Common use of Retirement Pension Clause in Contracts

Retirement Pension. The retirement pension is based on an indexed average salary system. The accrual is 1.75% of the pensionable salary in the year in question. This pension starts on the first day of the month in which the member turns 68. Partner's pension The partner's pension is 60% of the payable retirement pension. This pension starts on the first day of the month in which the current or former participant dies. Partner's pension is also accrued for single persons, and can be converted into a retirement pension. Orphan’s pension The orphan's pension for each child is a maximum of 14% of the total retirement pension accrued. For full orphans, this percentage is doubled. The orphan's pension for all children jointly may not exceed a maximum total of 70% of the projected retirement pension. The orphan's pension is paid until the first day following the month in which the child no longer meets one of the following criteria: − the child is under the age of 18; − the child is under 27 years of age and cannot, due to illness or disability, earn more than 55% of what a comparable healthy person of the same age can earn; this must be evidenced by a declaration from the Wajong benefit agency; − the child is under 27 years of age and is not yet able to work because the child is attending a full course of study or vocational training. The orphan's pension starts on the first day of the month in which the member dies. Pension limitation If the member's partner is more than ten years younger than the member, the partner's pension is reduced by 1.1% of the retirement pension for each full year that the age difference is greater than ten years. If the member has opted to convert the (notional) accrued partner's pension into a higher old-age pension or early retirement, there is no longer any entitlement to a partner's pension, even if the member subsequently has a partner. Options Within tax limits, members have the following options, in addition to early retirement and part-time retirement: Conversion of retirement pension and partner's pension Members may choose to convert all or part of the accrued partner's pension into a higher retirement pension at the target retirement age. Conversely, they can choose to convert all or part of the accrued retirement pension into a higher partner's pension. The member must communicate this choice to the employer at least one year before the target retirement age. Medical guarantees are not required for these conversions. However, the partner’s consent is required to convert a partner's pension into a higher retirement pension. The member is responsible for providing correct information about this. If the member has given incorrect information or has been negligent in this respect, the pension consequences are at their expense and risk. High-low pensions and retirement savings Members can agree a high-low pension with the pension provider in an actuarially neutral manner on the retirement date. Members can save extra pension to make up any pension shortfall. Occupational disability pension The occupational disability pension lapsed on 31 December 2005. This does not apply to members who became ill before 1 January 2004 and to whom the Occupational Disability Insurance Act (and underlying laws and regulations) applies and continues to apply. For these members, the relevant provisions of the occupational disability pension from the 2003-2004 Collective Agreement continue to apply.

Retirement Pension. The retirement pension is based on an indexed average salary system. The accrual is 1.75% of the pensionable salary in the year in question. This pension starts on the first day of the month in which the member turns 68. Partner's pension The partner's pension is 60% of the payable retirement pension. This pension starts on the first day of the month in which the current or former participant member dies. Partner's pension is also accrued for single persons, and can be converted into a retirement pension. Orphan’s pension The orphan's pension for each child is a maximum of 14% of the total retirement pension accrued. For full orphans, this percentage is doubled. The orphan's pension for all children jointly may not exceed a maximum total of 70% of the projected retirement pension. The orphan's pension is paid until the first day following the month in which the child no longer meets one of the following criteria: − the child is under the age of 18; − the child is under 27 years of age and cannot, due to illness or disability, earn more than 55% of what a comparable healthy person of the same age can earn; this must be evidenced by a declaration from the Wajong benefit agency; − the child is under 27 years of age and is not yet able to work because the child is attending a full course of study or vocational training. The orphan's orphans’ pension starts on the first day of the month in which the member participant dies. Pension limitation If the member's partner is more than ten years younger than the member, the partner's pension is reduced by 1.1% of the retirement pension for each full year that the age difference is greater than ten years. If the member has opted to convert the (notional) accrued partner's pension into a higher old-age pension or early retirement, there is no longer any entitlement to a partner's pension, even if the member subsequently has a partner. Options Within tax limits, members have the following options, in addition to early retirement and part-time retirement: Conversion of retirement pension and partner's pension Members may choose to convert all or part of the accrued partner's pension into a higher retirement pension at the target retirement age. Conversely, they can choose to convert all or part of the accrued retirement pension into a higher partner's pension. The member must communicate this choice to the employer at least one year before the target retirement age. Medical guarantees are not required for these conversions. However, the partner’s consent is required to convert a partner's pension into a higher retirement pension. The member is responsible for providing correct information about this. If the member has given incorrect information or has been negligent in this respect, the pension consequences are at their expense and risk. High-low pensions and retirement savings Members can agree a high-low pension with the pension provider in an actuarially neutral manner on the retirement date. Members can save extra pension to make up any pension shortfall. Occupational disability pension The occupational disability pension lapsed on 31 December 2005. This does not apply to members who became ill before 1 January 2004 and to whom the Occupational Disability Insurance Act (and underlying laws and regulations) applies and continues to apply. For these members, the relevant provisions of the occupational disability pension from the 2003-2004 Collective Agreement continue to apply.

