk is for the participant’s account. The net pension scheme of a participant to whom we grant a waiver of contribution on account of disability will not be adjusted. If we grant such a waiver, the net pension scheme will remain unaffected. The costs for carrying out the adjustment in our administration system are for our own account. If you do not agree to the adjustment, you can cancel the agreementExecution Agreement.

Adjustment by us. Administration of the net pension scheme is based on a subscription. We perform the may adjust administration of the net pension scheme on the basis of a pension subscription. We may adjust the administration of the net pension scheme. We may make the following adjustments: - product changes and changes to rates, costs and/or other conditions, such as products chosen under the pension subscription; - changes arising from legislation and regulations, court rulings, or an instruction or change of policy on the part of a supervisory authority such as the Dutch Central Bank (DNB) or the Dutch Authority for the Financial Markets (AFM); - other adjustments to prevent market conditions from jeopardising our continuity and effective operations. We can only do this on the basis of a resolution by the board of Aegon Cappital. In doing so, we will take account, in all reasonableness, of your interests and those of the participant/former participant; - replacementReplacement, alteration, or closing one or more investment funds. That also applies to the Profile Indicator, the risk profiles, and investment profiles for Life Cycle Investing. The investments will then be transferred from the investment profilesfund that is to be replaced to one or more investment funds with a similar investment profile. You can find more information about this in Section 4 of We also adjust the Pension Regulations. Changes in accrued pension entitlements if the standard retirement age may also apply to pension entitlements that have already been accrued[pensioenrichtleeftijd] is changed. If we make an adjustment, adjustment we will notify you in writing in good time. You are at all times obliged to ensure that the net pension scheme conforms to this Execution Agreement, including when even if we make adjustments to the administration and this has consequences for the net pension scheme. You are required to ensure that you gain the consent of your employees and the works council (if there is one) for changes to the net pension scheme. If your company employs between 10 and 50 employees, you should inform your employees about the changes (through the employee representative body or a staff meeting). This also applies if the Execution Agreement is amended and the amendments have consequences for the net pension scheme. You must do this well in good time. In the event of an amendment, we will set a period within which you adjust your net pension scheme. If you fail to do so within that period, we may be required to incur additional costs, which we will then charge on to you. An adjustment made to the net pension scheme applies to the net pensions already accrued and to those still to be accrued. However, net pensions already accrued cannot be decreased, decreased unless statutory measures provide otherwise. The nature of the net pension scheme will also be unaffected. The value of the Investment Pension pension may, however, be subject to a decrease due to price fluctuations. The investment risk is for the participant’s account. The net pension scheme of a participant to whom we grant a waiver of contribution on account of disability will not be adjusted. If we grant such a waiver, the net pension scheme will remain unaffected. The costs for carrying out the adjustment in our administration system systems are for our own account. If you do not agree to the adjustment, you can cancel the agreement.

Adjustment by us. We perform the administration Administration of the net pension scheme is based on the basis of a pension subscription. We may adjust the administration of the net pension scheme. scheme We may make the following adjustments: - product changes and changes to rates, costs and/or other conditions, such as products chosen under the pension subscription; - changes arising from legislation and regulations, court rulings, or an instruction or change of policy on the part of a supervisory authority such as the Dutch Central Bank (DNB) or the Dutch Authority for the Financial Markets (AFM); - other adjustments to prevent market conditions from jeopardising our continuity and effective operations. We can only do this on the basis of a resolution by the board of Aegon Cappital. In doing so, we will take account, in all reasonableness, of your interests and those of the participant/former participant; - replacement, alteration, or closing one or more investment funds. That also applies to the Profile Indicator, the risk profiles, and the investment profiles. You can find more information about this in Section 4 of the Pension Regulations. Changes in the standard retirement age may also apply to pension entitlements that have already been accrued. If we make an adjustment, adjustment we will notify you in writing in good time. You are at all times obliged to ensure that the net pension scheme conforms to this Execution Agreement, including when even if we make adjustments to the administration and this has consequences for the net pension scheme. You are required to ensure that you gain the consent of your employees and the works council (if there is one) for changes to the net pension scheme. If your company employs between 10 and 50 employees, you should inform your employees about the changes (through the employee representative body or a staff meeting). This also applies if the Execution Agreement is amended and the amendments have consequences for the net pension scheme. You must do this well in good time. In the event of an amendment, we will set a period within which you adjust your net pension scheme. If you fail to do so within that period, we may be required to incur additional costs, which we will then charge on to you. An adjustment made to the net pension scheme applies to the net pensions already accrued and to those still to be accrued. However, net pensions already accrued cannot be decreased, decreased unless statutory measures provide otherwise. The nature of the net pension scheme will also be unaffected. The value of the Investment Pension may, however, be subject to a decrease due to price fluctuations. The investment risk is for the participant’s account. The net pension scheme of a participant to whom we grant a waiver of contribution premium payment on account of disability will not be adjusted. If we grant such a waiver, the net pension scheme will remain unaffected. The costs for carrying out the adjustment in our administration system systems are for our own account. If you do not agree to the adjustment, you can cancel the agreementExecution Agreement.

