Common use of Pension Arrangements Clause in Contracts

Pension Arrangements. The Company shall insure the following payments to Executive under an accepted ‘manager’s insurance scheme’ (the “Managers Insurance Policy”) or pension fund (the “Pension Fund”), as shall be elected by Executive, as follows: - Manager Insurance Policy: (i) Severance - an amount equal to 8⅓% of the Base Salary; (ii) Pension - an amount equal to 5% of the Base Salary. In addition the Company will deduct a sum equal to 5% of the Base Salary as Executive’s contribution; (iii) Disability - subject to the Company’s insurer’s consent to underwrite such policy for Executive, the Company will contribute an amount of up to 2½% of the Base Salary towards disability insurance, under normal and acceptable conditions, which would insure 75% of the Base Salary.