Retirement Pension. The retirement pension is based on an indexed average salary system. The accrual is 1.75% of the pensionable salary in the year in question. This pension starts on the first day of the month in which the member turns 68. Partner's pension The partner's pension is 60% of the payable retirement pension. This pension starts on the first day of the month in which the current or former participant member dies. Partner's pension is also accrued for single persons, and can be converted into a retirement pension. Orphan’s pension The orphan's pension for each child is a maximum of 14% of the total retirement pension accrued. For full orphans, this percentage is doubled. The orphan's pension for all children jointly may not exceed a maximum total of 70% of the projected retirement pension. The orphan's pension is paid until the first day following the month in which the child no longer meets one of the following criteria: − the child is under the age of 18; − the child is under 27 years of age and cannot, due to illness or disability, earn more than 55% of what a comparable healthy person of the same age can earn; this must be evidenced by a declaration from the Wajong benefit agency; − the child is under 27 years of age and is not yet able to work because the child is attending a full course of study or vocational training. The orphan's pension starts on the first day of the month in which the member dies. Pension limitation If the member's partner is more than ten years younger than the member, the partner's pension is reduced by 1.1% of the retirement pension for each full year that the age difference is greater than ten years. If the member has opted to convert the (notional) accrued partner's pension into a higher old-age pension or early retirement, there is no longer any entitlement to a partner's pension, even if the member subsequently has a partner. Options Within tax limits, members have the following options, in addition to early retirement and part-time retirement: Conversion of retirement pension and partner's pension Members may choose to convert all or part of the accrued partner's pension into a higher retirement pension at the target retirement age. Conversely, they can choose to convert all or part of the accrued retirement pension into a higher partner's pension. The member must communicate this choice to the employer at least one year before the target retirement age. Medical guarantees are not required for these conversions. However, the partner’s consent is required to convert a partner's pension into a higher retirement pension. The member is responsible for providing correct information about this. If the member has given incorrect information or has been negligent in this respect, the pension consequences are at their expense and risk. High-low pensions and retirement savings Members can agree a high-low pension with the pension provider in an actuarially neutral manner on the retirement date. Members can save extra pension to make up any pension shortfall. Occupational disability pension The occupational disability pension lapsed on 31 December 2005. This does not apply to members who became ill before 1 January 2004 and to whom the Occupational Disability Insurance Act (and underlying laws and regulations) applies and continues to apply. For these members, the relevant provisions of the occupational disability pension from the 2003-2004 Collective Agreement continue to apply.

