INFORMATION NOTE ON THE NATO DEFINED CONTRIBUTION PENSION ...€¦ · 3 Who is a member of the NATO Defined Contribution Pension Scheme? 6. If your appointment to NATO started on

INFORMATION NOTE ON

THE NATO DEFINED CONTRIBUTION PENSION SCHEME

January 2013DCPS(2013)0001

DCPS(2013)0001 THE NATO DEFINED CONTRIBUTION PENSION SCHEME (DCPS)

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TABLE OF CONTENTS

1 Introduction ........................................................................................................... 5

2 BenefitsandAdvantages...................................................................................... 5

3 WhoisamemberoftheNATODCPS? ................................................................ 6

4 Contributions ......................................................................................................... 6

5 AdditionalVoluntaryContributions(AVCs) ............................................................ 7

6 InwardTransfer ..................................................................................................... 7

7 Investment ............................................................................................................ 8

8 Switches ............................................................................................................... 8

9 Risk ...................................................................................................................... 9

10 InitialInvestmentandtheLife-styleinvestmentoption ......................................... 9

11 Benefits ................................................................................................................ 10

12 Pension ................................................................................................................ 11

13 Transfervalue ...................................................................................................... 11

14 Deferredpension .................................................................................................. 11

15 Earlypension........................................................................................................ 11

16 Latepension ......................................................................................................... 11

17 Lumpsum............................................................................................................. 12

18 Tax ........................................................................................................................ 12

19 DeathandpermanentinvaliditywhileemployedbyNATO .................................. 12

20 SchemeAdministrator .......................................................................................... 13

A1 Annex1:ApplicationtomakeAdditionalVoluntaryContributions ........................ 15

A2 Annex2:Generalfundcharacteristics ................................................................. 16

A3 Annex3:RiskbenefitsforDCPSmembers .......................................................... 17

A4 Annex4:PermanentInvaliditywhileemployedbyNATO ..................................... 18

A5 Annex5:DeathinService ................................................................................... 22

A6 Annex6:Switchprocess ..................................................................................... 24

A7 Annex7:Lifestyleoption ...................................................................................... 32


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1 Introduction

1. WelcometoNATO.UnlessyouhaveworkedforNATObefore,muchwillprobablybenewandmay,insomerespects,bedifferentfromwhatyouareusedto.Forexample, inthefieldofpersonnelbenefits,NATOisnotsubjecttonationalsocialsecuritylegislation.ConsequentlyNATOhasitsownsystemofmedicalinsurance–seetheseparatebrochureonthisscheme–anditsownretirementplans.

2. ThisdocumentisdesignedtogiveyouanoverviewofoneofNATO’sretirementplans-theNATODefinedContributionPensionScheme.FulldetailsoftheSchemeandyourentitlementsandobligationsaresetout in theCivilianPersonnelRegulations,ChapterXV.Band in theSchemeRulesinAnnexVI.AstheyareapprovedbytheCouncil,theArticlesoftheCPRsandoftheSchemeRuleswillalwaysoverrideanythinginthisdocumentifadisputearisesoveryourrightsorobligationsundertheScheme.

2 Benefits and Advantages

3. TheNATODCPSis,asitsnamesuggests,adefinedcontributionpensionplan.Itprovidespensionsonamoneypurchasebasis.

4. NATOwillopenanaccountforeachmemberoftheScheme.TheaccountwillbecreditedeachmonthwithcashcontributionsbyyouandbyNATOwhichwillbeinvestedinordertobuildupasumwhichwillbuyyouapensiononretirement.

5. Inbrief,theDCPSprovidesyouthefollowingbenefitsandadvantages:

✓ Aflexiblewaytobuildupsavingsforretirement.

✓ GuaranteedcashcontributionsbyNATOtowardsyourpension.

✓ Choice,withinlimits,intheamountyousave.

✓ Choice,withinarangeofoptions,inthewayyouinvest.

✓ Choiceintheretirementbenefitsyouwillreceive.

✓ Portabilityifyouleavebeforeretirement-possibilitytotransferinandoutoftheScheme.

✓ A pension according to commercial rates at any time after leaving NATO if you havecontributedfor6yearsormore.

✓ Partialcompensationfortaxonthepension.

✓ Possibility to draw your holdings, or part of them, as a tax-free cash lump sum at themomentofretirement.

✓ Survivors’orinvaliditypensionsunderNATO’ssocialsecuritysystemifyoushoulddieorbecomedisabledwhileemployedbyNATO.


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3 Who is a member of the NATO Defined Contribution Pension Scheme?

6. If yourappointment toNATOstartedonor after 1 July2005andyouhavenot previouslyworkedforNATOoroneoftheCo-ordinatedOrganisations1,youareamemberoftheDCPS.

