|
Benefits on termination of employment
|
|
Benefit
|
Precondition
|
Benefit amount
|
|
Occupational pension
|
| |
-
—
Reaching the age of 60; at the latest, turning 65
|
-
—
For six months, previous monthly basic remuneration (only for Board members appointed prior to 2006)
-
—
Defined benefit of between 30% and 60% of annual basic remuneration
-
—
Reduced for other income earned from third parties before reaching the age of 65
|
|
Disability pension
|
| Contract ends owing to non-extension or revocation of Board member’s appointment due to permanent incapacity to work |
-
—
The Board member is incapacitated for longer than 12 months and will probably be permanently unable to fully perform duties of office
|
-
—
For six months, previous monthly basic remuneration (only for Board members appointed prior to 2006)
-
—
Defi ned benefi t of between 30% and 60% of annual basic remuneration
-
—
Reduced for other income earned from third parties before reaching the age of 65
|
|
Reduced occupational pension on early retirement
|
Contract ends owing to non-extension or revocation of Board member’s appointment, but not due to
— gross violation of duties— the Board member giving notice
|
-
—
Older than 50
-
—
More than ten years’ service with the Company
-
—
Board member’s appointment extended at least once
|
-
—
For six months, previous monthly basic remuneration (only for Board members appointed prior to 2006)
-
—
Defined benefi t of between 30% and 60% of annual basic remuneration
-
—
Reduced by 2% for each year or part thereof short of 65th birthday
-
—
Reduced for other income earned from third parties before reaching the age of 65
|
|
Vested benefi ts for occupational pension, disability pension and surviving dependants
|
Benefits drawn under entitlements a) and b) on
— reaching the age of 65— incapacity to work— death of Board member
|
|
|
| a) Entitlement under the German Employers’ Retirement Benefits Act |
Entitlement to vested benefi ts
— Leaving the Board before reaching the age of 60— At least fi ve years’ service with the Company
|
-
—
Defi ned benefi t of between 30% and 60% of annual basic remuneration
-
—
The vested benefi ts are a proportion of the occupational pension, based on the ratio of actual service with the Company to the period the Board member would have worked for the Company altogether until 65th birthday
|
b) Improved entitlement
Contract ends owing to non-extension of Board member’s appointment (by the Company), but not due to
— gross violation of duties— the Board member giving notice
|
Entitlement to vested benefits
— Leaving the Board before reaching the age of 60— At least ten years’ service with the Company
|
-
—
For six months after leaving the Board, previous monthly basic remuneration (only for Board members appointed prior to 2006)
-
—
Defined benefit of between 30% and 60% of annual basic remuneration
-
—
Reduced by 2% for each year or part thereof short of 65th birthday
|
|
Benefi ts for surviving dependants
|
| Widow(er)’s/orphan’s pension |
| a) Active Board member |
-
—
Death of Board member during active service
|
-
—
For six months, previous monthly basic remuneration (only in the case of Board members appointed prior to 2006)
-
—
For three months, previous monthly basic remuneration (in the case of Board members appointed since 2006)
|
| b) Retired Board member |
-
—
Death of Board member after retirement
-
—
Marriage and/or birth of child before drawing occupational pension
|
-
—
For three months, previous monthly occupational pension
-
—
If Board member’s occupational pension is reduced owing to early retirement, widow(er)’s and orphan’s pensions are based on reduced occupational pensi
|
| a) and b) |
Entitlement ceases
— for widow(er) on remarrying (only in the case of Board members appointed since 2006)— for orphans
— on reaching the age of 18— on reaching the age of 20 (only in the case of Board members appointed prior to 2006)— on reaching the age of 27 if the orphan is in full-time education or vocational training, is doing military or civilian service, or is unable to support himself or herself owing to a physical or mental disability
|
-
—
Widow(er)’s pension = 60% of defi ned benefit
-
—
Possible age-related reduction (max. 50%) of the widow(er)’s pension depending on age of married couple
-
—
Offsettable against widow(er)’s pension
— Income up to a maximum of 50%, insofar as such income exceeds 50% of widow(er)‘s pension— Any benefi ts received from previous employers of the widow(er) (in the case of Board members appointed since 2006)
-
—
Orphan’s pension = 20% of defi ned benefit per orphan
-
—
Doubling of orphan’s pension if no widow(er)’s pension is payable (only in the case of Board members appointed prior to 2006)
-
—
Widow(er)’s and orphan’s pensions together may not exceed the occupational pension
|