PENSION AND LIFE ASSURANCE. The Company operates a voluntary, contributory pension and life assurance scheme known as the AMEC Staff Pension Scheme. Subject to meeting the requirements laid down in the rules of the scheme, the Executive is entitled to remain a member. Full details of the scheme can be found in the AMEC Staff Pension Scheme booklet. The Executive is also entitled to membership of the AMEC Executive Pension Scheme. This tops up the Staff Scheme and the combined schemes provide the following: · payment without actuarial reduction from age 60;
· a future service accrual rate of 1/30th of final pensionable salary for each year of pensionable service; · a spouse/dependents’ pension fraction of 2/3rds of prospective pension on death before retirement; · life assurance cover of four times basic annual salary. Basic salary for the purposes of calculating pensionable salary and life assurance cover under the schemes is restricted to a maximum “earnings cap”. This is normally reviewed from April each year. The cap for the 2006/7 tax year is £112,500 p.a. As pension benefits are limited by the cap, a taxable supplementary payment of 20% of the difference between the cap and basic annual salary will be paid to the Executive in monthly instalments along with normal salary. The Company will also provide additional life cover to top up benefit under the pension schemes to four times’ full annual salary. If the Executive chooses in future to opt out of the pension schemes, the Company will pay, in lieu of accruing further pension benefits, an additional taxable supplement of 20% of monthly basic salary up to the earnings cap.
PENSION AND LIFE ASSURANCE. 19.1 Arrival operates an auto enrolment pension scheme and Arrival will auto-enrol you into this scheme (subject to workplace pension obligations and regulations) and details will be provided to you when you join. Membership of the scheme is subject to the scheme rules as may be amended from time to time and Arrival may replace the scheme with another appropriate pension scheme at any time.
19.2 Arrival will offer you a life assurance scheme of four times your salary (subject to the terms of the scheme) which shall apply to you during your Appointment.
PENSION AND LIFE ASSURANCE. 10.1 The Executive may remain a member of the pension scheme operated by the Company, and of which he is a member, as at the date of this Agreement ("the Pension Scheme") subject to the rules of such scheme from time to time in force.
10.2 The Appendix contains a letter which sets out the current position with regard to your pension.
10.3 No contracting out certificate is in force in relation to the Pension Scheme.
PENSION AND LIFE ASSURANCE. 11.1.1 The Company shall establish a pension scheme (“the Pension Scheme”) and subject to die rules of such scheme from time to time in force, the Executive shall be entitled to become and continue to be a member of the Pension Scheme throughout the Employment and details of the Pension Scheme will be provided to the Executive by the Company Secretary on request.
11.1.2 Notwithstanding clause 11.1.1, the Company shall be entitled at any time to terminate the Pension Scheme, or the Executive’s membership of it, if the Company provides in its place a replacement scheme which is approved by the Inland Revenue and which will give the Executive benefits which taken overall are not less favourable than those of the Pension Scheme and ensures as far as the new pension scheme is concerned that the Executive is fully credited in the new scheme for his pensionable service in the Pension Scheme as if such pensionable service had been under the new scheme.
11.1.3 The contributions to be paid by the Executive and the Company to the Pension Scheme shall be agreed between the Executive and the Company.
11.1.4 The Executive’s contributions to the Pension Scheme will be deducted from his salary and paid by the Company to the trustees of the Pension Scheme in accordance with the rules of the Pension Scheme and subject to any Inland Revenue limits from time to time in force.
11.2 A contracting out certificate within the meaning of the Xxxxxxx Xxxxxxx Xxx 0000 is [not] in force in respect of the Executive’s Employment.
11.3 The Executive shall be entitled to be covered by life assurance cover for a sum equal to four times his basic salary. Such cover will be provided either through the Pension Scheme or through a separate Life Assurance Scheme (as the Company may determine) provided that the Company shall be entitled at any time to terminate any Life Assurance Scheme, or the Executive’s membership of it, If the Company provides in its place a replacement scheme which will give the Executive benefits which are no less favourable to the Executive than the Life Assurance Scheme.
PENSION AND LIFE ASSURANCE. Executive shall be entitled during the -------------------------- Term to participate in the Following pension and life assurance arrangements: XXXXXXX HOUSE PENSION FUND (THE "FUND"). In respect of the Fund, --------------------------------------- Executive shall receive terms in accordance with the terms applicable to upper tier members of the Fund details of which are available from the Fund's administrators B G J & Co., Xxxxx Xxxxx, Xxxxx Xxxx, Xxxxxxx, Xxxxxxxxx XX0 0XX. Executive's participation in the Fund shall at all times be subject to the Trust Deed and Rules and all other documentation governing the Fund from time to time.
PENSION AND LIFE ASSURANCE. The Executive shall be entitled to -------------------------- participate in the Company's pension and life assurance arrangements subject to the terms of the relevant deeds and rules from time to time details of which are obtainable from the Company
PENSION AND LIFE ASSURANCE. 10.1 On an annual basis, on or around 31 December in each year (or within 30 days of the Termination Date on the last calendar year of the Employment), the Company will make a contribution to a HM Revenue & Customs approved personal pension scheme nominated by the Employee from time to time for that purpose equal to the sum of the contributions made thereto by the Employee in that calendar year up to a maximum of the lesser of £10,000 (pro rata for the final year of the Employment based on the proportion of that calendar year expired as at the Termination Date) and 5% of the Employee’s basic salary referred to in clause 9.1 earned during that calendar year (Remuneration).
10.2 A contracting-out certificate pursuant to the provisions of the Xxxxxxx Xxxxxxx Xxx 0000 is not in force for the Employment.
10.3 In the event that the Company provides life assurance cover then the Employee will be entitled to this cover assured at a sum equal to one times his annual basic salary, payable if he dies during the Employment subject to HM Customs & Revenue limits and to clause 13 (Conditions Applicable to insured Benefits).
PENSION AND LIFE ASSURANCE. (a) The Executive may become a member of the Company’s Group Personal Pension Plan, subject to satisfying the eligibility criteria and subject always to the rules of the plan from time to time. Full details of the plan can be obtained from Human Resources.
(b) The Company will comply with the employer pension duties in respect of the Employment in accordance with Part 1 of the Pensions Xxx 0000 and such other statutory duties as may arise from time to time.
(c) A contracting-out certificate pursuant to the provisions of the Xxxxxxx Xxxxxxx Xxx 0000 is not in force for the Employment.
(d) The Company will provide the Executive with life assurance cover to assure a sum equal to four times his Base Salary, payable if he dies during the Employment subject to HM Customs & Revenue limits and to clause 12 (Conditions Applicable to Insured Benefits).
PENSION AND LIFE ASSURANCE. 9.1 At the Remuneration Committee’s discretion, the Employee will be eligible to participate in the Xxxx Elsevier Pension Plan (the “Pension Plan”). This is a group personal pension plan, is not contracted-out of the State Second Pension Scheme and is contributory. The Company will match the Employee’s contributions on the following basis:
PENSION AND LIFE ASSURANCE. 19.1 The Company will contribute an amount equal to 4% of your annual basic salary, pro rata, to a pension on a monthly basis. Details of this scheme will follow shortly.
19.2 The Company will offer you a life assurance scheme of four times your salary (subject to the terms of the scheme) which shall apply to you during your Appointment.