7. IfyouhavepreviouslyworkedforNATOorforoneof theCo-ordinatedOrganisationsforaperiodorperiodsofatleast10yearsandif,asaresult,youhaverightstoadeferredpension

in the Pension Scheme of the Co-ordinatedOrganisations,youwillbeaffiliatedtothatschemeagainandwillnotbeamemberoftheDCPS.Ifyouworked for one or more of the Organisationsmentioned(includingNATO)foraperiodorperiodstotalling less than 10 years and therefore do nothave rights to a deferred pension in the PensionSchemeoftheCo-ordinatedOrganisations,youareamemberoftheDCPS.

4 Contributions

8. NATO will open a pension account for you whenyou join theOrganisation.Wewill giveyoudetailsofyouraccountandhowtoreceive informationonyour account value and on the investment optionsavailable shortly after your first regular monthlysalaryispaid.

9. BothyouandNATOcontribute to thescheme.Youwillcontribute8%ofyourbasicsalarytotheDCPSeachmonth.NATOwill contribute 12%of the samebasic salary to the scheme into youraccount.Themonthlycontributionsmadeintoyouraccountfrombothsourcesareconsideredpartofyouremoluments.

1 NATOisassociatedforsalariesandpensionswithagroupofotherinternationalorganisationscalledtheCo-ordinatedOrganisationsandcomprisingtheCouncilofEurope,EuropeanSpaceAgency,OECD,EUMETSATandtheEuropeanCentreforMediumRangeWeatherForecasts.

A fully capitalized, modern pension plan

Flexibility in member contribution rates

5 Additional Voluntary Contributions (AVCs)

10. Youmayelecttomakeadditionalvoluntarycontributions(AVCs)totheschemeinmultiplesof1%,uptoamaximumof5%ofbasicsalary.Thesecontributionswillbepaidintoyouraccountin thescheme.Nocounterpart contributionwill bemadeby theOrganisation in respectofanysuchadditionalvoluntarycontributions.YouhavethepossibilitytoreviseyourdecisionregardingAVConcepercalendaryear,inatimeframesituatedbetweenJanuaryandMarcheach year.

11. IfyouwanttomakeAVCs,youareinvitedtoreturntheform,whichisattachedatAnnex1tothisnotice,toyourpayrollofficetoinstructthemtodeductAVCsfromyourmonthlysalary.YoumustinformuswithinthefirstthreemonthsofservicewithNATOifyouwishtomakeAVCs.If you decide not to make AVCs, you need donothing. As indicated above, you may reviewyourdecisiononAVCsonceperyear.

6 Inward transfer

12. You may also transfer to the DCPS the cashvalue of your pension rights accrued in thepensionschemeofyourpreviousemployerinasfarasthatschemeallowssuchatransfer.Ifyouwishtotransferthesepreviouslyaccruedpensionrights to theDCPS,youshouldwrite toyourpreviousemployer’sschemetosee ifsuchatransferispossible.

13. Youwillbeallowedtotransfersuchrightsatanytimeuptosixmonthsfromthedatethatyourappointmentisconfirmedonsuccessfulcompletionofyourprobationaryperiod.Accordingly,youhavetoawaitconfirmationofyourprobationaryperiodbeforesubmittingyourrequesttocarryoutan inward transferofyourpreviouspension rights.Thedeadline to requestsuchinwardtransfersissixmonthsafterconfirmationofyourprobationaryperiod.Transferrequestswhichdonotmeetthisdeadlinecannotbeaccepted.

14. IfyouhavepreviouslyservedinNATOoroneoftheotherCo-ordinatedOrganisationsandleftwithaleavingallowancefromthePensionSchemeoftheCoordinatedOrganisations,youmaytransferthefullamountoftheleavingallowancetotheDCPS.Ifyouwish,youmayalsoadd4%compound interest to thissumfor theperiodsince leavingNATOor theotherCo-ordinatedOrganisation.

Possibility to import previous pension entitlements


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7 Investment

15. The contributions paid into your account will be invested. The Scheme offers a range ofinvestmentoptionsintowhichyourholdingscanbeplaced.TheFundrangeisBNYMellonGlobalFunds,distributedbyBNYMellonAssetManagementand the InstiCashEUR funddistributedbyBNPParibas.

16. Youmaychoosetoinvestyourholdingsinequity,bondandcashfundsdenominatedineitherUSDollars(USD)orEuros(EUR).Theoptionsarecurrently:

Equity Funds:MellonGlobalEquityPortfolioUSDC MellonGlobalEquityPortfolioEURC

Bond Funds:MellonGlobalBondPortfolioUSDC MellonGlobalBondPortfolioEURC MellonEurolandBondPortfolioEURC

Cash FundsUniversalLiquidityFunds–LiquidityPlusUSD BNPParibasInstiCashFund-EUR.

