VMware provides a Defined Contribution Retirement Plan through Nationale-Nederlanden.
All regular employees of VMware between the ages of 21 and 68 years of age are required to participate in the mandatory Pension Plan.
There is no mandatory employee contribution applicable. Additional voluntary employee contributions are not possible in the pension plan.
If you opt in for insuring the ANW-Gap pension and/or the Extra Survivor’s pension (ESP), these premiums will be fully paid for by you. The risk premiums are deducted from your gross monthly salary (tax advantage).
VMware contributes the following percentages of the pension base (on target earnings (OTE) including salary, holiday allowance, overtime and limited commission/bonus minus offset):
|Age||% of Pension Base (as of 1 January 2015)|
|21 to 24||5.28%|
|25 to 29||6.14%|
|30 to 34||7.13%|
|35 to 39||8.25%|
|40 to 44||9.64%|
|45 to 49||11.22%|
|50 to 54||13.07%|
|55 to 59||15.38%|
|60 to 64||18.28%|
|65 to 67||20.79%|
Note: These contributions may be subject to change based on legislative requirements. Annual salary is capped at € 107,593.00 until 1 August 2020 and thereafter € 110,111.00. The offset is € 20,852.00 (2020, annually adjusted on 1 August).
You are always 100% vested.
Normal Retirement Benefits
All contributions are invested in a group insurance contract with Nationale-Nederlanden and together with investment earnings under the plan will provide a retirement lump sum on the normal retirement date (age 68). The accumulated premiums will be used to purchase an annuity. At retirement you will be able to choose whether that annuity is a single-life or joint-life. The amount of the annuity will depend on the selected option.
Early Retirement Benefits
Normal retirement is at age 68. You are eligible for Early Retirement Benefits. If you retire more than five years before your state retirement age, it is a requirement that you have stopped working. This is always upon approval of VMware.
Benefit enrolment is managed through the My Life  Benefits Portal [VMware network access required]. All new hires will be automatically enrolled into the retirement plan and default pension fund. If eligible, you can select to participate in the ANW-Gap (Temporary Partner Pension) and Extra Survivor Pension through the My Life  Benefits Portal [VMware network access required].
Once enrolled, you will receive an introduction letter from Nationale-Nederlanden with your login details for the Nationale-Nederlanden portal. Here you can change your investment options and request a transfer of funds.
When Coverage Begins
Coverage will begin on your first day of active work as a VMware employee.
When Coverage Ends
Coverage ends when you leave the service of VMware. You are entitled to the accrued value in the Retirement plan.