We use cookies on our site to analyze traffic, enhance your experience, and provide you with tailored content.

For more information visit our privacy policy.

Calculating the contribution for a Guaranteed Pension Sample Clauses

Calculating the contribution for a Guaranteed PensionIn the case of a Guaranteed Pension, we use (part of) the Investment Pension to a Pension. The participant can ‘click’ his/her Pension once only or periodically, by purchasing a Guaranteed Pension. A Guaranteed Pension provides certainty about the amount of his/her Pension. For this we use the rates table applicable in the year of purchase. This is based on the market conditions in the year of purchase. This means the participant will be affected by better or worse market conditions when he/she retires. In the case of a Guaranteed Pension, the participant/former participant pays a single premium for the pension benefits he/she receives from the retirement date. That single premium includes an interest rate guarantee premium, a surcharge for transfer of accrued benefits risk insurance, and a surcharge for disbursement costs. - We charge the interest rate guarantee premium to be able to guarantee that the Pension is paid out after the retirement date for the rest of the participant’s life. The interest rate guarantee premium is determined annually in December and then applies from 1 January to 31 December of the following year. The interest rate guarantee premium for 2024 has been set at 21.79%. - We charge the surcharge for transfer of accrued benefits risk insurance in order to avoid any additional payment obligation for you as the employer in case of a statutory individual outgoing transfer of accrued benefits. - We charge the surcharge for disbursements to cover the costs for payment of the pensions. You can find the applicable percentages in the ‘Costs, Rates and Assumptions’ annex. Example calculation 3 Let’s assume the participant is 51 and his/her retirement age is 68. The value of his/her Investment Pension is € 100,000.00. He/she wants to transfer € 60,000.00 to Guaranteed Pension. The price of € 1.00 Guaranteed Pension at his/her age is (for example) € 20.50. This means that from his/her retirement date he/she is entitled to € 2,926.83 Pension per year (gross). And if he/she dies after his/her retirement date, his/her partner is entitled to 70% of € 2,926.83 = € 2,048.78 per year. When determining our rates for the Guaranteed Pension, for the purposes of calculating the contribution we assume a return of 3% per year for the full period of payment under the insurance. The actual return can be higher but also lower. In the case of a higher return, the participant/former participant and pension beneficiary share in it through profit-sharing. You can ...
Calculating the contribution for a Guaranteed PensionIn the case of a Guaranteed Pension, we use (part of) the Investment Pension to a Pension. From the age of 15 up to the state pension age, a participant/former participant can ‘click’ his/her Pension once only or periodically, by purchasing a Guaranteed Pension. A Guaranteed Pension provides certainty about the amount of his/her Pension. This means the participant will be affected by better or worse market conditions when he/she retires. Aegon Leven determines the interest rate for such purchases twice a month. As a rule, other costs and principles that affect the rate are adjusted once a year by Aegon Leven. A participant/former participant can request a proposal for a one-off contribution to purchase a Guaranteed Pension. The proposal is valid for two weeks. A participant can also request a proposal can also periodical contributions for a Guaranteed Pension. If the participant agrees to the proposal, Aegon Leven will each month purchase Guaranteed Pension in accordance with the invoice, each time at the rates applying for the relevant month. An individual transfer of accrued benefits of a Guaranteed Pension may result in additional costs. This is because of the statutory rules that apply to a transfer of accrued benefits. A statutory incoming transfer of accrued benefits can only be used for an Investment Pension. You can find more information about this in Section 4.10 ‘Transfer of accrued benefits for new participant’ of the Pension Regulations. With a statutory outgoing transfer of accrued benefits of a Guaranteed Pension, we calculate the value of the pension entitlements according to the insurance rate and the rate set by the government. The first outcome is called the commuted value and the second the transfer value. If the commuted value is higher than the transfer value, your former employee will get the transfer value. You will receive the surplus. If the commuted value is lower than the transfer value, you are obliged to make an additional payment to cover the deficit. You only have to cooperate with a statutory transfer of accrued benefits if the additional payment remains below the statutory threshold. If the additional payment needed to cover the deficit exceeds € 15,000.00 and is also more than 10% of the transfer value, then the obligation for you to cooperate with the transfer of accrued benefits lapses completely. You are insured against the financial consequences arising from a statutory outgoing transfer of accrued benefits of a Guaran...

