Normal Retirement Pension. Your normal retirement date is the first of the month on or after your 65th birthday. You will receive a monthly Basic Pension as determined above. You will also be entitled to monthly lifetime supplement if the sum of your Basic Pension and the amount of your Canada Pension Plan (CPP) Retirement Pension is less than a certain amount. If you have completed thirty (30) years of Credited Service at your retirement date, the Lifetime Supplement is equal to the amount which, when added to your Basic Pension and Canada Pension Plan Retirement Pension, will total the following minimum pension amount: $2,570 if you retire on or before May 31, 2014 $2,650 if you retire on or after June 1, 2014. If you have completed less than thirty (30) years of Credited Service at your retirement date, the Lifetime Supplement will be equal to the amount by which the minimum pension amount above exceeds the Canada Pension Plan Retirement Pension, multiplied by the fraction obtained by dividing thirty (30) into your years of Credited Service subject to a maximum of thirty (30) years, then reduced by your Basic Pension.
Normal Retirement Pension. The Executive shall be entitled, on retirement at age 65, to an annual pension of an amount determined in accordance with the following provisions and on the following terms.
(a) The initial rate of pension at retirement at age 65 shall be calculated as x% of Basic Salary or Reference Salary whichever is the greater in the 12 months before retirement (“Pensionable Salary”) for each or any of the first five calendar years of the Executive’s employment by the Employer if in the last 90 days of each such year the average share price of the Employer on the London Stock Exchange (the “Average Share Price” and the “LSE” respectively) exceeds GBp 75 plus an additional 2% of Pensionable Salary for each such year if the Average Share Price exceeds: Year 1 GBp 90 Year 2 GBp 102 Years 3-5 inclusive GBp 114 Where x is 4 in the first calendar year, 3.5 in the second calendar year and 3 in the third, fourth and fifth calendar years.
(b) If at the end of the fifth calendar year of his employment by the Employer the aggregate percentage pension accrued in accordance with the above provision is less than 26.5%, the Executive may accrue up to a further 4.5% of Pensionable Salary in his sixth calendar year of employment by the Employer if the average share price of the Employer on the LSE for the last 90 days of that year exceeds GBp 75 and up to a further 2% if the average share price of the Employer on the LSE for the last 90 days of that year exceeds GBp 114.
(c) The maximum aggregate accrual under the formulae at Clauses 2.1(a) and 2.1(b) shall not exceed 26.5% and not more than 6% shall accrue in the first calendar year, not more than 5.5% shall accrue in the second calendar year, not more than 5% shall accrue in any subsequent calendar year save in the sixth year where up to 6.5% shall accrue in the manner described in 2.1(b) above.
(d) In the event of a material increase or reduction of the issued share capital of the Employer, appropriate adjustments shall be made to the share prices stipulated for the purposes of Clause 2.1(a) above by the Employer acting reasonably.
(e) For the avoidance of doubt in calculating the first five calendar years of the Executive’s employment by the Employer, the first calendar year shall end on 31 December 2011 even though the Executive will not have been employed for the full calendar year.
Normal Retirement Pension. For Service to January 1, 1990
Normal Retirement Pension. Your normal Retirement Date is the first day of the month coincident with or next following your 65th birthday. At normal retirement, you will receive an annual pension, under normal form, equal to the greater of:
Normal Retirement Pension. (a) For a retirement, commencing on and after January 1, 1976, by a participant who has accumulated at least one Credited Hour after December 21, 1975, the Normal Retirement Pension payable to a Participant shall be the larger of paragraphs (1) and (2) below.
(1) The pension benefit of such Participant computed under the provisions of the Old Plan based upon the Qualified Years and Credited Hours of the Participant as of December 21, 1975, plus ten percent (10%) thereof if the retirement commenced prior to April 2, 1976; or
(2) The sum of:
(A) $.0078 multiplied by the Participant's total Credited Hours accumulated during the Participant's first ten (10) Qualified Years;
(B) $.0104 multiplied by the Participant's total Credited Hours accumulated during the Participant's next ten (10) Qualified Years; and
(C) $.0104 multiplied by the Participant's total Credited Hours accumulated after the Participant has completed twenty (20) Qualified Years, provided that, a $.0066 rate shall apply in lieu of the $.0104 rate with respect to (I) Credited Hours 69 REPLACED – Amendment XIII, December 18, 1996, retroactively effective December 24, 1989. 70 Section AMENDED – Amendment XXXXVII, August 27, 2003. 71 Section AMENDED – Amendment XVI, October 22, 1997, retroactively effective August 1, 1997. (Paragraph (6) deleted) 72 Section AMENDED – Amendment XXXIII, February 28, 2001, retroactively effective December 26, 1999. Restated 1993 Trust Agreement (Inclusive of Amendments I through CVII) credited before 1988 followed by a Break in Service before 1988, (II) benefits that went into pay status before 1988 or (III) benefits earned prior to a retirement commencing on or after January 1, 1988 with respect to applications for retirement filed before September 1, 1987. For the purpose of this subsection (a)(2), Credited Hours shall include only those accumulated after October 24, 1954, and prior to the “cessation date,” as defined in the next sentence. The cessation date shall be the later of the end of the Computation Year next following the Participant's sixty-fifth (65th) birthday or the end of the Computation Year during which the Participant is credited with both twenty (20) Qualified Years and twenty thousand (20,000) Credited Hours. Notwithstanding the preceding sentence, Credited Hours earned after the cessation date and prior to retirement are included, provided that (I) Credited Hours after the cessation date and before December 25, 1977 shall not be included in the ca...