AgeneraldescriptionofthecharacteristicsofthesefundsisattachedatAnnex2.

8 Switches

17. Youmayinvestinmorethanonefund.Ifyouinvestinmorethanonefundyourinitialinvestmentsshouldbe inmultiplesof 10%of your total holdingswith aminimumof20%allocatedtoeachfund.Nomorethanthreefundsmaybe“active”(i.e.receivecontributions).

18. You may ask the scheme administrator to switchyourholdings,inwholeorinpart,intodifferentfunds.Switcheshavetobecarriedouton-line,viatheDCPSwebsite.Youmayalsomaintainyourpastcontributionsinthefundsinwhichtheyareinvestedandaskthatfuturecontributionsshouldbeinvestedindifferentfunds(inmultiplesof10%withaminimumof20%allocatedtoeachfund).However,nomorethan3fundsmaybe“active”atanyonetimeandyoumaynotholdmorethan6fundsintotal.Youmayswitchyourholdingsand/orasktoreallocateyourfuturecontributionsuptosixtimespercalendaryear.

Switch process - Annex 6

Choice in the way you invest

Flexibility in managing your investments

9 Risk

19. Theamountofyourultimatepensionorotherbenefitfromtheschemeisdependentupontheamountofmoneywhichyouhaveaccumulatedinyouraccount inthescheme.Youshouldthereforeconsiderastrategybasedonyourinvestmenthorizon,inotherwords,theperiodoftimeyourholdingsarelikelytobeinvestedintheDCPS.

20. Investments can go down aswell as up.Thus, risk is an integral part of investment; it isimportanttorememberthatriskisnotnecessarilyabadthingandthattakingriskcanbeveryeffective.ThelongerthetimetoyourexpecteddeparturefromNATO,themoreriskyoushouldbeabletoshoulder.Thefundswhichareavailableundertheschemevaryinthelevelofrisk.Theequityfundscarrythemostriskandarethemostvolatileintheshorttermbutovertimethereturnonequityhasbeenhigherthanonbondandcashfunds.

21. Yourownattitudetoriskislikelytoberelatedtofactorssuchasyourage,yourresponsibilitiesandyourpastexperiences.ThelengthofyourcontractwithNATOmayalsobeafactor.Thedifferentoptionsaredesignedtosuitthosewhowanttotakeamorecautiousapproach,thosewho are prepared to take more risk in search of potentiallyhigherreturns,andthosewhoaresomewhereinbetween.Inordertohelpyoutodefineyourpersonalattitudetoinvestmentrisk, a “Risk Profiler” has been made available to DCPSmembersontheDCPSwebsite(seeparagraph40).

22. BNY Mellon Asset Management and BNP Paribas provideregularlyupdated informationoneachof the fundsavailablewhicharetobefoundontheschemeadministrator’swebsitetohelpyouindecisionsoninvestment.

10 Initial investment and the Life-style investment option

23. The contributions that you make for the first three months (pay cycles) will be investedaccordingtoapre-programmedinvestmentstrategy.Theschemeadministratorwill instructtheinvestmentmanagertoinvestyourholdingsaccordingtopre-arrangedstrategiesbaseduponthetypeofcontractyousignedwithNATO.Fromthefourthmonth(paycycle)onwardsyoumayswitchyourholdingsandyourfuturecontributionsintodifferentfunds,viatheswitchfeaturethatisavailableontheDCPSwebsite.

24. Currently,thedefaultinvestmentstrategyforallnewentrantsisdirectinginitialcontributions(boththeEmployer’sandtheEmployee’sshares)intooneofthecashfunds.WeshallplacethecontributionsforstaffpaidonthebasisofsalaryscalesforcountriesinEurope(includingTurkey)inEURdenominatedfundsandinUSDforstaffpaidonotherscales.

Choice of risk options


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25. Should you subsequently be employed byNATO on a different contract you shouldreviewyour investments in the lightofyourprospectsoflongerservicewithNATO.

26. If you do not wish to choose the fund(s)in which your holdings will be invested,you may remain in the default investmentstrategy. However, if you choose to switch,youwillleavethedefaultstrategyandfuturecontributionswillbemadeintothefund(s)thatyouhavechosenandintheproportionswhichyou have specified. The investments whichyou have chosen will remain unchangeduntilyouinstructtheschemeadministratortoswitchyourinvestmentsagain.Asstatedinparagraph18above,youmayinstructtheschemeadministratortoswitchyourinvestmentssixtimespercalendaryear.

