Pensions Portability Directive: addendum to your pension plan regulations
You have undoubtedly already heard about the EU Directive on the transferability of supplementary pension rights. This Directive has amended the Law on Supplementary Pensions (LSP).
The new rules concerning the immediate enrolment and vesting of supplementary pension rights will come into effect on 1 January 2019. They will apply to new hires as well as to staff members employed prior to this date.
AG Insurance is taking steps to begin applying the amended legislation as of 1 January 2019. One of these measures is to modify the wording of the pension plan regulations.
This is why an addendum to your contract is now available in AG EB Online1 or will be sent to you shortly. What purpose does it serve?
The addendum amends the pension plan regulations to ensure that they reflect the new practices regarding the immediate enrolment and vesting of supplementary pension rights.
And in practical terms?
The addendum will apply to pension plans regulations that set eligibility or vesting requirements for supplementary pension rights. If your pension plan regulations do not stipulate any such requirements, then this addendum will not modify anything.
The addendum will come into effect on 1 January 2019.
It concerns modifications that are required by law. There is no need to sign it.
In connection with the amended legislation, you are requested to provide us with the following information from 1 January 2019 onwards:
- details for all enrolled staff members who join the company after 1 January 2019
details for all staff members employed prior to 1 January 2019 but that have not yet been enrolled in the pension plan (because they did not meet the age and/or seniority requirements on 31 December 2018)
You can provide this information via the usual channel (i.e. the channel you normally use to communicate the data necessary for the management of your pension plan).
If you have any questions or require further clarification, you are welcome to contact your regular representative at any time.
1 You don’t know AG EB Online yet? Check
here how this platform simplifies your administration.