Group Triple C Plan: Benefits

The benefits to be paid from the Plan to the employee or accompanying spouse are set out in the Agreement between the employer and Nordben.

The Agreement will cover the following:

Retirement age: Typically 65 with the option to retire early (age 55 perhaps).

Retirement benefits: A lump sum benefit which can be converted into a pension or annuity either at the discretion of the employee or accompanying spouse or subject to criteria set by the employer.

Leaving service: When premiums are stopped for an employee, he/she has a “paid up” entitlement under the Plan.  The Agreement will state whether this entitlement can be taken at -

• retirement age
• the discretion of the employee or accompanying spouse
• a mix of the above depending on the benefit entitlement

Death benefits: This is usually a return of the accumulated retirement account.

It is possible to include optional death benefits. The cost to cover these is deducted from the premium paid to the Plan.  However, the core death benefit is usually provided under a separate Group Risk Plan.

Disability benefits: With an International Pension Plan, Expatriate Plan etc., disability benefits would usually be provided under a separate Group Risk Plan.

However, for an Accompanying Spouses Plan a disability pension and waiver of premium is often provided within the Group Triple C Plan and the cost deducted from the accompanying spouses premium.