27. Youmayalsoopttojoinapre-programmedinvestmentstrategycalledthe“lifestyleoption”.Theconceptofthelifestyleoptionistoadjusttheallocationofyourtotalholdingsautomaticallybetweenfundsaccordingtothenumberofyearstoexpectedretirement.The“Lifestyleoption”alsoassumesthatyouretireatage65,theagelimitsetdownintheCPRs.Ifyouaresomewayfromretirement, theschemewill investyourholdingsinequityfunds.Asyouprogresstowardsretirementtheschemewillgraduallyphasedownyourinvestmentsinequityfunds,sothatatage65yourholdingswillbeinbondandcashfunds.DetailsofthelifestyleinvestmentstrategyareavailableontheDCPSweb-site.

11 Benefits

28. Yourholdingsintheschemewillprovidethebasisforallthebenefitswhichyouwillbepaidfromthescheme.

Less than 6 years’ service 29. IfyouleaveNATOwithouthavingcontributedtotheschemefor6yearsormore,NATOwill

payyouyourholdingsasatax-freecashlumpsumwhenyouleave.Alternatively,NATOwilltransferyourholdingstoanotherpensionschemeifyourequestthisbeforeyouleaveNATO.

6 years’ service or moreFlexibility in the payment of benefits

12 Pension

30. Thenormalretirementageis65.UndercurrentregulationsNATOwillpayyouyourpensionattheendofthemonthfollowingthemonthinwhichyoureachtheageof65.Yourpensionwillbepurchasedfromacommercialpensionprovideratcommercialratesavailableatthetime.

13 Transfer value

31. IfyouleaveNATObeforeage65,havingcontributedtotheschemefor6yearsormore,youmaytransferyourholdingstoanotherapprovedpensionscheme.

14 Deferred pension

32. Ifyoudonot transferyourholdings in thescheme toanotherscheme,NATOwillmaintainyourholdingsinyouraccountintheDCPSuntilyoureachage65,orlongerifyourequestso.Yourholdingswillremaininvested,andyoubecomeapassivememberofthescheme.Youmayswitchfundsifyouwishbutyouwillnotbeabletomakeanycontributions.Youwillhaveaccesstodetailsofyouraccountontheschemeadministrator’swebsite.RememberthatinthiscaseyoumustkeepNATOinformedofanychangeinyourcontactdetails.

15 Early pension

33. AlternativelyyoumayrequestyourpensionatanytimeafterdeparturefromNATO.However,youmustbearinmindthattheearlieryourequestyourpensionthelesstimeyourholdingswillhavehadtoaccrueinterestontheonehand,andthelongeryouwillbedeemedtodrawyourpensionontheother.Itisthereforelikelythatthesuminyouraccountwillbelowerthanat65andthattheannuityrateappliedtothatsumbythepensionproviderwillbelessadvantageousinordertotakeaccountoftheadditionalmonths’paymentswhichwouldnormallybeexpected.

16 Late pension

34. Youhavealsothepossibilitytomaintainyourholdingsinvestedbeyondage65,anddrawyourDCPSretirementbenefitsatalaterpointintime.

Default investment for members who don’t want to take investment decisions


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17 Lump sum

35. If your pension is due, either at age 65 or, at your request, before or after that age, youmayelecttotakeyourholdings,orpartofthem,asalumpsum.Youshouldnotethatthisisnotcompulsoryandthatwithdrawalofanysuchlumpsumwillreducetheamountwhichisavailableforyourpensionwhichwillbereducedaccordingly.

18 Tax

36. Yourpensionisnotexemptfromtaxation.Youwillberequiredtodeclareitfortaxationpurposestotherelevanttaxauthoritieswhoaloneareresponsibleforassessingwhethertaxisdueand,ifso,howmuch.

37. However, ifyouarerequiredtodeclareyourpensioninaNATOmemberstate,youwillbeentitledtopartialcompensationfortaxfromNATObecauseofanelementofdoubletaxation.Broadlyspeaking,thecompensationisaround50%ofthetaxthatyoumightexpecttopayifthepensionwasyouronlyincome.TheadjustmentappliesonlytoyourNATOpension,nottootherincomeyoumayreceive.

19 Death and permanent invalidity while employed by NATO

38. NATOhasarrangedinsuranceunderitsGroupInsuranceschemeasprovidedforinArticle47ofitsCivilianPersonnelRegulations,toprovidesurvivorbenefitsifyoudieinserviceorbecomeinvalid.AbriefdescriptionofthecoverisgivenatAnnex3.Pleasenotehoweverthat,ifyoudieinservice,yourholdingsintheDCPSwillbeusedtoprovidesurvivorbenefits if you are married or have one or more dependentchildren or other dependants, and you are entitled to thehousehold allowance. If you are notmarried and do not havedependentchildrenorotherdependants,andarenotentitledtohouseholdallowance,yourholdingswillbepaidintoyourestate.

