Retirement

VMware provides an Occupational Pension Plan (PPE) with Generali Investments TFI SA.

Eligibility

All employees are eligible to enrol into the PPE from their hire date. PPE offers you the opportunity to invest in funds and build a pension pot that you can withdraw at retirement.

VMware Contributions

VMware will contribute 3.5% of your pensionable salary (i.e. base + commissions and bonus payments (OTE)) on a monthly basis. VMware contributions are subject to income tax, therefore you will pay tax on these contributions in accordance with Polish tax legislation. VMware contributions are exempt from mandatory social security deductions.

Employee Contributions

You can make voluntary contributions from 50 PLN a month up to an annual cap limit set by the Minister of Family, Labour and Social Policy. Payroll will stop taking your contributions if they were to exceed the limit. You can check the limit here.

Your contributions will be deducted from your net salary. You can change your contributions at any time.

You may enrol and chose to contribute 0 PLN. This will not have any impact on the VMware contributions. VMware will continue to contribute 3.5% of your salary to your plan regardless if you contribute or not.

Enrolment Process

Enrolments are voluntary. To enrol, please complete this enrolment form, print it to PDF unsigned, then open a HelpNow+ ticket for HR (HR->Benefits->Retirement) and attach the PDF. Our Regional HR Services Specialist will upload your document in EchoSign and will send it to you for electronic signature from EchoSign. Once you receive this email, please sign the form electronically by clicking on a link in the email. The Regional HRS will receive your signed document, they will accept you to the scheme and will keep the document on file.

You can enrol at any time. Complete your enrolment process by the 20th day of the month and you will be enroled from the following month.

Please note that in order to keep the PPE plan active, the rules require 25% of VMware Poland employees to be enrolled in PPE.

Opt-Out

If you enrol and decide to leave the scheme in the future, i.e. you wish to opt-out, you can submit an opt-out request to VMware at any time. In this case, VMware’s and your voluntary contributions will cease. It may take 1 month for the contributions to cease.

Your contributions will remain invested in the plan until you withdraw them.

Investment Strategy

You can choose between a life-cycle investment strategy in which Generali will automatically adjust your portfolio to a lower risk closer to your retirement age, or you can select your individual investment strategy.  You can change your strategy up to a maximum of 5 times a year.

How and when you can withdraw funds

Accrued fund assets can be withdrawn at the age of 60 (or 55 but only in case of early retirement proven by the Social Security Institution). Assets can be paid out immediately as a lump sum or in instalments. Assets withdrawn at retirement are capital gain tax-free.

You can check the current status of assessments collected at PPE via logging into your individual Transactional Service system. Generali will send you information about how to access the Transactional Service after you enrol to PPE. You can view a demo version of it here.

Responsibility regarding PPE during your employment with VMware

If you change your address, your marital status, if you want to change your beneficiaries, change your investment strategy, change your contributions or if you wish to opt-out, you will need to complete an online form or a paper declaration and then open a HelpNow+ ticket for HR to inform the Regional HRS Specialist. The HR Specialist will advise Generali of the changes for you. Please refer to the ‘Making changes to PPE’ document in the Resources section for direct online links and more information.

Responsibility before leaving VMware

Generali will continue managing your financial assets and your pension account will remain active until you retire. However, prior to leaving VMware you will be requested to open an individual retirement account IKE and transfer your accrued fund assets to this account after leaving VMware. This will enable you to manage your personal data and investment strategy directly with Generali, by an online system without further intermediation of VMware. Conditions of IKE with Generali will remain unchanged.

Please note that IKE rules allow withdrawing accrued fund assets at any time. However, if you withdraw assets before the age of 60 and before saving for 5 years in IKE, 30% of the assets funded by VMware will be transferred to ZUS and registered on your personal ZUS account and capital gain tax (19%) will be imposed.

You can also transfer accrued assets to another PPE run by your new employer.

Contact Us

Contact HR Source [VMware network access required]
ASK HR [VMware network access required]
Phone: 1-888-869-2738

 

Generali Investments

1 Polna 11 00-633 Warszawa

tel.: + 22 449 04 77 /22 449 03 50

www.generali-investments.pl.

Resources

Employee Retirement Program (English) [VMware network access required]


Employee Retirement Program (Polish) [VMware network access required]


Employee Pension Scheme Questions and Answers (English) [VMware network access
required
]


Employee Pension Scheme Questions and Answers (Polish) [VMware network access
required
]


Instructions for submitting declarations


Employee Pension Scheme (English) [VMware network access required]


Employee Pension Scheme
(Polish)
[VMware network access required]


Making changes to PPE during Employment [VMware network access required]


Generali forms 

Request for transfer payment

Application by the Beneficiary, heir for transfer of funds

Request for the Reimbursement of funds

Termination of participation in the Employee Pension Plan


 

Last Updated: 23 Oct 2021, 6:15 PM