Common use of Definitions and Standards Clause in Contracts

Definitions and Standards. Your employer’s pension scheme must at least satisfy the following standards: – the pension base equals the pensionable salary less the state pension offset. Pension is not accrued on the state pension offset as the Dutch state old age pension benefit (AOW) is taken into account. The AOW benefit is based on the Dutch General Old Age Pensions Act; – the pensionable salary equals the annual salary, if and insofar as this does not exceed the statutory maximum pensionable salary based on full-time employment. Individual employers can arrange for supplementary pension provisions; – the standard retirement age is 67 in 2017 and 68 as of 1 January 2018; – the lifelong (marriage) partner’s pension amounts to 70% of the retirement pension accrued or to be accrued by the participant; – the orphans’ pension per child equals 14% of the retirement pension accrued or to be accrued by the participant. The number of children who are entitled to an orphans’ pension may be limited to two. The pension scheme must provide for the possibility to accrue pension entitlements within the context of the ▇▇-▇▇-▇▇▇ scheme. Your employer can depart from the minimum requirements per component if agreements are reached with the trade unions on a pension accrual percentage, state pension offset level, contribution amounts and the employee’s contribution that are equivalent to these elements.

Definitions and Standards. Your employer’s 's pension scheme must satisfy at least satisfy the following standards: – the pension base equals the pensionable salary less the state pension offsetdeductible. Pension is not accrued on the state pension offset deductible as the Dutch state old age pension benefit (AOW) is taken into account. The AOW benefit is based on the Dutch General Old Age Pensions Act; 62 CLA Banks 63 – the pensionable salary equals is equal to the annual salary, if and insofar as to the extent that this does not exceed the statutory maximum pensionable salary based on full-time employment. Individual employers can may arrange for supplementary additional pension provisions; – the standard retirement age is 67 in 2017 and 68 as of 1 January 2018years; – the lifelong (marriage) partner’s 's pension amounts to 70% of the retirement pension accrued or to be accrued by the participant; – the orphans’ ' pension per child equals 14% of the retirement pension accrued or to be accrued by the participant. The number of children who are entitled to an orphans’ ' pension may be limited to two. The pension scheme must provide for the possibility to accrue pension entitlements within the context of the ▇▇-▇▇-▇▇▇ scheme. Your employer can may depart from the minimum requirements per component if agreements are reached with the trade unions on a pension accrual percentage, state pension offset deductible level, contribution amounts and the employee’s employee contribution that are equivalent to these elements.