Glatfelter Switzerland Srl Retirement Pension Plan for management employees

General

Foundation

Swiss Life Collective BVG Foundation

Collective foundation with full insurance coverage

BVG occupational insurance - SL Business Protect

Type of occupational benefits:

Employee benefits of the company:

Glatfelter Switzerland Sàrl

Contract:

6A16E4-04

Group of insured persons:

Management

Effective from

01.01.2020

Age of admittance to risk insurance:

18 (in accordance with BVG)

Age of admittance for savings:

25 (in accordance with BVG)

Normal retirement age:

men: 65, women: 65

Financing of early retirement:

possible

Financing of AHV bridging pension:

possible

Deferred retirement:

possible

Partial retirement:

possible

Interest rates

on mandatory retirement savings:

minimum interest rate set by Federal Council

on supplementary retirement savings:

in accordance with Swiss Life group premium rate

for calculating the maximum possible retirement savings at time of purchase:

1.50%

Salary definition

Reported annual salary:

in accordance with AHV criteria with the following deviations

Bonus

included

Annual salary

Annual salary savings component:

annual salary, up to 3'000% of max. AHV retirement pension

Annual salary risk component:

annual salary, up to 3'000% of max. AHV retirement pension

Salary limit for admittance:

in accordance with BVG

If annual salary falls below salary limit:

not insured

Insured salary:

The insured salary corresponds to the annual salary (no coordination offset).

Coordination offset for savings component:

no coordination offset

Coordination offset for risk component

no coordination offset

Level of employment considered:

no

Minimum of insured salary for savings:

in accordance with BVG

Minimum of insured salary for risk:

in accordance with BVG

Age

25 - 34

7%

35 - 44

10%

45 - 54

15%

55 - 65

18%

Benefits

Retirement benefits

Type of benefits:

Retired person's children's benefit:

Retirement pension with lump-sum withdrawal option 20% of retirement pension

Final age retired person's children's benefit:

18 (in accordance with BVG)

Conversion rate

on mandatory retirement savings:

in accordance with BVG

on supplementary retirement savings:

in accordance with Swiss Life group premium rate

Benefits in the event of death after retirement

Spouse's or unmarried partner's pension:

60% of retirement pension

Orphan's benefit:

20% of retirement pension

Final age orphan's benefit:

18 (in accordance with BVG)

Benefits in the event of disability prior to retirement

Disability income

for illness:

Final retirement savings excluding interest multiplied by the applicable conversion rates at normal retirement age

for accident:

Minimum benefits in accordance with basic provisions

Waiting period:

24 months

Disabled person's children's benefit

for illness:

20% disability income

for accident:

Minimum benefits in accordance with basic provisions

Final age disabled person's children's benefit:

18 (in accordance with BVG)

Waiting period:

24 months

Waiver of contribution

Waiting period:

3 months

Benefits in the event of death prior to retirement

Spouse's or unmarried partner's pension

for illness:

60% disability income

for accident:

Minimum benefits in accordance with basic provisions

Orphan's benefit

for illness:

20% disability income

for accident:

Minimum benefits in accordance with basic provisions

Final age orphan's benefit:

18 (in accordance with BVG)

Lump-sum death benefit

For persons, who meet the conditions of entitlement for a spouse's/unmarried partner's pension:

for illness:

for accident:

Lump-sum death benefit from accumulated retirement savings:

The amount paid out is the part of the accumulated retirement savings, after deduction of the lump-sum death benefit from the purchases of the insured person, which is not needed for funding-spouse's/unmarried partner's pension

The amount paid out is the part of the accumulated retirement savings, after deduction of the lump-sum death benefit from the purchases of the insured person, which is not needed for funding - spouse's/unmarried partner's pension

Lump-sum death benefit from insured person's purchases

(without purchases due to funding early retirement)

100% of the purchases of this employee benefits institution plus purchases confirmed by the previous employee benefits institution upon admittance to this employee benefits institution or which were exercised and documented of the insured person upon admittance

For persons who do not meet the conditions of entitlement for a spouse's/unmarried partner's pension:

for illness:

for accident:

Lump-sum death benefit from accumulated retirement savings

The accumulated retirement savings, after deduction of the lump-sum death benefit from purchases of the insured person, are paid out

The accumulated retirement savings, after deduction of the lump-sum death benefit from purchases of the insured person, are paid out

Lump-sum death benefit from insured person's purchases

(without purchases due to funding early retirement)

100% of the purchases of this employee benefits institution plus purchases confirmed by the previous employee benefits institution upon admittance to this employee benefits institution or which were exercised and documented of the insured person upon admittance.

Contributions

Composition of regular contributions:

Savings contributions (retirement credits discounted using the interest rates which apply to the retirement savings)

-Risk contributions

-Cost contributions

-Contributions for C.O.L adjustments

-Contributions to security fund

Contribution payment mode:

The employer pays the contributions annually in advance

Employee contributions

As % of total contributions:

50%

Employer contributions

The employer contribution corresponds to the difference between the total of all contributions and the total of all employee's contributions.

Other

Mode of pension payment:

quarterly in advance  (01.01., 01.04., 01.07., 01.10.)