Normal Retirement Pension. (a) For a retirement, commencing on and after January 1, 1976, by a participant who has accumulated at least one Credited Hour after December 21, 1975, the Normal Retirement Pension payable to a Participant shall be the larger of paragraphs (1) and (2) below.
(1) The pension benefit of such Participant computed under the provisions of the Old Plan based upon the Qualified Years and Credited Hours of the Participant as of December 21, 1975, plus ten percent (10%) thereof if the retirement commenced prior to April 2, 1976; or
(2) The sum of:
(A) $.0078 multiplied by the Participant's total Credited Hours accumulated during the Participant's first ten (10) Qualified Years;
(B) $.0104 multiplied by the Participant's total Credited Hours accumulated during the Participant's next ten (10) Qualified Years; and
(C) $.0104 multiplied by the Participant's total Credited Hours accumulated after the Participant has completed twenty (20) Qualified Years, provided that, a $.0066 rate shall apply in lieu of the $.0104 rate with respect to (I) Credited Hours 69 REPLACED – Amendment XIII, December 18, 1996, retroactively effective December 24, 1989. 70 Section AMENDED – Amendment XXXXVII, August 27, 2003. 71 Section AMENDED – Amendment XVI, October 22, 1997, retroactively effective August 1, 1997. (Paragraph
Normal Retirement Pension. 3.1 Normal retirement pension shall be paid for lifetime to the Employee if his service with the Company terminates upon or after attaining the Normal Retirement Date. Visteon Holdings GmbH Page 2 --------------------------------------------------------------------------------
3.2 The amount of normal retirement pension depends on the Pensionable Service Time and the Final Pensionable Earnings.
3.3 The monthly normal retirement pension equals 0,5% of Final Pensionable Earnings up to the Applicable Social Security Contribution Ceiling, multiplied by the Pensionable Service Time
Normal Retirement Pension. As of his Normal Retirement Date each Member of the Plan shall be entitled to a pension for life equal to the sum of his Accrued Current Service Pension, calculated in accordance with Article and his Accrued Prior Service Pension, if any.
Normal Retirement Pension. A Member who retires on his Normal Retirement Date shall be entitled to a monthly pension, commencing on his Normal Retirement Date, in an amount equal to:
(a) for Credited Service:
(i) 50% of his required contributions under the Plan and Prior Plan on or after January 1, 1966 to his Normal Retirement Date; provided, however, that the annual Retirement Income provided under this clause (a) when combined with the Member's Canada Pension Plan Entitlement (unreduced for earnings after retirement) shall not, in respect of each year or portion thereof of Credited Service rendered on or after January 1, 1966, be less than an amount equal to 2% of his Earnings in that year or portion thereof, plus
(ii) for each year or portion thereof of Credited Service under the Prior Plan rendered prior to January 1, 1966, an amount equal to 2% of his Earnings in that year or portion thereof;
(b) in the case of a Member in the employment of the Company on 2 May 1973, an amount equal to 15% of the amount which such Member would have been entitled to receive under Section 7.01(a) had such Member retired on 31 December 1972 and had such date been such Member's Normal Retirement Date;
(c) in the case of a Member in the employment of the Company on 2 May 1974 or who retires during the period from 2 May 1973 to 2 May 1974 an amount equal to 10% of the amount which such Member would have been entitled to receive under Section 7.01(a) had such Member retired on 31 December 1972 and had such date been such Member's Normal Retirement Date;
(d) in the case of a Member who has received benefits, after 31 December 1973 and prior to retirement, under the Long Term Disability Plan of the Company, an amount equal to 4% of such benefits plus the amount, if any, by which such benefits have been reduced;
(e) in the case of a Member in the employment of the Company on 2 May 1978, an amount equal to 25% of the amount which such Member would have been entitled to receive under Section 7.01(a)(i) with respect to his employment during the period from January 1, 1973 to 31 December 1977 had such Member retired on 31 December 1977 and had such date been such Member's Normal Retirement Date; and
(f) in the case of a Member in the employment of the Company on 2 May 1978, an amount equal to 6% of the amount which such Member would have been entitled to receive under Section 7.01(a) through 7.01(e) inclusive had such Member retired on 31 December 1977 and had such date been such Member's Normal Retirement ...
Normal Retirement Pension. 37 54 {No text in Rule 54}...................................................................... 37 55