Risk benefits

20 Scheme Administrator

39. NATO member states in the Advisory Group of FinancialCounsellors decided that the administration of the schemeshouldbeoutsourced.Theschemeadministratorappointedby NATO is a specialist pension scheme administrator –PrevinetlocatedinMoglianoVeneto,Italy.

40. Asamemberoftheschemeyouwillbeabletoconsultyouraccountandtoviewinformationaboutinvestments,FAQsandtorequestfundswitchesviatheScheme’swebsite,runbyPrevinet,whichcanbeaccessedfromanyPC,viahttp://natodcps.previnet.itusingthepasswordwhichisgiventoyoubyyourpayrolladministrator.

41. IfyouhaveanyquestionsabouttheSchemewhicharenotansweredfromthe“FrequentlyAskedQuestions”ontheDCPSwebsite,pleasegetintouchwithyourlocalHROffice.YoucanreachtheNATOPensionsUnitinNATOHQviae-mail:[email protected].

At your Service


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A1 Annex 1 Application to make additional voluntary contributions

PleasereturntoyourPayrollService

Name(blockcapitals):

IherebyrequesttomakeadditionalvoluntarycontributionstotheNATODefinedContributionPension Scheme (DCPS) in accordancewithArticle 5.3 of theRegulations governing theNATODefinedContributionPensionScheme(CPRs,AnnexVI)andauthorise[theInternationalStaff] todeduct frommymonthlybasicsalary thepercentage,which I indicatebelow,asacontributiontotheDCPS:

Tickoneboxonly

□1% □2% □3% □4% □5%

Signature:

Date:


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A2 Annex 2 General fund characteristics

What are equity funds - General characteristics Equities,orshares,areafractionofthecapitalofanenterprise.TheBNYMellonGlobalEquity

Fundsarepooled investment funds,whichmeans that theassetsaredistributed ina fundportfolio,spreadoverseveralindustrialsectorsandcontainingmanystocklevelcontributors,orenterprises.Within the fund rangemadeavailablebyBNYMellon, theequity fundsareconsideredtobemorevolatileandrepresenttheriskiestformofinvestment.However,riskcanbeapproachedundertheconditionthattheschememember’sremainingmembershipperiodissufficientlylongtorecoverfromshorttermnegativeinvestmentperformance.Statisticallyandcomparedtobondandcashfunds,equityfundshavethehighestreturnoninvestmentoverthelongterm.

What are bond funds - General characteristics ABondcanbedefinedasawrittenpromisetopayadebtatanagreedtimeandtopayan

agreedrateofinterestonthatdebt.Bondsaregenerallyconsideredtobemorestableandlessriskythenequities,buttheyarealsosubjecttofluctuationonthefinancialmarkets.Allbondshaveafixedmaturitydate.Thematuritydate,trendsinCentralBankinterestlevelsaswellasimpactofthecurrencyexchangeratesofthemajorfundcurrenciesdohaveanimpactontheperformanceofthebondfunds.

What are cash funds - General characteristics Cashfundsaimtopursueahighlevelofincomeinconsistencywithpreservationofcapital,

whileofferingthemaintenanceofliquidity.Ingeneral,Liquidityfundsarenotconsideredafullscaleinvestmentoption.Cashportfoliousuallycontaininvestmentincommercialpapers,timedeposits,zerocouponsandfloatingrate.Theadvantageofacashfundisthatitisfreeofanyinvestmentrisk.Thedisadvantageisthatcashfundsarenotconsideredveryefficientintermsofreturnoninvestment,overmediumandlongtermperiod.

A3 Annex 3 Risk benefits for DCPS members(*) - Death in Service

For Staff who are entitled to Household Allowance

Benefits Illness other than occupational

disease

Occupational illness

Accident other than work accident

Work accident Cumulative Limits

Life insurance basic cover - Premium (S1)

lumpsumequalto3years’emoluments




Additional cover - Premium (S2), if subscribed



notapplicable lumpsumequalto2years’emoluments


notapplicable notapplicable lumpsumequalto3years’emoluments


DCPS Survivor pension - spouse

85%ofC1/1 85%ofC1/1 85%ofC1/1 85%ofC1/1

DCPS Survivor pension - orphan 1

15%ofC1/1 15%ofC1/1 15%ofC1/1 15%ofC1/1

DCPS Survivor pension - orphan 2 + subsequent

equivalenttodependentchildallowance




Work-related Pension - Spouse

notapplicable 30%ofemoluments notapplicable 30%ofemolumentsmax80%ofemolumentsWork-related Pension -

per childnotapplicable 15%ofemoluments notapplicable 15%ofemoluments

Excess in Pension Holdings (if any) are paid to the estate

Yes Yes Yes Yes

For Staff who are not entitled to Household Allowance

Benefits Illness other than occupational

disease

Occupational illness

Accident other than work accident

Work accident Cumulative Limits

Life insurance basic cover - Premium (S1)

lumpsumequalto1year’semoluments


lumpsumequalto1year’semoluments





notapplicable lumpsumequalto2years’emoluments


notapplicable notapplicable lumpsumequalto3years’emoluments


DCPS Pension Holdings are paid to the estate

Yes Yes Yes Yes

* alsoapplicabletostaffagedunder65whohavelefttheOrganizationandwhoareinreceiptofaninvaliditypensionforDCPSmembers.

