CONDITIONS FOR ENTITLEMENT TO PENSION Sample Clauses

CONDITIONS FOR ENTITLEMENT TO PENSION. All employees must have a pension scheme in place once the following conditions have been met: The scheme covers employees who have reached the age of 18. However, the age requirement for trainees is 20. The employee must have been employed continuously for three months at one or more enterprises covered by the collective agreement. This length of service requirement is set aside in cases where the employee was already covered by an occupational pension scheme based on a collective agreement when they were hired. For employees who fulfil the above conditions, it also applies that other conditions agreed between the parties in order to achieve risk coverage and receive insurance benefits must be met. For employees who have reached retirement age and where it is not possible to pay premiums for risk insurance, the full pension contribution goes to the old age pension. For employees who receive old age pension benefits but are still active on the labour market and fulfil the conditions for entitlement to the pension scheme, the enterprise’s pension contributions go to life annuity/discontinuing old-age pension without insurance elements. The enterprise and the employee can enter into an agreement on the enterprise’s contribution being paid as an allowance not giving entitlement to holiday which is paid out annually together with the holiday allowance stipulated in the Danish Holiday Act On resignation, this will be paid together with the last wage payment. Where the enterprise and the employee have agreed that the enterprise’s contribution is paid with the holiday allowance, the enterprise may, from 1 May 2020 choose to pay the enterprise’s pension contribution on an ongoing basis with the wage as an allowance not giving entitlement to holidays. For employees reaching the retirement pension age on 1 May 2020 or later, the following applies: If the employee remains in employment after reaching retirement pension age, the employee must choose whether to continue savings for their pension (as far as is possible) or whether the pension is to be paid on an ongoing basis as an allowance not giving entitlement to holidays. The insurance coverage ends when the employee reaches retirement age. If the employee fails to make a choice, the enterprise continues paying into the pension scheme. Employees having attained the age of 60 and who are not already covered by the pension scheme, must not have any labour market pension scheme created. For these employees, the enterp...
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CONDITIONS FOR ENTITLEMENT TO PENSION. All employees must have a pension scheme when the following conditions are met: • The scheme covers employees over the age of 20, except trainees/students. However, trainees on level 2 of the retail education programme (retail man- ager), cf. Section 1(5) of Executive Order no. 475 of 26/04/2019, who have reached the age of 20 on 1 July 2020 are entitled to a pension. • The employee must have been employed without interruption for 3 months with one or more companies covered by the collective agreement. This senior- ity requirement shall be disregarded in cases where the employee is already covered by a labour market pension scheme based on a collective agreement when they were hired. • Employees who fulfil the above conditions are also subject to the conditions otherwise agreed between the parties for obtaining risk coverage and receiv- ing insurance benefits. • For employees who have reached retirement age and where it is not possible to contribute premiums for risk insurance, the entire pension contribution shall go to old-age pension. • For employees who receive old age pension benefits but are still active on the labour market and fulfil the conditions for entitlement to the pension scheme, the company’s pension contributions go to life annuity / discontinuing old-age pension without insurance elements. An agreement can be entered into between the company and the employee on payment of the company contribution as a supplement not qualifying for holiday pay, which shall be paid together with the holiday supplement applicable under the Danish Holiday Act (ferieloven). Upon termination, this will be paid together with the last wage payment. Where the company and the employee have agreed that the company contribution is to be paid together with the holiday supplement, the company can instead choose to pay the company's pension contribution on an ongoing basis with the wages as a supplement without entitlement to holidays.
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Related to CONDITIONS FOR ENTITLEMENT TO PENSION

  • Payment of Benefits All or part of the contract benefits may be paid under one or more of the following: - a variable payment plan; - a fixed payment plan; or - in cash. The provisions and rate for variable and fixed payment plans are described in Section 11. Contract benefits may not be placed under a payment plan unless the plan would provide to each beneficiary a monthly income the initial amount of which is at least the minimum payment amount shown on page 4. A Withdrawal Charge will be deducted from contract benefits before their payment under certain conditions described in Section 7.3.

  • Entitlement to Benefits Notwithstanding the other provisions of this Agreement, a benefit under this Agreement shall not be granted in respect of an item of income if it is reasonable to conclude, having regard to all relevant facts and circumstances, that obtaining that benefit was one of the principal purposes of any arrangement or transaction that resulted directly or indirectly in that benefit, unless it is established that granting that benefit in these circumstances would be in accordance with the object and purpose of the relevant provisions of this Agreement.

  • Standard Company Benefits Executive shall be entitled to participate in all employee benefit programs for which Executive is eligible under the terms and conditions of the benefit plans that may be in effect from time to time and provided by the Company to its employees. The Company reserves the right to cancel or change the benefit plans or programs it offers to its employees at any time.

  • NO EXPECTATION OF CONTINUED EMPLOYMENT BEYOND TERM OF CONTRACT Neither this contract nor any Board Policy, rule or evaluation procedure shall confer upon the Employee continued employment beyond the term provided in this contract.

  • Standard Benefits During the Employment Period, Executive shall be entitled to participate in all employee benefit plans and programs, including paid vacations, generally available to other similarly situated Company executives, subject to the terms and conditions of the applicable plans.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Indemnification for Expenses of a Party Who is Wholly or Partly Successful Notwithstanding any other provisions of this Agreement except for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

  • 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.

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement. 24.2 Transition to retirement arrangements may be proposed and, where agreed, implemented as: (a) a flexible working arrangement (see clause 16 (Flexible Working Arrangements)); (b) in writing between the parties; or (c) any combination of the above. 24.3 A transition to retirement arrangement may include but is not limited to: (a) a reduction in their EFT; (b) a job share arrangement; or (c) working in a position at a lower classification or rate of pay. 24.4 The Employer will consider, and not unreasonably refuse, a request by an Employee who wishes to transition to retirement: (a) to use accrued Long Service Leave (LSL) or Annual Leave for the purpose of reducing the number of days worked per week while retaining their previous employment status; or (b) to be appointed to a role which that has a lower hourly rate of pay or hours (post transition role), in which case: (i) the Employer will preserve the accrual of LSL at the time of reduction in salary or hours; and (ii) where LSL is taken or paid out in lieu on termination, the Employee will be paid LSL hours at the applicable classification and grade, and at the preserved hours, prior to the post transition role until the preserved LSL hours are exhausted.

  • Commencement of Benefits The benefits commence six (6) months from the date that disability began, which shall include the period of payment under the terms of the Short Term Income Protection Plan. Proof of disability must be submitted within six (6) months following the Qualifying Period.

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