Retirement Pension. The retirement pension is based on an indexed average salary system. The accrual is 1.75% of the pensionable salary in the year in question. This pension starts on the first day of the month in which the member turns 68. Partner's pension The partner's pension is 60% of the payable retirement pension. This pension starts on the first day of the month in which the current or former participant member dies. Partner's pension is also accrued for single persons, and can be converted into a retirement pension. Orphan’s pension The orphan's pension for each child is a maximum of 14% of the total retirement pension accrued. For full orphans, this percentage is doubled. The orphan's pension for all children jointly may not exceed a maximum total of 70% of the projected retirement pension. The orphan's pension is paid until the first day following the month in which the child no longer meets one of the following criteria: − the child is under the age of 18; − the child is under 27 years of age and cannot, due to illness or disability, earn more than 55% of what a comparable healthy person of the same age can earn; this must be evidenced by a declaration from the Wajong benefit agency; − the child is under 27 years of age and is not yet able to work because the child is attending a full course of study or vocational training. The orphan's pension starts on the first day of the month in which the member dies. Pension limitation If the member's partner is more than ten years younger than the member, the partner's pension is reduced by 1.1% of the retirement pension for each full year that the age difference is greater than ten years. If the member has opted to convert the (notional) accrued partner's pension into a higher old-age pension or early retirement, there is no longer any entitlement to a partner's pension, even if the member subsequently has a partner. Options Within tax limits, members have the following options, in addition to early retirement and part-time retirement: Conversion of retirement pension and partner's pension Members may choose to convert all or part of the accrued partner's pension into a higher retirement pension at the target retirement age. Conversely, they can choose to convert all or part of the accrued retirement pension into a higher partner's pension. The member must communicate this choice to the employer at least one year before the target retirement age. Medical guarantees are not required for these conversions. However, the partner’s consent is required to convert a partner's pension into a higher retirement pension. The member is responsible for providing correct information about this. If the member has given incorrect information or has been negligent in this respect, the pension consequences are at their expense and risk. High-low pensions and retirement savings Members can agree a high-low pension with the pension provider in an actuarially neutral manner on the retirement date. Members can save extra pension to make up any pension shortfall. Occupational disability pension The occupational disability pension lapsed on 31 December 2005. This does not apply to members who became ill before 1 January 2004 and to whom the Occupational Disability Insurance Act (and underlying laws and regulations) applies and continues to apply. For these members, the relevant provisions of the occupational disability pension from the 2003-2004 Collective Agreement continue to apply.

Retirement Pension. The retirement pension is based on an indexed average salary system. The accrual is 1.75% of the pensionable salary in the year in question. This pension starts on the first day of the month in which the member turns 68. Partner's ’s pension The partner's pension is 60% of the payable projected retirement pension. This pension starts on the first day of the month in which the current or former participant member dies. Partner's pension is also accrued for single persons, and can be converted into a retirement pension. Orphan’s 's pension The orphan's pension for each child is a maximum of 14% of the total projected retirement pension accrued. For full orphans, this percentage is doubled. The orphan's pension for all children jointly may not exceed a maximum total of 70% of the projected retirement pension. The orphan's pension is paid until the first day following the month in which the child no longer meets one of the following criteria: − the child is under the age of 18; − the child is under 27 years of age and cannot, due to illness or disability, earn more than 55% of what a comparable healthy person of the same age can earn; this must be evidenced by a declaration from the Wajong benefit agency; − the child is under 27 years of age and is not yet able to work because the child is attending a full course of study or vocational training. The orphan's orphans’ pension starts on the first day of the month in which the member participant dies. Pension limitation If the member's partner is more than ten years younger than the member, the partner's pension is reduced by 1.1% of the retirement pension for each full year that the age difference is greater than ten years. If the member has opted to convert the (notional) accrued partner's pension into a higher old-age pension or early retirement, there is no longer any entitlement to a partner's pension, even if the member subsequently has a partner. Options Within tax limits, members have the following options, in addition to early retirement and part-time retirement: Conversion of retirement pension and partner's pension Members may choose to convert all or part of the accrued partner's pension into a higher retirement pension at the target retirement age. Conversely, they can choose to convert all or part of the accrued retirement pension into a higher partner's pension. The member must communicate this choice to the employer at least one year before the target retirement age. Medical guarantees are not required for these conversions. However, the partner’s consent is required to convert a partner's pension into a higher retirement pension. The member is responsible for providing correct information about this. If the member has given incorrect information or has been negligent in this respect, the pension consequences are at their expense and risk. High-low pensions and retirement savings Members can agree a high-low pension with the pension provider in an actuarially neutral manner on the retirement date. Members can save extra pension to make up for any pension shortfall. Occupational disability pension The occupational disability pension lapsed on 31 December 2005. This does not apply to members who became ill before 1 January 2004 and to whom the Occupational Disability Insurance Act (and underlying laws and regulations) applies and continues to apply. For these members, the relevant provisions of the occupational disability pension from the 2003-2004 Collective Agreement continue to apply.