CONDITIONS OF ENTITLEMENT TO A PENSION Clause Samples

CONDITIONS OF ENTITLEMENT TO A PENSION. All employees shall have a pension scheme in place once the following conditions have been met: The scheme covers employees who have reached the age of 20, but not trainees. However, trainees in the retail training programme step 2 (retail manager), cf. section 1(5) in Executive Order no. 475 of 26/04/2019, who have reached the age of 20 on 1 July 2020, are entitled to pension. 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 aforementioned conditions, it is also the case that other conditions agreed between the parties 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 an annuity/early retirement pension without insurance elements. The enterprise and the employee may enter into an agreement on the enterprise’s contribution being paid out as an allowance that does not give entitlement to holiday and which is paid out together with the holiday allowance stipulated in the Danish Holiday Act. When the employee leaves, this will be paid together with the final wage payment. If it has been agreed between the enterprise and the employee that the enterprise’s contribution is to be paid together with the holiday allowance, the enterprise may from 1 May 2020 opt to pay the enterprise’s pension contribution on an ongoing basis together with the pay as an allowance that does not give entitlement to holiday. For employees who reach the retirement age on 1 May 2020 or later, the following applies: If the employee is still employed after having reached the retirement age, the employee must choose in advance if accrued pension contributions are to continue (if this is possible), or if the pension contribution is to be paid on an ongoing basis as a supplement not entitled to holiday. The insurance cover will cease when the employee reaches the retirement age. If the employee does not make a choice, ...