Group Unit Linked Plan: Benefits

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

The Rules will cover the following:

Investment choice: The range of Funds/Pools and the frequency the employee can switch between Funds/Pools.

Retirement age: Typically 65 with the option to retire early, say from age 55.

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

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

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

Death benefits: This is a return of the accumulated retirement account plus 1%.

Any additional death benefit is provided under a separate Group Risk Plan.

Disability benefits are usually provided under a separate Group Risk Plan.