Pleasenote:Theaboveinformationisasummaryofrulesforinformationpurposeonly.Individualcircumstancesmayaffectthebenefits.Thebenefitstowhichyoumaybeentitledcanonlybefullyassessedonthebasisofthecircumstancesandyoursituationatthetimeaclaimarises.NothinginthisdocumentoverridestheprovisionsoftheNATOcontractforthesebenefitswithAllianzWorldwideCareLimited.


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A4 Annex 4 Risk benefits for DCPS members Permanent invalidity while employed by nato

A. General 1. Theamountofany invaliditypension isapercentageofyour totalemolumentsat the time

thatyouarerecognisedassufferingfrompermanentinvalidity.ThepercentageofyourtotalemolumentsisthesameasyourlossinearningcapacityasassessedbythemedicalauthorityappointedbyAllianzWorldwideCareLimited.

2. Theinvaliditypensionispaidinfullifyouceasegainfulemployment.Noinvaliditypensionispaidifyoucontinueinfull-timeemployment.Theinvaliditypensionisreducedifyouworkpart-timeatapercentageoffull-timeworkhigherthanthepercentageoflossofearningscapacity.Thetotaloftheinvaliditypensionandearnedincomecannotexceedthelastsalary.

B. Invalidity is work-related Noinvaliditypensionispaidifyourlossofearningscapacityislessthan5%.

Anypensionispaideitheruntilyouceasetobeinvalidoruntilyoudie,whicheverisearlier.

Maximumpensionis80%ofemoluments.

YourholdingsintheDCPSremaininvestedandwillbeconvertedintoaretirementpensiononrequestor,inanyevent,atage65.Yourretirementpensionwillbepaidinadditiontoanywork-relatedinvaliditypension.

C. Invalidity is not work-related Noinvaliditypensionispaidifyourlossofearningscapacityisassessedaslessthan33.33%.

Anypensionispaideitheruntilyouceasetobeinvalidoruntilage65,whicheverisearlier.

Youwillpay8%ofyourpensionintoyouraccountintheDCPS(plusAVCifyousodecide).

Ifyourlossofearningscapacityisassessedasbetween33.33%and50%,AllianzWorldwideCareLimitedwillpay12%oftheinvaliditypensionintoyourDCPSaccountas“employer’scontribution”.

If your loss of earnings capacity is assessed asmore than 50%,AllianzWorldwide CareLimitedwillpay12%ofthebasicsalaryforyourgradeandstepintoyourDCPSaccount.

YourholdingsintheDCPSwillremaininvestedandwillbeconvertedintoaretirementpensionatage65.

Please note:Theaboveinformationisasummaryofrulesforinformationpurposeonly.Individualcircumstancesmayaffectthebenefits.Thebenefitstowhichyoumaybeentitledcanonlybefullyassessedonthebasisofthecircumstancesandyoursituationatthetimeaclaimarises.NothinginthisdocumentoverridestheprovisionsoftheNATOcontractforthesebenefitswithAllianzWorldwideCareLimited.

1. AsanactivememberoftheNATODefinedContributionPensionsScheme(DCPS),youareinsuredagainsttheriskofpermanentinvalidityfromthefirstdayofdutyonwards.Insuranceis provided throughAllianzWorldwideCare Limited for permanent invalidity resulting fromoccupationaldiseaseoraccidentatwork,orandfor invalidityresultingfromother illnessesandforotheraccidents.Thisinsuranceismandatoryandcoversallstaffmembersinactiveservice.

2. Permanentinvaliditycanonlybedeclaredbytheappropriatemedicalauthority.ThesubsequentdecisionontheemploymentoftheschemememberistakenbytheHeadofNATObody.

3. The levelofwork incapacity,asassessedby thedesignatedmedicalauthority,determineswhether an invalidity pensionwill be paid out to youor not. If youqualify for an invaliditypension,thelevelofbenefitspaidtoyoudependsonthelevelofincapacitytoworkrecognizedby themedicalauthorityandwhether the invalidity results fromanoccupationaldiseaseorwork-relatedaccidentornot.

