VMware provides you with a pension plan through Swiss Life. All employees of VMware are eligible to join the pension plan.
The VMware pension plan does not allow for employee contributions.
VMware contributes 5% of your annual basic salary determined in January of each year.
Employer contributions vest after 2 years of service.
Normal Retirement Benefits
Accumulation of your contributions and investment returns within an insurance tariff will be converted to an annuity using set terms based on this tariff. Alternatively, a lump sum equal to your accumulated contributions and investment returns under the insurance tariff will be paid out to you.
Early Retirement Benefits
- Either simultaneous drawing of your full Social Security pension or
- Upon your request on or after attainment of age 60 (for promises as of January 2012 age 62) .
In case of annuity payments actuarial reductions apply.
Death In Service
A survivor’s benefit will be paid to your beneficiary equal to the Accumulated (accrued) contributions and investment returns within an insurance tariff, converted to an annuity using set terms based on this tariff. Alternatively, and based on request of your beneficiary, a lump sum equal to accumulated (accrued) contributions and investment returns under the insurance tariff could be paid out to them.
In case of death after retirement but before completing ten years calculated from commencement date onwards, the full amount is payable until this point in time has been reached.
On joining VMware, you must confirm if you wish to transfer a previous retirement plan to VMware in order to be correctly enrolled in the plan provided by VMware. You can do this through the ‘MyLife’ portal and must action within 30 days of your start date. The confirmation is necessary also in case that you do not wish to process such a transfer. If you do not indicate that you wish to transfer a previous retirement plan, you will be enrolled based on the assumption that you do not wish to action a transfer. Please note that a retirement plan transfer is only possible as a salary conversion (“Entgeltumwandlung”).
When Coverage Begins
Coverage will begin on your first day of active work as a VMware employee.
When Coverage Ends
After fulfillment of statutory vesting provisions your contract will be converted to a paid-up policy and retained upon retirement; alternatively you may step in individually and pay into your contract.