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Retirement Plan (Legacy AON Pension Plan)

VMware provides a defined contribution pension plan managed by AON. From 1st November 2022 pension contributions will no longer be paid into this plan but into a new pension master trust managed by Mercer Ireland Limited.

Eligibility 

All regular employees of VMware are eligible to join the pension plan.

Contributions 

VMware matches the employee contribution as follows:   

Additional Voluntary Contributions (AVCs) 

You may pay AVCs to the Plan, in excess of 6% of Plan Salary, within the maximum allowed by Revenue.

The maximum amount of earnings taken into account for calculating tax relief is €115,000 per year

You may select your preferred AVC amount via MyLife [VMware network access required]. 

Vesting 

Employer contributions vest after 2 years of qualifying service. 

Retirement Benefits 

Your benefits under the Plan will be dependent upon the accumulated value of your Retirement Savings Account (at the date of payment of the benefit). Your benefits will normally be paid to you from your Normal Pension Date. 

Within the limits allowed by Revenue you may, with the agreement of the Trustees, decide the pattern of your benefits to suit your personal circumstances at the time of your retirement. The benefits which may be purchased with your Retirement Savings Account at your retirement include: 

• A lump sum 
• A pension payable to yourself for life 
• A Spouse’s, Civil Partner’s or other Dependent’s pension payable after your death

Early Retirement 

You may, with the Company’s consent, retire early at any time on grounds of incapacity due to ill-health or injury (as to which the Trustees must be satisfied) or for any other reason after you have attained age 50. 

Enrolment 

You may join the Retirement and Death and Disability Benefit plans immediately on joining VMware. Your acceptance for Death and Disability Benefits and subsequent salary related increase may be subject to you providing satisfactory medical evidence. You will be advised if you are required to provide such medical evidence. 

When Coverage Begins 

Coverage will begin once you are eligible and have completed the enrolment process. 

When Coverage Ends 

• You will be entitled to defer Retirement Benefits if you leave the service of VMware and have completed two (2) year’s statutory Qualifying Service. This means that the vested portion of your Retirement Savings Account will continue to be held under the Plan until your retirement (unless you opt to take a Refund of Member Contributions or apply for a Transfer as outlined below) to provide you with Retirement Benefits. 
• If you have not completed two (2) years’ statutory Qualifying Service, you have the option of taking a refund of the value (at the date of payment of the benefit) of any Member Contributions/AVCs paid by you to the Plan. Any refund will be subject to tax and qualifying criteria. 
•  As an alternative to a Refund of Member Contributions, you may apply for a Transfer within 3 months of Aon issuing your Leaving Service Benefit Options.