Coverages in all life situations

Members are admitted to the Foundation on the date their employment contract commences, at the earliest at the following times:

·         Age 18: admission to the Foundation with respect to the risks of disability and death.

·         Age 25: admission to the Foundation with respect to pension provision.

Members are required to notify the personnel department of all changes of address or marital status. The personnel department will forward these changes to the Pension Fund.

Members may retire at their own request; however, no earlier than age 58. A six-month notice period applies.

With the company’s consent, members may postpone their retirement until age 70 at the latest.

The savings capital equals the accrued capital at the time of retirement. The retirement benefits may be drawn in the form of a capital payment and/or a pension. Where members draw the full sum in the form of capital, all claims against the employee benefits institution expire. Members also have the option of drawing only part of their savings capital in the form of a capital payment. In this case, the retirement pension and the other insured benefits (e.g. partner’s or orphan’s pensions) will be adjusted accordingly.

On top of this, members may reduce their retirement pension in favour of a higher subsequent spouse’s or partner’s pension.

Members can choose between three different contribution tables (Standard, Standard plus and Standard minus). If they do not make an active decision, they will pay contributions according to the Standard table. Under the Standard plus table, members voluntarily pay higher monthly amounts in order to save up more capital. In times when they can only pay lower contributions, or wish to do so, they can opt for the Standard minus table.

Members are required to notify the personnel department of any birth of a child. In terms of occupational benefits, the circumstance of having children only becomes relevant once a benefit claim arises.

Upon prior application, members may make deposits at the Foundation at any time in order to increase their retirement benefits. The Foundation determines the buy-in limits.

Members are required to notify the personnel department of their marriage. The personnel department will forward this information to the Pension Fund.

Members with a level of disability of at least 40% as defined by the Federal Disability Insurance (IV) are entitled to a disability pension. They must be insured with the Foundation at the onset of the disability. Once the daily sickness benefit insurance expires, the insurance reports that the continued salary payments have ceased and the Pension Fund commences paying a disability pension from this point onwards.

In the event of a salary adjustment, the personnel department will notify the Pension Fund directly.

In the event of a divorce, the court automatically forwards the divorce decree to the Pension Fund and specifies the spouse’s entitlement to vested benefits. The Pension Fund will transfer this amount to a vested benefit account or to the spouse’s employee benefits institution.

Members who leave Hitachi Energy Switzerland Ltd will receive the respective vested benefit from the Pension Fund. The benefit is equal to the savings capital upon departure and will be transferred to the pension fund of the new employer.

Vested benefits are paid directly to departing members in the case whereby they leave Switzerland (or the Principality of Liechtenstein)* or commence self-employment. In these cases, the Pension Fund issues a form that allows departing members to specify where the vested benefits should be transferred.

* This does not apply to the obligatory portion of the termination benefit, provided that the departing member settles in an EU country where he/she is subject to statutory insurance against old age, death and disability. In this case, the obligatory portion must be used to create a vested benefit account or vested benefit policy in Switzerland or the Principality of Liechtenstein.

The personnel department notifies the Pension Fund of any deaths of insured employees.

Death benefits as well as spouse’s and orphan’s pensions will be disbursed as soon as the necessary documents, such as list of heirs, birth certificate or proof of full-time education, have been submitted to the Pension Fund.