How will the complementary pension be managed?
Your employer is under obligation to remit the contributions to a
pension institution that
thesaved capital and pays it out to you on your retirement. Management of your complementary pension by a pension institution guarantees that your carefully accrued savings will not be lost if your employer is taken over, finds itself in financial problems or goes bankrupt.
When do you begin to accrue a complementary pension?
Your employer is under obligation to remit the contributions to a Enrolment will be
effective on the day you join the company, provided that you fulfil the eligibility criteria. As of 1 January 2019, enrolment can no longer be subject to a minimum age or seniority requirements. In addition, waiting periods have been eliminated, which means that
complementary pension rights are now acquired immediately, upon enrolment.
In addition, as a plan participant, you have the right, upon request, to obtain additional information about the requirements for accruing a complementary pension as well as the consequences on your pension if your employment relationship is terminated. You will find more information about these consequences in the key moment "I’m leaving my employer shortly".
How will a complementary pension be paid out?
The complementary pension will be paid out to you when you
retire from work. Depending on your pension plan, you will receive the accrued amount after retirement either as a lump sum (the capital will be paid out) or as an annuity.
You can read
here everything about the pay out of your complementary pension and the pros and cons of a lump sum or annuity.
Two important documents: the benefits statement and the pension regulations
Each year you will receive a
benefits statement that shows you information like the total amount accrued to date (i.e. your accrued benefits), the amount you will receive when you retire, and also what your beneficiaries will receive if you die before retirement age.
A benefits statement is not always easy to read, so you will find some useful explanatory notes
pension regulations contain the rules applicable to your complementary pension. They include who is eligible to join the plan, who pays the contributions and when you will receive your complementary pension. You can obtain a copy of the pension regulations from your present or previous employer and from your pension institution. It is definitely a document worth reading, if only to get a better picture of what you can expect after your retirement.
MyAG Employee Benefits: your personal pension information
Want more clarity about your personal situation? Log on to
MyAG Employee Benefits. This gives you a complete
overview of your complementary pension, how much you have accrued to date, what you will receive on retirement and the entitlements of your beneficiaries should you pass away before you retire. MyAG Employee Benefits also allows you to consult your benefits statement digitally.
The MyAG Employee Benefits app consolidates all your employee benefits: supplementary pension, healthcare and income protection covers. This way, you always have all information about your benefits at your fingertips! Download the app from your app store and try it out right away.