Benefits

I. INVALIDITY RESULTING FROM ILLNESS OR ACCIDENT OTHER THAN OCCUPATIONAL DISEASE OR WORK ACCIDENT

1.1 If youbecomeentitled toan invaliditypension, itdoesnotmean thatyourcontractwillbeterminatedautomatically.NATOandyourHRManagerswilldiscussyouroptionswithyou.NATOdoesnotdiscriminateagainststaffwithdisabilities.Insomeinstancesastaffmemberwhobecomesentitledtoaninvaliditypensionmaybeabletocontinueworkingfull-timeinhis/herexistingpost.Inothercasesitmaybepossibletotransfersuchapersontodifferentdutiesorforhim/hertoworkparttime.Onlyasalastresort,willthecontractbeterminated.

1.2 Ifyouarerecognizedasinvalid,youwillfallintooneofthefollowingcategories:

(a)ifyourrecognizedlevelofpermanentworkincapacityislowerthan33.33%,thisresultwillbekeptonfilebutnoinvaliditypensionwillbepaidouttoyou;

(b)if your recognized level of permanent work incapacity is above 33.33%, the insurancecompanywillpayan invaliditypensionequal to thepercentageof reductionof income,multipliedbyyourmonthlyemolumentsanduptoamaximumof60%.Furthermore,AllianzWorldwideCareLimitedwillpayacontributiontoyourDCPSretirementaccountequalto:

(i) 12%ofyourinvaliditypensionifyouarerecognizedatlessthan50%permanentworkincapacity;

(ii)12%ofyourlastbasicsalaryifyouarerecognizedat50%orhigherlevelofpermanentworkincapacity.

1.3 Ifyoucontinuetoworkwhileentitledtoaninvaliditypension,youmayaccumulatethepensionwithearnedincomeprovidedthatthetotalofthepensionplusearnedincomedoesnotexceedyourlastsalary.


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1.4 Ifyouarerecognizedasincapacitatedforworkat60%ormore,youwillnotberequiredtopayinsurancecontributionsforlifeinsuranceandmedicalcoverageforthedurationofyourinvalidityoruntilage65,whicheverisearlierandprovidedyouhavenootherpaidoccupation.

1.5 Ifyouarerecognizedas incapacitated forworkatbetween33.33%and60%andhavenootherpaidoccupation,yourcontributions tomedicalcoverarereduced inproportion to thelevelofinvalidity,forthedurationofyourinvalidityoruntilage65,whicheverisearlier.

1.6 YourinvaliditypensionandtheEmployer’sparttoyourpensioncontributionswillbepaidforthedurationofyourinvalidityuntilyoureachage65unlessyoudiebeforethat.

1.7 Your personal 8% pension contribution, plus a possible Additional Voluntary Contribution(AVC),varyingfrom1%to5%accordingtoyourchoices,willbedeductedfromyourInvaliditypension.

1.8 Theinvaliditypensionwillceasetobepaidat65.AretirementpensionwillbepaidusingyourholdingsintheDCPSfromage65.

1.9 AllianzWorldwideCareLimitedwillcalculate theamountof invaliditypensiontowhichyouareentitledbyapplyingtherateofrecognizedinvaliditytoyourtotalemoluments.Bi-annualadjustmentson1stJanuaryandon1stJulywillbeappliedonthebasisoftheinflationindexforthecountryconcernedpublishedbytheOECD.

1.10 TheNATOPensionsUnitwillpayyourinvaliditypensiontoyouonamonthlybasis,andensurethattherelevantDCPScontributions(Staffcontribution,AdditionalVoluntaryContributionandEmployer’spart)areinvestedaspartofthemonthlyDCPScycle.ThePensionsUnitisalsoresponsibleforthepreparationandpaymentofanytaxadjustmenttowhichyouwillbeentitled.

1.11 IfaDCPSmemberwhoreceivesaninvaliditypensiondiesbeforereachingage65,thesamebenefitsasfordeathinservicewillapply.

II. INVALIDITY RESULTING FROM OCCUPATIONAL ILLNESS OR WORK ACCIDENT 2.1 Ifyourrecognizedlevelofpermanentworkincapacityislowerthan5%,thiswillbekeptonfile

butnoinvaliditypensionwillbepaidtoyou.

2.2 Ifyourrecognizedlevelofpermanentworkincapacityishigherthan5%,noInvaliditypensionwillbepaidtoyouifyouremainatworkandifthereisnoreductioninsalary.Theoverallceilingforanyinvaliditypensionpayabletoyouisequalto80%ofyourlastsalary.

2.3 NATOwillpayyouinvaliditypensionuntilyouceasetobeinvalidoruntilyoudie,whicheveristheearlier.NocontributionstotheDCPSwillbepaidbyyouorbyNATO.