Related to Calculating the contribution for a Guaranteed Pension

  • Can I Roll Over or Transfer Amounts from Other IRAs or Employer Plans If properly executed, you are allowed to roll over a distribution from one Traditional IRA to another without tax penalty. Rollovers between Traditional IRAs may be made once every 12 months and must be accomplished within 60 days after the distribution. Beginning in 2015, just one 60 day rollover is allowed in any 12 month period, inclusive of all Traditional, Xxxx, SEP, and SIMPLE IRAs owned. Under certain conditions, you may roll over (tax-free) all or a portion of a distribution received from a qualified plan or tax-sheltered annuity in which you participate or in which your deceased spouse participated. In addition, you may also make a rollover contribution to your Traditional IRA from a qualified deferred compensation arrangement. Amounts from a Xxxx XXX may not be rolled over into a Traditional IRA. If you have a 401(k), Xxxx 401(k) or Xxxx 403(b) and you wish to rollover the assets into an IRA you must roll any designated Xxxx assets, or after tax assets, to a Xxxx XXX and roll the remaining plan assets to a Traditional IRA. In the event of your death, the designated beneficiary of your 401(k) Plan may have the opportunity to rollover proceeds from that Plan into a Beneficiary IRA account. In general, strict limitations apply to rollovers, and you should seek competent advice in order to comply with all of the rules governing rollovers. Most distributions from qualified retirement plans will be subject to a 20% withholding requirement. The 20% withholding can be avoided by electing a “direct rollover” of the distribution to a Traditional IRA or to certain other types of retirement plans. You should receive more information regarding these withholding rules and whether your distribution can be transferred to a Traditional IRA from the plan administrator prior to receiving your distribution.

  • Rollovers of Settlement Payments From Bankrupt Airlines If you are a qualified airline employee who has received a qualified airline settlement payment from a commercial airline carrier under the approval of an order of a federal bankruptcy court in a case filed after September 11, 2001, and before January 1, 2007, you are allowed to roll over any portion of the proceeds into your Xxxx XXX within 180 days after receipt of such amount, or by a later date if extended by federal law. For further detailed information and effective dates you may obtain IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), from the IRS or refer to the IRS website at xxx.xxx.xxx.

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

  • What if I Make a Contribution for Which I Am Ineligible or Change My Mind About the Type of IRA to Which I Wish to Contribute?

  • Distribution of Financial Contribution The financial contribution of the Funding Authority to the Project shall be distributed by the Coordinator according to: - the Consortium Plan - the approval of reports by the Funding Authority, and - the provisions of payment in Section 7.3. A Party shall be funded only for its tasks carried out in accordance with the Consortium Plan.

  • Distributions; Xxxxxx Xxx Guaranty On or before each Determination Date (or as soon thereafter as is reasonably practicable), Xxxxxx Mae shall calculate the Lower Tier Distribution Amount for the current calendar month. On each Distribution Date, Xxxxxx Xxx shall withdraw from the Certificate Account the portion of the Lower Tier Distribution Amount distributable thereon and shall make the distributions to the Holders of the related Lower Tier Regular Classes in the respective amounts and in the applicable manner determined pursuant to Section 2.02. In the event that the amount on deposit in the Certificate Account on any Distribution Date shall be less than the applicable portion of the Lower Tier Distribution Amount distributable thereon, Xxxxxx Mae shall provide from its own funds the amount of any such insufficiency. In addition, in the event that (i) the applicable portion of the Lower Tier Distribution Amount shall be insufficient to pay all interest due and payable on the related Lower Tier Regular Classes on such Distribution Date or (ii) such Distribution Date is a Final Distribution Date for any Class and the distribution on such Distribution Date of the applicable portion of the Lower Tier Distribution Amount will not be sufficient to reduce the Class Balance of such Class to zero on such Final Distribution Date, then Xxxxxx Xxx shall (a) withdraw from the Certificate Account, such amount as shall be necessary to remedy such insufficiency and (b) to the extent that funds in the Certificate Account shall be insufficient therefor, apply its own funds towards remedying the same.

  • Subrogation and Contribution Upon making any payment with respect to any obligation of the Company under this Article, the Guarantor making such payment will be subrogated to the rights of the payee against the Company with respect to such obligation, provided that the Guarantor may not enforce either any right of subrogation, or any right to receive payment in the nature of contribution, or otherwise, from any other Guarantor, with respect to such payment so long as any amount payable by the Company hereunder or under the Notes remains unpaid.

  • Tax Returns and Payments; Pension Contributions Borrower and each of its Subsidiaries has timely filed all required tax returns and reports, and Borrower and each of its Subsidiaries, has timely paid all foreign, federal, state, and local taxes, assessments, deposits and contributions owed by Borrower and such Subsidiaries, in all jurisdictions in which Borrower or any such Subsidiary is subject to taxes, including the United States, unless such taxes are being contested in accordance with the following sentence. Borrower and each of its Subsidiaries, may defer payment of any contested taxes, provided that Borrower or such Subsidiary, (a) in good faith contests its obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and conducted, (b) notifies Collateral Agent in writing of the commencement of, and any material development in, the proceedings, and (c) posts bonds or takes any other steps required to prevent the Governmental Authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien.” Neither Borrower nor any of its Subsidiaries is aware of any claims or adjustments proposed for any of Borrower’s or such Subsidiaries’, prior tax years which could result in additional taxes becoming due and payable by Borrower or its Subsidiaries. Borrower and each of its Subsidiaries have paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and neither Borrower nor any of its Subsidiaries have, withdrawn from participation in, and have not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower or its Subsidiaries, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other Governmental Authority.

  • Distribution of Benefit The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit shall be distributed to the Executive for fifteen (15) years.

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.