Old Age Pension Clause Samples
The Old Age Pension clause establishes the right of eligible individuals to receive regular financial payments upon reaching a specified retirement age. Typically, this clause outlines the age threshold for eligibility, the calculation method for pension amounts, and any conditions or exceptions that may apply, such as minimum years of service or contributions. Its core function is to provide financial security for individuals in their later years, ensuring a stable income after retirement and addressing the risk of poverty among the elderly.
Old Age Pension. (1) Subject to the provisions of Article 16, where a person submits a claim to the receive an old age pension on virtue of insurance under the legislation of both Contracting Parties, his claim shall be determined in accordance with the provisions of the succeeding paragraphs of this Article.
(2) The social insurance authority of each Party shall determine, in accordance with the legislation of that Party, whether the person satisfies the conditions for receiving an old age pension under that legislation, and for this purpose shall take account, subject to the provisions of Article 25 of the present Convention, of all the insurance periods, contribution periods and equivalent periods completed by him under the legislation of the two Parties as if they had been completed under its own national legislation.
(3) Where the right to receive a pension is established in accordance with the provisions of paragraph (2) of this Article, the social insurance authority of each Party shall calculate-
(a) the pension which would have been due to the person under its own national legislation if all the insurance periods, contribution periods and equivalent periods completed by him under the legislation of both Parties, calculated in accordance with the provisions of Article 25, had been completed under its own national legislation, and
(b) that part of such pension which bears the same relation to the whole as the total of all the contribution periods completed by the person under its own national legislation bears to the total of all the contribution periods completed by him under the legislation of both Parties.
(4) Where the total of all the contribution periods completed by a person under the legislation of one (or the other) Party is less than six months, no pension shall be paid under the legislation of that Party.
(5) For the purpose of applying this Article, an insurance period, contribution period or equivalent period completed by a person shall be deemed to include an insurance period, contribution period or equivalent period completed by the person’s husband in those cases where the person concerned is a woman claiming an old age pension by virtue of her husband’s insurance or a woman claiming an old-age pension by virtue of her own insurance who has chosen to have her husband’s contributions taken into acount.
Old Age Pension minimum provision which is regulated in Pension Regulations A and the articles of the Pension Fund for Architectural Firms (▇▇▇▇).
Old Age Pension. A person can qualify for a Dutch old-age pension with as little as one year of Dutch coverage. Therefore, work credits under the U.S. system will not be counted when determining eligibility for the old-age pension. The agreement does permit certain people to qualify for a higher benefit amount based on special credits for periods they resided in the Netherlands before 1957. To qualify for these special pre-1957 credits, you must have earned some Dutch social security coverage after 1956 and meet certain eligibility requirements.
Old Age Pension. (AOW) additional insurance
Old Age Pension. In line with the Law, Telenor may decide to cancel Employment Contract and terminate employment of an Employee with 65 years of life and minimum 15 years of insurance. This shall apply to all except cases when Telenor and Employee agree otherwise.
Old Age Pension. The old age pension is based on an indexed average salary system. The accrual per year amounts to 1.75% of the pensionable salary for the year in question. The pension commences on the first day of the month in which the member reaches the age of 68. The partner pension is 60% of the accrued old age pension. This pension commences on the first day of the month in which the (former) member dies. A fictitious partner pension is also accrued for single persons. The orphans’ pension is a maximum of 14% of the total accrued old age pension for each child. For full orphans, that percentage is doubled. The orphans’ pensions for all children jointly may not, however, amount to more than 70% of the accrued old age pension. The orphans’ pension will be payable until the first day of the month following the moment the child no longer meets the following criteria:
Old Age Pension. The claims to an old age pension obtained with the Merck KGaA Company are transferred to the Company which shall continue them in accordance with the rules and regulations of the Merck ▇▇▇▇ ▇▇▇▇▇▇▇.
Old Age Pension. 1. The Employee shall be entitled to an old age pension provided that all benefit preconditions are satisfied and the Employee leaves the Company,
1.1 after reaching the age of 65 (standard age limit),
1.2 before reaching the age of 65 when claiming an early old age pension from the statutory pension insurance as full pension,
1.3 if the Employee, if insured in the statutory pension insurance, would be entitled to an early old age pension from the statutory pension insurance as full pension, and said entitlement does not exist only because of the missing insurance attribute.
2. The amount of the old age pension to which the Employee is entitled after reaching the age of 65 shall follow from the acquired pension unit total. When claiming the old age pension before reaching the age of 65 (early old age pension) an actuarial reduction shall be applied to the acquired pension unit total for the entire pension term, in the amount of 0.5% for each month that is missing to the age of 65.
3. The payment of the old age pension shall begin in the calendar month for which the Employee does not receive any salary payments or salary compensation benefits after the occurrence of the insured event and after the employment with the Company has ended. Said benefits shall include not only employer benefits but also benefits from other carriers or institutions, to the financing of which the company has contributed. The last payment of the old age pension shall be made in the month in which the beneficiary dies.
Old Age Pension. The retirement pension is based on an individual defined contribution scheme with a graduated scale showing the minimum premium contribution for each cohort age. This minimum premium contribution is based on a 1.85% DC scale with a development of 1.75%. Cohort age Available premium 15-19 12,86% 20-24 13,72% 25-29 15,06% 30-34 16,55% 35-39 18,18% 40-44 19,99% 45-49 22,03% 50-54 24,32% 55-59 27,01% 60-64 30,29% 65-68 33,52% Upon the death of the participant before the retirement date, the partner’s pension is insured on a risk basis and is equal to: