FOUNDATION PENSION FUND TOURISM SECTOR ARUBA RULES & REGULATIONS

Transcripción

1 FOUNDATION PENSION FUND TOURISM SECTOR ARUBA RULES & REGULATIONS RRDC012014

2 Article 1. Article 2. Article 3. Article 4. Article 5. Article 6. Article 7. Article 8. Article 9. Article 10. Article 11. Article 12. Article 13. Article 14. Article 15. Article 16. Article 17. Article 18. Article 19. Article 20. Article 21. Article 22. Article 23. Article 24. DEFINITIONS COMMENCEMENT AND TERMINATION OF PARTICIPATION ENTITLEMENTS CONTRIBUTIONS (NON TAXABLE) PENSION DATE PERSONAL PENSION CAPITAL RETIREMENT PENSION (OLD AGE PENSION) PARTNER PENSION SPECIAL PARTNER PENSION ORPHAN PENSION DISABILITY & WAIVER OF CONTRIBUTION TERMINATION OF PARTICIPATION PAYMENT OF BENEFITS INCOMING TRANSFER VALUE ACCRUED REDUCTION OF ACCRUED RIGHTS AND BENEFITS DUTIES OF PARTICIPANT AND EMPLOYER TAX CLAUSE CHANGING THE RULES & REGULATIONS APPOINTMENT OF THE MEMBERS OF THE SUPERVISORY BOARD DISPUTES TRANSFER OF PARTICIPATION TRANSITIONAL PROVISION LIQUIDATION OF THE FUND FINAL PROVISION

3 Article 1. DEFINITIONS The underlying pension plan uses the following definitions: a) The Fund: The Foundation Pension Fund Tourism Sector Aruba. b) Pension Plan: The pension plan as contained in these Rules & Regulations of the Fund. c) Employer: All employers who are registered at the Chamber of Commerce and have adopted the Pension Plan and are recognized as such by the Fund. d) Employee: An individual who is registered in the, bevolkingsregister,civil registry of Aruba and works for and receives a salary from an Employer. e) Participant: An Employee who, according to the conditions of article 2 of these Rules & Regulations is eligible to participate in the Pension Plan. f) Disabled Participant: A Participant who is permanently and totally disabled (at least 80%) in accordance with the conditions as imposed by the Fund. g) Partner: The person married to a Participant or the unmarried person who runs a lasting joint household with the Participant. A lasting joint household is understood to be a household run by the Participant and one partner. Running a lasting joint household is deemed to be sufficiently substantiated if: 1. a notarial's cohabitation contract with legal validity of at least one year is submitted to the Fund and the Participant has notified the Fund of his/her Partner. 2. and if the Participant and his/her Partner actually live at the same address and this address is registered in the civil registry (Censo). The address should be the same for both. h) Special Partner: Any Partner whose marriage/cohabitation with a Participant ends by divorce/termination of the cohabitation contract during participation of the Participant in the Pension Plan but prior to his Normal Pension Date. i) Children: Participant's natural, legally acknowledged or natural legitimised children as well as adopted children, under the age of 21; an age limit of 27 applies for Children who are not capable of acquiring income through work because of full time study or disability. j) Premium Salary: The sum of the 12 gross monthly salaries over each annual period from January to December, increased by any vacation allowance 3

4 applicable in that period, any points applicable in that period and any fixed bonus applicable over that period and a minimum of 50% of any commission applicable over that period of time. The amount of fixed bonus is set and labelled as such by the Employer. Overtime will not be taken into account for determining the Premium Salary. k) Normal Pension date: The first day of the month in which the Participant reaches the pension age as stipulated by the law. The pension age is illustrated in the following table: Participants born between Pension year Pension age January 1st - June 30th, ½ year July 1st - December 31st, year January 1st - June 30th, ½ year July 1st - December 31st, year January 1st - June 30th, ½ year July 1st - December 31st, year January 1st - June 30th, ½ year July 1st - December 31st, year January 1st - June 30th, ½ year July 1st - December 31st, year All born in 1960 and after 2025 and after 65 year l) Pension Date: The first day of the month in which the Participant starts receiving his pension payments. m) Pension: The benefit received by the Participant from the Normal Pension Date forward. n) Partner Pension: The benefit received by the Partner upon death of the Participant. o) Special Partner Pension: The benefit received by the Special Partner on Normal Pension date or death of the Participant. p) Orphan Pension: The benefit received by the Child/Children upon death of the Participant. q) Pensioner: The person who receives either, an Old Age Pension, a (Special) Partner Pension or an Orphan Pension. r) Deferred Vested Participant: A former Participant, not being a Pensioner, who is entitled to a Personal Pension Capital. 4

5 s) Personal Benefit Statement: An annual individual personal overview of the actual benefits available to be received from the Fund in the month of July. t) Personal Pension Capital: The total value of contributions (minus the cost) plus accumulated interest available to the participant, for the purchase of an Old Age -, (Special) Partner- and Orphan Pensions. u) LAP: Landsverordening Algemeen Pensioen v) LOP: Landsverordening Ondernemingspensioenfondsen w) CBA: Central Bank of Aruba Article 2. COMMENCEMENT AND TERMINATION OF PARTICIPATION a) Once an Employer is a member of the Fund enrolment of new Employees in the Fund is mandatory. b) An Employee is eligible and obligated to participate in the Pension Plan when he: 1. is at least 18 years of age, and 2. is registered in the Civil registry (Censo) 3. has a working agreement with an Employer, and 4. has passed the probation period 5. meets the conditions as imposed by the Fund. c) Participation ends: 1. at the Normal Pension Date, or 2. in mutual agreement with the Employer at the Pension Date, or 3. when the Participant is no longer employed with an Employer, except when he qualifies as Disabled Participant, or 4. in case of death of the Participant. d) Acceptance for participation in the Pension Plan will be acknowledged by the Fund through a letter of confirmation accompanied by a copy of these Rules & Regulations and a copy of the Articles of Association. Article 3. ENTITLEMENTS a) The Participant is entitled to: 1. The use of his Personal Pension Capital for the purchase of pensions at the Normal Pension Date 2. Waiver of Contributions in case of Disability; 5

6 3. The use of his Personal Pension Capital for the benefits of his (Special) Partner and Orphans if he dies before the Normal Pension Date. b) These entitlements can be claimed provided that the Participant meets the relevant requirements as described in the various Articles of these Rules & Regulations. c) On an annual basis the Fund will provide the Participant with a Personal Benefit Statement which includes, but is not limited to, a detailed overview of his: 1. name, date of birth, gender, participation date; 2. contributions paid for the year; 3. contributions paid to date; 4. accrued Personal Pension Capital to date. d) The Old Age, (Special) Partner and Orphan Pension are calculated based on: 1. the personal data of the Participant; 2. his contributions as stated in Article 4 of these Rules & Regulations; 3. his Personal Pension Capital; 4. the actuarial assumptions as adopted by the actuary of the Fund. Article 4. CONTRIBUTIONS (NON-TAXABLE) a) The yearly total premium contribution payable to the Fund on behalf of a Participant equals: 1. a minimum of 3% of his Premium Salary payable by the Participant, plus 2. a minimum of 3% of his Premium Salary payable by the Employer, plus 3. an optional supplementary contribution of minimally 1%, maximally 19% of the Premium Salary payable by the Participant and/or employer. The projected old age pension at Normal Pension Date should not surpass 70% of last earned salary (including AOV). In the event the Participant wishes to purchase his prior years of employment with a past employer, the Fund may allow purchase by means of an extra premium contribution, however, with due observance of the maximum annual growth in pension rights of 2%. In the event of substantial shortage of Pension Accrual during the last five years, the Participant must submit a formal request to the Board of the Fund for extra contribution. b) The defined contribution percentage payable by the Participant as defined by Article 4, sub a. 1. will be withheld by the Employer from the Participants' monthly salary. The monthly contributions are increased by the Employer with the 6

7 Employers' part of contribution as defined by Article 4, sub a. 2. The total contribution is paid monthly to the Fund by the Employer. c) The monthly contribution as defined by Article 4, sub b is used to: 1. cover the monthly administrative and other costs of the Fund; 2. cover waiver of premium (i.e. the total annual stated contribution) by payment of the monthly risk premium for disability in service and; 3. the remaining portion of the monthly contribution is used to accrue Pension Capital for the Participant. d) Any supplementary contribution for the following year according to Article 4, sub a.3, is valid for the whole year and cannot be changed during the year. e) Once the Employer has transferred the required contributions to the Fund, he shall be relieved from all pension obligations in relation to the Participant and his co-insured dependant(s). Article 5. PENSION DATE The Pension date is set at the Normal Pension date. In the period between the Normal Pension Date and 10 years after, the Participant has the right to postpone the pension date on a yearly basis. The Accrued Capital will be respected. Article 6. PERSONAL PENSION CAPITAL a) The Personal Pension Capital is accrued with the remaining part of the contributions as defined in Article 4, sub b and the result of the investments made by the Fund. b) At the Pension Date the participant is entitled to purchase Retirement Pension with his accrued Personal Pension Capital. c) If at the Pension Date the participant has a Partner he is entitled to purchase (Special) Partner Pension to the height of 70% of the Old Age Pension with his accrued Personal Pension Capital. The Participant may opt to purchase no Partner's Pension if he can provide the Fund with a written permission to do so, signed by the (Special) Partner. d) In case the participant dies before the Pension Date the accrued Personal Pension Capital to such date will be used to purchase (Special) partner - and Orphans Pension, if applicable. e) The height of the pensions depends on the height of the accrued Personal Pension Capital to date and the valid rates at the moment of purchase of the pensions. 7

8 f) The purchase of any pension must be in compliance with the applicable laws. In the exceptional case that the Personal Pension Capital would enable the Participant to purchase pensions higher than what is deemed acceptable by the applicable laws, then the surplus of the Personal Pension Capital will be paid out in a lump sum payment. g) In case more than one Employer has employed the Participant the Personal Pension Capital equals the sum of the accrued Personal Pension Capitals vested during the various employment periods. Article 7. RETIREMENT PENSION (OLD AGE PENSION) a) The participant will use his Personal Pension Capital to purchase Old Age Pension at the Pension Date. b) The Old Age Pension is payable monthly in arrears starting from the Pension Date. c) The Old Age Pension will cease at the end of the month in which the Pensioner passes away. Article 8. PARTNER PENSION a) The partner pension will be purchased at Pension Date or in case of death, before Pension Date at that earlier date with the accrued Personal Pension Capital to such date. b) The Partner Pension is payable monthly in arrears starting from the month following the month in which the Participant passes away. c) The Partner Pension will be paid until the end of the month in which the Partner passes away. d) If a Participant gets a new Partner before the Pension Date then the Personal Pension Capital available for the purchase of partner pension for any new Partner according to Article 7 will be reduced by the Personal Pension Capital reserved for the purchase of all Special Partner Pensions according to Article 8 resulting from this Pension Plan on Participants' behalf. Article 9. SPECIAL PARTNER PENSION a) At the moment that a Partner becomes a Special Partner, 50% of the Personal Pension Capital, that has been accrued over the continuous period in which the employee was a Participant and the respective Special Partner was a 8

9 partner, will be reserved for the purchase of Special Partner Pension. b) When the Participant passes away, the Special Partner Pension will be purchased with the part of the accrued Personal Pension Capital as mentioned in Article 8, sub a. c) A Special Partner Pension is payable monthly in arrears starting with the month following the month in which the Participant passes away. d) Each Special Partner Pension will be paid until the end of the month in which the respective Special Partner passes away. e) A Participant and his Special Partner are allowed to agree differently on what has been stipulated in this article by means of a notaries act, or the Court of Justice if the verdict of divorce decides differently, based on a mutual request of the parties involved. Article 10. ORPHAN PENSION a) The Orphan Pension equals 20% of the total (Special) Partner Pension. b) The Orphan Pension is payable monthly in arrears starting with the month following the month in which the Participant passes away. c) The Orphan Pension will be paid until the earliest of one of the following conditions: 1. the end of the month in which the Orphan passes away, or 2. the end of the month in which the Orphan reaches the age of 21, or 27 if the Orphan is studying or disabled according to Article 1 sub i. d) The orphan must prove, on a yearly basis, to the fund that he is studying or disabled. If the orphan cannot sufficiently prove, in the opinion of the Board of the Fund, that he is (still) studying or disabled then, loss of entitlement to an Orphan Pension shall be imposed. e) In case there is no (Special) Partner to claim (Special) Partner Pension the accrued Personal Pension Capital will be used to purchase Orphan Pension. Article 11. DISABILITY & WAIVER OF CONTRIBUTION a) When a Participant qualifies as a Disabled Participant the yearly defined contribution according to Article 4 sub a, will be waived by the Fund. The Fund is entitled to periodically ask a Disabled Participant to prove that he is disabled. If a Disabled Participant cannot sufficiently prove, in the opinion 9

10 of the Board of the Fund, that he is (still) disabled than he loses his entitlement to the waiver of premium and will become a Deferred Vested Participant. The participant must provide the fund with any changes, if applicable, (also changes in the % of disability, if any). b) As a result of the definition of a Disabled Participant the conditions as set by the Fund. Article 12. TERMINATION OF PARTICIPATION a) Participation in more than one pension plan of the Fund continuously will be equal to a continuous participation in one pension plan during that time frame. Participants who are members of the old pension scheme are as of January 1, 2004, members of the current pension scheme. Therefore, total years of participation will be calculated based on the entrance date to the Fund (continuous participation). b) If a Participant ends his membership after becoming Participant due to immigration then the former Participant will be reimbursed for the accrued pension capital to date. An administration fee of maximum Afl will be deducted from the accrued pension capital which the remaining balance will be reimbursed. The former participant will be reimbursed only when he applies reimbursement after 3 years of immigration. The Fund has 6 weeks the time after this application to process the participant's request. c) If the participation ends after becoming a Participant as a result of ending Employment of the Participant then the Participant becomes a Deferred Vested Participant. d) A Deferred Vested Participant according to Article 11, sub b. is entitled to: 1. The use of his accrued Personal Pension Capital for the purchase of pensions at the Normal Pension Date; 2. The use of his accrued and reserved Personal Pension Capital for the purchase of pensions for the benefit of his (Special) Partner and Orphans if he dies before the Normal Pension Date. e) After becoming a Deferred Vested Participant the Fund will inform the Deferred Vested Participant through a Personal Benefit Statement about the accrued Personal Pension Capital according to Article 11, sub b. f) A Deferred Vested Participant is entitled to transfer, the actuarial net reserve of his accrued Personal Pension Capital, as long as accrued Personal Pension 10

11 Capital does not surpass 10 years in the Fund, to another pension fund or insurance company provided that those funding vehicles are recognized as such by Aruban law. The transfer of the actuarial net reserve should be direct to the other funding vehicle, without any intermediary parties involved. In connection herewith an administration fee of Afl will be charged. g) In case the Participant passes away, before reaching retirement age without leaving any children and/ or (Special) Partner as beneficiaries, 70% of the accrued capital during the period of participation may be paid out to the employer. The employer will then pay out the received sum to the beneficiary (ies) assigned by the former Participant. h) In case Employer revokes its membership to the Fund, the extra administration expenses related to such resignation and consequently, administration of the transfer of the rights and obligations or the payment of accrued pension benefits of each participant of the Fund, is set forth in the LAP at i) Afl per participant. Article 13. PAYMENT OF BENEFITS a) All benefits are to be paid in Aruban Florins. b) Any pension in payment being less than Afl per month, as set forth in the LAP, will be redeemed by the Fund through a lump sum payment to the Pensioner equal to the actuarial net reserve of the respective pension. Or the pensioner may opt to collect this amount on a semi annual or annual basis. The amount is to be paid post numerando. (after the elapsed period). c) Any pensioner has to provide the Fund annually a so called attestatea de vita (evidence of being alive) prior to January 15th of each year so that his benefits can be processed promptly. d) The relevant taxes and other social retentions apply to all payable benefits. e) The beneficiary, who cannot be found and/or did not claim his benefit, has one year after becoming eligible to the benefits, to claim such benefit. After such period has elapsed, the right to claim subject benefit will be considered expired. Article 14. INCOMING TRANSFER VALUE a) Any Participant can be granted extra benefits related to past service years through an incoming transfer value. The transfer value originates from either another pension fund or insurance company, provided that those funding 11

12 vehicles are recognized as such by Aruban law, or from the Participant. In this case past service years have to be with an Employer and must be prior to the date of participation, but not before age 18 according to article 2, sub b. b) The extra benefit consists of an extra Personal Pension Capital. Article 15. ACCRUED REDUCTION OF ACCRUED RIGHTS AND BENEFITS Pursuant to section 4 of the State Ordinance on Company Pension Fund (AB 1998 no GT17 and changed in AB 2001 no 91 ) of the Articles of Association of the Fund, the Board reserves the right, in the event the Fund bears the pension risk, to reduce the accumulated pension rights of the participants by bringing the Fund's Pension Provision -and consequently each participants' Pension Capital- in proportion to the available assets that have been earmarked by the Board to cover the Fund's existing and future pension obligations, in the event the financial condition of the Fund shows that: 1. a meaningful portion of the invested assets that -qualify according to the guidelines established by the Centrale Bank van Aruba and- serve to safeguard the pension capital of the participants and pensioner's have reduced to such an extent in value that their recovery are perceived as unlikely in the foreseeable future and therefore, have to be written off and replaced by other qualified investment instruments at significant costs; 2. Or the contributions plus investment income cannot adequately cover the existing pension administration costs, the accrual of pension benefits and payout of these benefits. Article 16. DUTIES OF PARTICIPANTS AND EMPLOYERS a) The Employer is responsible for the enrolment of new Employees in the Fund according to article 2, sub b. b) The Employer is responsible for the correctness of the data that he delivers to the Fund. c) The Participant is obligated to inform the Employer as soon as possible of any changes (e.g. marriage, commencing or terminating a lasting joint household as referred to in Article 1, divorce, birth, death, change of domicile, change in disability) that influence any entitlement or claim to the Fund; d) The Participant is obligated to check his Personal Benefit Statement (as described in Article 3, sub c.) and inform the Fund immediately of any discrepancies if any; 12

13 e) The Fund does not take any responsibility for the possible incorrect information of the personal data of the Participant. Article 17. TAX CLAUSE As long as the Tax Authorities have not approved this Pension Plan, the Pensions from this Plan shall be deemed to have been replaced by Pensions acceptable for tax purposes. Article 18. CHANGING THE RULES & REGULATIONS The Board of the Fund may change this Pension Plan, if new Social and Pension Laws are introduced or the existing Social and Pension laws are changed, or if circumstances originate for which it is in the Employers and/or Participants best interest to make changes to the plan. In this case, the Rules & Regulations will be adapted after the amendments have been submitted to and approved by the employers and the representatives of the participants. The Participants and all relevant parties will be informed the approved changes. Changes to the Rules & Regulations may only have effect on future accrual and projections by changing the Rules and Regulations. In as far as these regulations would deviate from what Aruba law, more in particular the State Ordinance, Landsverordening Ondernemingpensioenfondsen, LOP, and the Landsverordening Algemeen Pensioen, LAP, guidelines of CBA and the PFTSA Articles of Association, prescribes, those laws, guidelines and Articles of Association prevail over these regulations. Article 19. APPOINMENT OF THE MEMBERS OF THE SUPERVISORY BOARD The Fund and its capital is managed by the Board, whose constituency consists of an odd number of members determined by the Board, including the Chairman, with a minimal of three and maximum nine individuals, whereby an equal number of Board members are appointed by the employers and participants. The Chairman is independent compared to the other the Board members. Article 20. DISPUTES In cases these Rules & Regulations do not provide a definite answer, the Board of the Fund will decide, to the best of its knowledge, along the lines of these Rules & Regulations. 13

14 Article 21. TRANSFER OF PARTICIPATION After the implementation of Rules and Regulations RRDC112002, all the participants in the former Rules and Regulations PFTSARR9402 (old scheme) will be enrolled as participants in the Rules and Regulations RRDC Rules and Regulations RRDC112002, RRDC112006, RRCD and RRDC012012, will be replaced by RRDC Article 22. TRANSITIONAL PROVISION For the accrued rights up to December 31, 2013, the following conditions apply: a. The accrued rights in the Defined Contribution Scheme will be respected b. The accrued rights in the Defined Benefit Scheme will be recalculated on an actuarial basis to a right on the Normal Pension date. Article 23. LIQUIDATION OF THE FUND In case the Board has decided to liquidate the Fund, after having consulted with the employers and having informed the participants and the Centrale Bank van Aruba of its decision, the surplus after liquidation of the Fund will be proportionally allocated to increase the pension capital of the participants and pensioners of the Fund. In the event of a deficit, such deficit will be applied proportionally to reduce the pension capital of the participant and pensioners. The Board will decide how the final remaining balance will be disposed of. Article 24. FINAL PROVISION If and as soon as these Rules & Regulations have to be amended, the Participants will be informed in writing by the Board of the Foundation. However changes of Rules and Regulations cannot be effected if these are not in accordance with the Articles of the Association of the Foundation. 14

15 FUNDACION DI FONDO DI PENSION SECTOR TURISMO ARUBA REGLA Y REGULACION RRDC012014

16 Articulo 1. Articulo 2. Articulo 3. Articulo 4. Articulo 5. Articulo 6 Articulo 7. Articulo 8. Articulo 9. Articulo 10. Articulo 11. Articulo 12. Articulo 13. Articulo 14. Articulo 15. Articulo 16. Articulo 17. Articulo 18. Articulo 19. Articulo 20. Articulo 21. Articulo 22. Articilo 23. Articulo 24. DEFINICION COMIENSO Y TERMINACION DI PARTICIPACION DERECHO CONTRIBUCION (NO- IMPUESTABEL) FECHA DI PENSION CAPITAL PERSONAL DI PENSION PENSION DI RETIRO (PERSONA DI EDAD) PENSION DI PARTNER PENSION DI PARTNER SPECIAL PENSION DI HUERFANO INCAPACIDAD Y DOCUMENTO DI RENUNCIA DI DERECHO DI PARTICIPACION TERMINACION DI PARTICIPACION PAGO DI BENEFICIO BALOR ENTRANTE DI TRANSFERENCIA REDUCCION DI DERECHONAN Y BENEFICIONAN ACUMULA OBLIGACION DI PARTICIPANTE Y DI DUNADO DI TRABOU CLAUSULA DI IMPUESTO CAMBIO DEN REGLA Y REGULACION POSTULACION DI MIEMBRONAN DI DIRECTIVA DI SUPERVISION DISPUTA TRASLADO DI PARTICIPACION PROVISION TRANSICIONAL LIKIDACION DI FONDO PROVISION FINAL

17 Articulo 1. DEFINICION E plan di pension basico ta uza e siguiente definicionnan: a) Fondo: Fundacion di Fondo di Pension di sector turismo Aruba b) Plan di Pension: E plan di pension manera e Regla y Regulacion di Fondo aki ta contene. c) Dunado di Trabou: Tur dunado di trabou cu ta registra na Camara di Comercio y cu a adopta e plan di pension y ta reconoci manera tal pa e Fondo. d) Empleado: Un persona cu ta registra na Censo y cu ta emplea cerca e dunado di trabou y cu ta ricibi un salario di su dunado di trabou. e) Participante : Un empleado kende, di acuerdo cu e condicionnan di articulo 2 di e Regla y Regulacion aki, ta elegibel pa participa den e plan di pension. f) Participante incapacita: Un participante cu ta permanentemente y totalmente(por lo menos 80%) incapacita di acuerdo cu e condicionnan manera ta imponi pa e fondo. g) Partner: E persona cu ta casa cu e participante of e persona (compañero) no casa, cu ta maneha un cas comun duradero, hunto cu e participante. Un cas comun duradero ta un cas dirigi pa e participante y un partner, cu no ta pariente di sanger of pariente den e linea directo di afinidad.ta husga si e dirigimento di cas comun duradero ta suficientemente sosteni si: 1. a presenta un contrato di cohabitacion di notario cu balides legal di minimo dos aña na e Fondo y e participante a notifica e Fondo di su partner, 2. y si e participante y e partner a biba na e mesun adres den e ultimo 6 lunanan y e adres aki ta registra den registracion civil di Censo. E adres mester ta igual pa tur dos persona. h) Partner special: cualkier partner kende su matriminio/cohabitacion cu un participante ta caba pa medio di diborcio / terminacion di contrato di cohabitacion durante participacion di e participante den e plan di pension, pero prome cu su Fecha di pension normal. I) Yiu: Yiu natural, legalmente reconoci of naturalmente legitima y tambe yiu adopta, bou di 21 aña; ta aplica un limite di edad di 27 aña pa e yiunan cu no ta capas di adkiri entrada pa medio di labor, pa motibo di estudio of desabilidad. 17

18 j) Salario Prima: E suma di e 12 salarionan mensual bruto di cada periodo anual di januari pa december, aumenta pa cualkier pago di vakantie aplicabel den e periodo y, cualkier bonus regla fiho y un minimo di 50% di cualkier commision aplicabel den e periodo ey. E suma di e bonus regla ta fiha y ta clasifica pa e Dunado di trabou. No ta tene overtime na cuenta ora di determina e Salario Prima. k) Fecha di pension normal: E prome dia di e luna den e aña den cual e Partcipante ta cumpli edad di pension stipula pa ley. E edad di pension ta ilustra den e siguiente tabel: Participantenan naci entre Aña di pension Edad di pension Januari 1 - June 30, ½ aña Juli 1 - December aña Januari 1 - Juni 30, ½ aña Juli 1- December 31, aña Januari 1 - Juni 30, ½ aña Juli 1 - December 31, aña Januari 1 - Juni 30, ½ aña Juli 1 - December 31, aña Januari 1 - Juni 30, ½ aña Juli 1 - December 31, aña Tur naci den 1960 y despues 2025 y despues 65 aña l) Fecha di Pension: E prome dia di e luna den cua e Participante ta cuminsa ricibi su pago di pension. m) Pension: E beneficio ricibi pa e Participante di e Fecha di pension normal en adelante. n) Pension di Partner: E beneficio ricibi pa e Partner riba e fayecimento di e Participante. o) Pension di Partner special: E beneficio ricibi pa e Partner special riba Fecha di pension normal o fayecimento di e Participante. p) Pension di Huerfano: E beneficio ricibi pa e yiu (nan) riba e fayecimento di e Participante. q) Pensionado: E persona cu ta ricibi sea e pension di retiro, un Pension di Partner (special) of un Pension di Huerfano. 18

19 r) Participante inactivo: Un ex Participante, siendo no Pensionado, kende tin derecho riba un Capital Personal di Pension. s) Declaracion di Beneficio Personal: Un resumen individual anual di e beneficionan personal actual disponibel pa ricibi di e Fondo den luna di juli. t) Capital Personal di (Pension): E balor total di contribucion (menos gasto) y interes acumula, disponibel pa e Participante pa e compra di Pension di Biehes, Pension di Partner (special) y pa Pension di Huerfano. u) LAP: Landsverordening Algemeen Pensioen v) LOP: Landsverordening Ondernemingspensioenfondsen. w) CBA: Centrale Bank van Aruba Articulo 2. COMIENSO Y TERMINACION DI PARTICIPACION a) Unabes cu e Dunado di Trabou ta un miembro di e Fondo, inscripcion di e empleado nobo den e fondo ta mandatorio. b) Un empleado ta eligibel y ta obliga pa participa na e Plan di Pension ora e: 1. tin minimo 18 aña di edad y 2. e ta registra na registro civil (Censo) 3. tin un areglo di empleo cu un dunado di trabou y 4. a pasa e periodo di prueba 5. ta cumpli cu e condicion di reaseguro manera imponi pa e fondo c) Participacion ta caba: 1. riba e Fecha di pension Normal, of 2. den acuerdo mutuo cu e Dunado di trabou pa cu e Fecha di Pension of 3. ora e Participante no ta den servicio mas di e Dunado di Trabou, cu excepcion si e ta cualifica como un Participante Incapacita, of 4. den caso di fayecimento di e Participante. d) Aceptacion di participacion na e Plan di Pension lo keda reconoci pa medio di un carta di confirmacion acompaña pa un copia di e Regla y Regulacion aki y un copia di e Articulonan di Asocacion. Articulo 3. DERECHO Y SUPOSICION a) E participante tin derecho riba: 1. E uzo di su Capital Personal di Pension pa e compra di e pensionnan riba e Fecha di pension Normal. 19

20 2. Renuncia di Contribucion den caso di incapacidad; 3. E uzo di su Capital Personal di Pension pa e beneficionnan di su Partner (special) y di Huerfano den caso cu e fayece prome cu e Fecha di pension Normal. b) Por reclama e derechonan aki, bou di e condicion cu e Participante ta cumpli cu e rekisitonan relevante manera ta describi den varios articulo di e Regla y Regulacion aki. c) E fondo lo provee e Participante, riba un base anual, di un Declaracion di Beneficio Personal, cu ta inclui, pero no ta limita na, un resumen detaya cu su: 1. nomber, fecha di nacemento, genero, fecha di participacion; 2. contribucion paga den e aña; 3. contribucion paga te e fecha; 4. Capital Personal di Pension acumula te e fecha. d) Ta calcula e Pension di Biehes, Partner special y di Huerfano a base di: 1. dato personal di e Participante; 2. su contribucion manera stipula den articulo 4 di e Regla y Regulacion aki; 3. su Capital Personal di Pension; 4. e suposicion actuarial manera e ta adopta pa e experto di seguro di e Fondo. Articulo 4. CONTRIBUCION ( NO-IMPUESTABEL) a) E contribucion annual defini pa un participante ta igual na: 1. un minimo di 3% di su Salario Prima, paga dor di e Participante, mas 2. un minimo di 3% di su Salario Prima, paga dor di e Dunado di Trabou, y 3. opcional, un contribucion suplementario di minimo 1%, maximo 19%, di e Salario Prima paga dor di e Participante y/of empleado. E pension di behes proyecta pa e Fecha di pension Normal no mester surpasa 70% di e ultimo salario gana (incluyendo AOV). Den caso cu e Participate ta desea di cumpra su añanan di servicio cu e dunado di trabou anterior, e Fondo por permiti e compra di pension tuma lugar pa medio di un contribucion adicional, teniendo cuenta cu e crecemento anual di beneficio di pension te cu maximo 2%. Den caso di escasez substancial di Pension Acumula durante e ultimo cinco añanan, e Participante mester somete un peticion formal na e Directiva di e Fondo pa extra contribucion. b) E percentage di e contribucion pagabel pa e particpante manera defini den 20

21 articulo 4 sub a.1 y sub a.3 1. Lo wordo reteni door di e dunador di trabow for di e participante su salario. 2. E contribucion mensual ta wordo aumenta cu e percentage di contribucion di e dunador di trabow manera defini den articulo 4 sub a.2 E contribucion total ta wordo paga pa luna door di e dunador di trabow na e Fondo. c) Ta uza e contribucion mensual manera defini den articulo 4, sub b pa: 1. cubri e gastonan administrativo mensual y otro gasto di e fondo. 2. cubri renuncia di prima (p.e. contribucion total anualmente defini) pa pago di prima di risico mensual pa esnan incapacita den servicio. 3. ta uza e parti restante di e contribucion mensual pa acumula Capital Personal di Pension pa e Participante. d) Cualkier contribucion suplementario pa e aña siguiente, di acuerdo cu articulo 4, sub a.3. ta valido pa e aña completo y no por cambia esaki durante e aña. e) Unabes cu e dunado di trabou transferi e contribucion rekeri pa e Fondo, e lo ta releva di tur obligacion di pension relaciona cu e Participante y su dependiente(nan) coasegura. Articulo 5. FECHA DI PENSION Fecha di Pension ta stipula na e fecha di Pension Normal.Den e periodo entre e fecha Normal di Pension y 10 aña despues, e Participante tin e derecho di pospone e fecha di Pension riba un base annual. Lo respeta e Capital Acumula. Articulo 6. CAPITAL PERSONAL DI PENSION a) Ta acumula e Capital Personal di Pension cu parti di restante di e contribucionnan manera defini den Articulo 4, sub b y e resultado di inversion haci pa e Fondo. b) Riba e Fecha di pension Normal, e Participante tin derecho di cumpra Pension di Retiro cu su Capital Personal di Pension acumula. c) Si riba e Fecha di pension Normal e Participante tin un Partner, e tin derecho di cumpra un Pension di Partner (special) te na e maximo di 70% di e Pension di Biehes, cu su Capital Personal di Pension acumula. E Participante por opta pa no cumpra e Pension di Partner si e por provee e fondo di un permiso por escrito pa haci tal, firma dor di e Partner (special). 21

22 d) Den caso cu e Participante fayece prome cu e Fecha di pension Normal, lo uza e Capital Personal di Pension acumula te e fecha pa cumpra Pension di Partner(special) y di Huerfano, si ta aplicabel. e) E montante di e suma di e pensionnan ta depende di e haltura di e suma di e Capital Personal di Pension acumula te e fecha y e tarifa valido na e momento di compra di e pensionnan. f) E compra di cualkier pension mester bai di acuerdo cu e leynan aplicabel. Den e caso excepcional cu e Capital Personal di Pension ta capacita e Participante pa cumpra pension mas halto cu ta aceptabel pa e leynan aplicabel, e ora lo mester paga e exceso di e Capital Personal di Pension den pago di suma global (lump sum). g) Den caso cu mas cu un Dunado di Trabou a emplea e Participante, e Capital Personal di Pension ta iguala e suma di e Capitalnan Personal di Pension acumula concedi durante e varios periodonan di empleo. Articulo 7. PENSION DI RETIRO (PENSION DI BIEHES) a) E Participante lo uza su Capital Personal di Pension pa compra di Pension di Biehes riba e Fecha di Pension. b) E Pension di Biehes ta pagabel mensualmente den forma retroactivo cuminsando riba e Fecha di Pension. c) E Pension di Biehes lo termina na final di e luna den cual e Pensionado fayece. Articulo 8. PENSION DI PARTNER a) Lo cumpra e Pension di Partner riba e Fecha di pension of den caso di fayecimento, prome cu e Fecha di pension Normal, riba e fecha adelanta ey, cu e capital personal di pension acumula te e fecha. b) E Pension di Partner ta pagabel mensualmente den forma retroactivo cuminsando e luna despues di e luna den cual e Participante a fayece. c) Lo paga e Pension di Partner te na fin di e luna den cual e Partner a fayece. d) Si e Participante haya un partner nobo prome cu e Fecha di pension, e ora lo reduci e Capital Personal di Pension disponibel pa compra di Pension di Partner pa cada Partner nobo, di acuerdo cu articulo 7, pa e Capital Personal di Pension reserva pa e compra di tur Pension di Partner Special di acuerdo cu articulo 8, resultando di e Plan di Pension na fabor di e Participante. 22

23 Articulo 9. PENSION DI PARTNER SPECIAL a) Na momento cu e Partner bira un Partner Special, 50% di e Capital Personal di Pension, cu a acumula durante e periodo continuo den cual e empleado tabata un Participante y e respectivo Partner Special tabata un Partner, lo ta reserva pa compra di Pension di Partner Special. b) Na momento cu e Participante fayece, lo cumpra e Pension di Partner Special cu parti di a Capital Personal di Pension manera menciona den articulo 8, sub a. c) Un pension di partner special ta pagabel den forma retroactivo cuminsando e luna despues di e luna den cual e particpante a yega edad di retiro of e participante a fayece. d) Lo paga cada Pension di Partner Special te na fin di e luna den cual e respectivo Partner Special fayece. e) Ta permitibel pa un Participante y su Partner Special tin desacuerdo pa cu loke ta stipula den e articulo aki pa medio di acto notarial of Corte di Husticia, si e veredicto di diborcio dicidi diferente, basa riba un peticion mutuo di e partidonan envolvi. Articulo 10. PENSION DI HUERFANO a) E Pension di Huerfano ta igual na 20% di e total di Pension di Partner (special). b) E pension di Huerfano ta pagabel mensualmente den forma retroactivo cuminsando e luna despues di e luna den cual e Participante a fayece. c) Lo paga e pension di huerfano te e prome di un di e siguiente condicionnan: 1. fin di e luna den cual e Huerfano a fayece of 2. fin di e luna den cual e Huerfano ta cumpli 21 aña of 27 aña, si e huerfano ta studiando of ta incapacita di acuerdo cu articulo 1 sub. d) E huerfano mester proba na e Fondo, riba un base anual, cu e ta studiando (ainda) of cu e ta incapacita. Si e Huerfano no por proba suficientemente, segun opinion di e Directiva di e Fondo, cu e ta studiando (ainda) of cu e ta incapacita, lo impone perdida di derecho riba Pension di Huerfano. e) Den caso cu no tin partner (special) pa reclama pension di partner (special), e ora lo uza e Capital Personal di Pension acumula pa compra di Pension di Huerfano. 23

24 Articulo 11. INCAPACIDAD Y DOCUMENTO DI SUSPENSION DI CONTRIBUCION a) E Fondo lo suspende e contribucion anual defini di acuerdo cu articulo 4 sub a, ora cu un Participante ta cualifica como un Participante Incapacita. E fondo tin derecho di pidi e Participante periodicamente pa proba cu e ta incapacita. Si e Participante Incapacita no por proba suficientemente, segun e opinion di e Directiva, cu e ta incapacita (ainda), e ora e ta perde su derecho riba e documento di suspension di prima y e lo bira un Participante inactivo. E Participante mester provee e fondo cu cada cambio, si ta aplicabel (tambe cambio den e % di incapacidad, si tin). b) Como resultado di e definicion di Participante Incapacita, e condicionnan manera imponi pa e Fondo.. Articulo 12. TERMINACION DI PARTICIPACION a) Participacion continuo den mas cu un plan di pension di e Fondo lo ta igual na un solo participacion continuo den un plan di pension durante e tempo ei. Entrante 1 di januari 2004 e Participantenan cu ta miembro di e plan di pension bieu ta miembro di e plan di pension actual. Por lo tanto, lo calcula e total di e añanan di participacion a base di e fecha di entrada den e fondo. (participacion continuo) b) Si un Participante, despues di a bira un Participante, termina su miembrecia debi na imigracion, lo restitui e exparticipante e suma total di contribucion te e fecha. Lo deduci un tarifa administrativo di maximo afl di e prima total, di cual lo restitui e suma restante. E exparticipante por aplica pa e restitucion despues di 3 aña di imigracion. E Fondo mester procesa e peticion den 6 siman. c) Si e participacion caba despues di a bira Participante, como resultado di terminacion di empleodi e Participante, e ora e Participante ta bira un Participante Inactivo. d) Un Participante Inactivo tin derecho, di acuerdo cu Articulo 11, sub b, riba: 1. E uzo di su Capital Personal di Pension acumula pa e compra di pension riba e Fecha di Pension Normal; 2. E uzo di su Capital Personal di Pension acumula y reserva pa compra di pension na beneficio di su Partner (special) y di Huerfano si e fayece prome cu e Fecha di pension Normal. e) Despues di a bira un Participante Inactivo, e Fondo lo informa e Participante Inactivo, pa medio di un Declaracion di Beneficio Personal tocante e Capital 24

25 Personal di Pension acumula di acuerdo cu articulo 11, sub b. f) Un Participante Inactivo tin derecho riba transferencia di e reserva neto actuarial di su Capital Personal di Pension, mientras cu esaki no ta mas cu 10 aña den e fondo, pa un otro fondo di pension of compania di seguro provei, cu e vehiculonan di fondo ey ta reconoci manera tal pa ley Arubano. E transferencia di e reserva neto actuarial mester bay directamente na e otro vehiculo di fondo, sin intermediacion di cualkier partido envolvi. En conexion cu esaki lo cobra un tarifa administrativo di Afls g) Den caso cu e Participante fayece, prome cu e yega e edad di retiro, sin laga yiunan y/of Partner (special) como beneficiario, lo debolbe 70% di e Capital acumula durante e periodo di participacion na e Dunado di Trabou. E dunado di trabou na su turno ta paga e suma ricibi di e Fondo na e beneficiario(nan) designa dor di e exparticipante. h) Den caso cu un Dunado di trabou revoca su miembrecia di e Fondo, e gastonan administrativo relaciona cu e retiro, consecuentemente, e administracion di e transferencia di e derechonan y obligacionan of e pagonan y e beneficionan di pension acumula di cada participante di e Fondo, ta stipula segun LAP na Afls. 250,00 pa participante. Articulo 13. PAGO DI BENEFICIO a) Tur beneficio mester ta paga den florin Arubano. b) E fondo lo redimi tur pago di pension cu ta menos cu afl pa luna, riba peticion di e Pensionado, pa medio di un pago den suma global (lump sum), igual na e reserva neto actuarial di e respectivo pension. E Pensionado por opta pa cobra e suma riba un base semi anual of anual. Lo paga e suma despues di e periodo transcuri. c) Tur Pensionado mester provee e fondo anualmente un asina yama 'attestatea de vita' (evidencia di ta na bida) prome cu 15 di januari di cada aña pa asina por procesa su beneficionan puntualmente. d) E impuestonan relevante y otro retencionnan social ta aplicabel na tur beneficio pagabel. e) E beneficiario(nan) cu no sa di nan paradero y/of no a reclama nan beneficio, tin un aña despues di a bira elegibel pa haya e beneficionan, pa reclama esaki na e Fondo. Despues di e periodo transcuri, e derecho riba e benficio ta expira. 25

26 Articulo 14. BALOR ENTRANTE DI TRANSFERENCIA a) Ta concedi cada participante beneficio extra relaciona cu e añanan di servicio den pasado, via un balor entrante di transferencia. E Balor entrante di Transferencia ta origina di sea un otro fondo di pension of compania di seguro, provei cu e vehiculonan di fondo ey ta reconoci como tal pa ley Arubano, of di e Participante. Den e caso aki e añanan anterior di servicio mester tabata cu un Dunado di Trabou y esaki mester ta prome cu e fecha di participacion, pero no prome cu e edad di 18 aña di acuerdo cu articulo 2, sub b. b) E beneficio extra ta consisti di un Capital Personal di Pension extra. Articulo 15. REDUCCION ACUMULA DI DERECHONAN Y BENEFICIONAN ACUMULA Basa riba articulo 4 di e ley di Supervicion di companianan di Fondo Pension (AB1998 no GT 17 y manera ta cambia den AB 2001 no 91.) di e articulonan di asociacion di e Fondo, e Directiva ta reserva e derecho, den caso cu e Fondo ta core riesgo di pension (pension risk), pa reduci e beneficionan acumula di e Participantenan door di trese e obligashon di e Fondo -y consecuentemente e pension capital di cada particpante individual- den proporcion cu e inversionan disponibel aparta pa e Directiva pa cubri e obligacionan di pension existente y den futuro, den caso cu situacion financiero di e Fondo demostra cu: 1. un parti significante di e bienesnan inverti cu -ta cualifika conforme e regulacion di Centrale Bank van Aruba y- tin e proposito di proteha e capital di pension di e participantenan y beneficiarionan, a reduci asina tantu den balor cu e recuperacion di e valor ta hopi improbable den futuro cercano y consecuentemente, mester elimina y reemplasa pa otro instrumentonan financiero cualifica na costonan exorbitante; 2. of e contribucion mas e interes genera riba e inversionnan no por cubri e gastonan administrativo, beneficionan acumula y pagonan di e beneficionan aki. Articulo 16. OBLIGACION DI PARTICIPANTE Y DI DUNADO DI TRABOU a) E Dunado di Trabou ta responsabel pa registracion di e empleadonan nobo den e Fondo, di acuerdo cu articulo 2, sub b. b) E Dunado di Trabou ta responsabel pa e exactitud di e datonan cu e ta entrega na e Fondo. 26

27 c) E Participante ta obliga pa informa e Dunado di Trabou mas pronto cu ta posibel di cualkier cambio (cu ta encera matrimonio, cuminsamento of terminacion di un cas mutuo duradero manera referi den Articulo 1, diborcio, nacemento, fayecimento, cambio di domicilio, cambio den incapacidad) cu ta influencia cualkier derecho of reclamo na e Fondo; d) E Participante ta obliga pa controla su Declaracion di Beneficio Personal (manera describi den Articulo 3, sub c.) y informa e Fondo imediatamente di cualkier discrepancia, si tin. e) E Fondo no ta para responsabel pa cualkier posibel informacion incorecto di e datonan personal di e Participante. Articulo 17. CLAUSULA DI IMPUESTO Tanten cu Autoridad di Impuesto no aproba e Plan di Pension aki, lo asumi cu e pensionnan ta acepta pa propositonan di impuesto reemplasa pa e pensionnan di plan aki. Articulo 18. CAMBIO DEN REGLA Y REGULACION E Directiva di e fondo por cambia e Plan di Pension aki, si introduci of cambia ley social y di pension of si a origina circumstancia pa cua ta den e miho interes di dunado di trabou y participante pa haci cambio den e plan. Den e caso aki lo adapta e Regla y Regulacion aki na e cambio of circumstancia despues cu cambionan propone ta someti na aprobacion di e Dunadonan di trabou y e Participantenan. Lo informa tur e Participantenan y tur e partidonan relevante imediatamente di e cambionan proponi. Cambio den e Regla y Regulacion lo tin efecto solamente riba e futuro acumulacion y proyeccionnan. E beneficionan acumula no por ta nunca suheto na cualkier cambio menor relaciona cu e servicio den pasado ora cambia e Regla y Regulacion. Te con leu cu e regulacionnan ta desvia di loke ley Arubano, mas en particular Ordenanza Estatal, 'Landsverordening Ondernemingpensioenfondsen (LOP), y Landsverordening Algemeen Pensioen (LAP), e normanan di CBA y PFTSA Articles of Association, ta prescribi, e leynan ey,e normanan y 'Articles of Association' ta prevalece riba e regulacionnan aki. Articulo 19. POSTULACION DI MIEMBRONAN DI DIRECTIVA E Directiva, ta maneha e Fondo y e capital. E Directiva ta consisti di un cantidad inpar di miembronan determina pa e Directiva mes, incluyendo e presidente di e Directiva, cu un minimo di tres miembro y maximo di nuebe persona, di cual un cantidad igual ta nombra pa representa e Dunadonan di trabou y e 27

28 Participantenan. E presidente ta independiente compara cu e otro miembronan di Directiva. Articulo 20. DISPUTA Den e casonan cu e Regla y Regulacion aki no ta provee e contesta definitivo, e Directiva di e Fondo lo dicidi, segun su miho conocemento, banda di e liñanan di e Regla y Regulacion aki. Articulo 21. TRASLADO DI PARTICIPACION Despues di e implementacion di e Regla y Regulacion RRDC112002, tur participante den Regla y Regulacion anterior PFTSARR9402 (skema bieu) lo ta registra como participante den e Regla y Regulacion RRDC Lo remplasa Regla y Regulacionnan RRDC112002, RRDC112006, RRDC y RRDC pa RRDC Articulo 22. PROVISION TRANSICIONAL Pa e derechonan acumula te 31 di december 2011, e siguiente condicionnan ta aplicabel: a) Lo respeta e derechonan acumula den e 'Defined Contribution Scheme b) Lo recalcula e derechonan acumula den e 'Defined Benefit Scheme' riba un base actuarial di fecha Normal di Pension na e edad di pension stipula pa ley. Articulo 23. LIKIDACION DI E FONDO Den caso cu Directiva dicidi di likida e Fondo, despues cu a consulta cu e dunadonan di trabou y a informa e participantenan y Centrale Bank van Aruba di su decision, lo aloca e surplus di e Fondo despues di likidacion proporcionalmente pa incrementa e capital di cada participante activo y inactivo y pensionado di e Fondo. Den caso tin un deficit lo aloca e montante aki proporcionalmente pa reduci e capital di cada participante. E Directiva ta dicidi kico lo haci cu e balans final di e Fondo. Articulo 24. PROVISION FINAL E Directiva lo informa e Participantenan di antemano, via un declaracion por escrito, si mester modifica y/of asina cu esaki ta cla. Sinembargo no por efectua e cambionan di e Regla y Regulacionnan aki, si nan no ta conforme e Articulonan di e Asociacion di e Fundacion. 28