Adjustment by us. Administration of the net pension scheme is based on a subscription. We perform the may adjust administration of the net pension scheme on the basis of a pension subscription. We may adjust the administration of the net pension scheme. We may make the following adjustments: - product changes and changes to rates, costs and/or other conditions, such as products chosen under the pension subscription; - changes arising from legislation and regulations, court rulings, or an instruction or change of policy on the part of a supervisory authority such as the Dutch Central Bank (DNB) or the Dutch Authority for the Financial Markets (AFM); - other adjustments to prevent market conditions from jeopardising our continuity and effective operations. We can only do this on the basis of a resolution by the board of Aegon Cappital. In doing so, we will take account, in all reasonableness, of your interests and those of the participant/former participant; - replacement, alteration, or closing one or more investment funds. That also applies to the Profile Indicator, the risk profiles, and the investment profiles. You can find more information about this in Section 4 of the Pension Regulations. Changes in the standard retirement age may also apply to pension entitlements that have already been accrued. If we make an adjustment, adjustment we will notify you in writing in good time. You are at all times obliged to ensure that the net pension scheme conforms to this Execution Agreement, including when even if we make adjustments to the administration and this has consequences for the net pension scheme. You are required to ensure that you gain the consent of your employees and the works council (if there is one) for changes to the net pension scheme. If your company employs between 10 and 50 employees, you should inform your employees about the changes (through the employee representative body or a staff meeting). This also applies if the Execution Agreement is amended and the amendments have consequences for the net pension scheme. You must do this well in good time. In the event of an amendment, we will set a period within which you adjust your net pension scheme. If you fail to do so within that period, we may be required to incur additional costs, which we will then charge on to you. An adjustment made to the net pension scheme applies to the net pensions already accrued and to those still to be accrued. However, net pensions already accrued cannot be decreased, decreased unless statutory measures provide otherwise. The nature of the net pension scheme will also be unaffected. The value of the Investment Pension pension may, however, be subject to a decrease due to price fluctuations. The investment risk is for the participant’s account. The net pension scheme of a participant to whom we grant a waiver of contribution on account of disability will not be adjusted. If we grant such a waiver, the net pension scheme will remain unaffected. The costs for carrying out the adjustment in our administration system systems are for our own account. If you do not agree to the adjustment, you can cancel the agreement.

Adjustment by us. Administration of the net pension scheme is based on a subscription. We perform the may adjust administration of the net pension scheme on the basis of a pension subscription. We may adjust the administration of the net pension scheme. We may make the following adjustments: - product changes and changes to rates, costs and/or other conditions, such as products chosen under the pension subscription; - changes arising from legislation and regulations, court rulings, or an instruction or change of policy on the part of a supervisory authority such as the Dutch Central Bank (DNB) or the Dutch Authority for the Financial Markets (AFM); - other adjustments to prevent market conditions from jeopardising our continuity and effective operations. We can only do this on the basis of a resolution by the board of Aegon Cappital. In doing so, we will take account, in all reasonableness, of your interests and those of the participant/former participant; - replacement, alteration, or closing one or more investment funds. That also applies to the Profile Indicator, the risk profiles, and the investment profiles. You can find more information about this in Section 4 of the Pension Regulations. Changes in the standard retirement age may also apply to pension entitlements that have already been accrued. If we make an adjustment, adjustment we will notify you in writing in good time. You are at all times obliged to ensure that the net pension scheme conforms to this Execution Agreement, including when even if we make adjustments to the administration and this has consequences for the net pension scheme. You are required to ensure that you gain the consent of your employees and the works council (if there is one) for changes to the net pension scheme. If your company employs between 10 and 50 employees, you should inform your employees about the changes (through the employee representative body or a staff meeting). This also applies if the Execution Agreement is amended and the amendments have consequences for the net pension scheme. You must do this well in good time. In the event of an amendment, we will set a period within which you adjust your net pension scheme. If you fail to do so within that period, we may be required to incur additional costs, which we will then charge on to you. An adjustment made to the net pension scheme applies to the net pensions already accrued and to those still to be accrued. However, net pensions already accrued cannot be decreased, decreased unless statutory measures provide otherwise. The nature of the net pension scheme will also be unaffected. The value of the Investment Pension may, however, be subject to a decrease due to price fluctuations. The investment risk is for the participant’s account. The net pension scheme of a participant to whom we grant a waiver of contribution on account of disability will not be adjusted. If we grant such a waiver, the net pension scheme will remain unaffected. The costs for carrying out the adjustment in our administration system systems are for our own account. If you do not agree to the adjustment, you can cancel the agreement.