2.4 Ifyouarerecognizedasincapacitatedforworkat60%ormore,youwillnotberequiredtopayinsurancecontributionsforlifeinsuranceandmedicalcoverageuntilyouceasetobeinvalidoruntilyoudie,whicheveristheearlierandprovidedyouhavenootherpaidoccupation.

2.5 Ifyouarerecognizedinvalidatbetween33.33%and60%andhavenootherpaidoccupation,yourcontributionstomedicalcoverarereducedinproportiontothelevelofinvalidity,untilyouceasetobeinvalidoruntilyoudie,whicheveristheearlier.

2.6 AllianzWorldwideCareLimitedwillcalculate theamountof invaliditypensiontowhichyouareentitledbyapplyingtherateofrecognizedinvaliditytoyourtotalemoluments.Bi-annualadjustmentson1stJanuaryandon1stJulywillbeappliedonthebasisoftheinflationindexforthecountryconcernedpublishedbytheOECD.

2.7 TheNATOPensionsUnit will pay your invalidity pension to you on amonthly basis. ThePensionsUnitwillalsocalculateandpayanytaxadjustmenttowhichyoumaybeentitled.

2.8 IfaDCPSmemberwhoisinreceiptofaninvaliditypensiondiespriortoage65,thesamebenefitsasfordeathinservicewillapply.IfaDCPSmemberdiesafterage65,thesurvivingspousewillbeentitledtoareversionpensionequalto60%oftheinvaliditypension.

Please note:Theaboveinformationisasummaryofrulesforinformationpurposeonly.Individualcircumstancesmayaffectthebenefits.Thebenefitstowhichyoumaybeentitledcanonlybefullyassessedonthebasisofthecircumstancesandyoursituationatthetimeaclaimarises.NothinginthisdocumentoverridestheprovisionsoftheNATOcontractforthesebenefitswithAllianzWorldwideCareLimited.


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A5 Annex 5 Risk benefits for DCPS members Death in service(*)

1. Asanactivememberof theNATODefinedContributionPensionScheme(DCPS)youareinsured against the risk of death in service from the first day of duty onwards. InsuranceagainstdeathisprovidedthroughAllianzWorldwideCareLimited,bothfordeathasaresultofaccidentatworkoranoccupationaldiseaseandfordeathbyothercausese.g.accidentathome,orotherdiseases.

2. This life insurance ispartof theNATOGroup insurancepackageand ismandatory forallDCPSmembers.ItcoversyouwhileyouareinactiveserviceorifyouhaveleftNATObecauseofinvalidityinserviceandareinreceiptofaninvaliditypensionbecauseyourlossofearningscapacityhasbeenassessedtobeatleast33.33%.

Benefits

3. IfyoudiewhileemployedwithNATO,benefitswillbepaidouttothesurvivingmembersofyourhouseholdandtonominatedbeneficiaries.Benefitsconsistofa“lumpsum”payment,andthepaymentofaDCPSsurvivorpension.Ifdeathresultsfromanoccupationalillnessoraworkaccident,awork-relatedpensionwillbepaidinadditiontothelump-sumandtheDCPSsurvivorpension.Youmustspecifyseparatelyinwritingthepersonorpersonstowhomthelifeinsuranceshouldbepaid.

4. Survivors’ pensions will be paid under the insurance policy concluded through AllianzWorldwideCareLimited.FollowingyourdeathyourholdingsintheDCPSwillbeusedtopaythepremiumforthesurvivors’pension.

5. IfyouaremarriedNATOwillpayasurvivor’spensiontoyourspouse.Asurvivor’spensionwillbepaid for lifeoruntil yoursurvivingspouse remarries.Thesurvivor’spensionwillbeanamountequalto85%ofgradeC1step1salary.Itisthesameforeverybody.Ittakesnoaccountofyourgradeorlengthofservice.

6. Ifyouhavedependentchildrenwhenyoudie,orphans’pensionswillbepaid to them.Theorphan’spension ispaidas longas thechildsatisfies theconditions forentitlement to thedependentchildallowance,asdefinedintheNATOCivilianPersonnelRegulations(CPRs).Anorphan’spensionisanamountequalto15%ofgradeC1step1salaryforthefirstchild,plusanamountequaltodependentchildallowanceforeachsubsequentorphan,theamountdividedequallybetweentheorphans.

7. Pleasenotethatsurvivors’pensionsandorphans’pensionsarenotinprincipleexemptfromtaxationinmostNATOcountries.AsurvivingspouseororphanwillberequiredtodeclaretheirpensionstothetaxauthoritiesinmostNATOcountries.However,ifsurvivors’andorphans’pensionsaretaxableandthesebenefitsaredeclaredinaNATOmemberstate,yoursurvivingspouseand/ororphanswillbeentitledtopartialcompensationfortaxfromNATOintheformofataxadjustment,whichwillbepaidwiththepension.

8. If youdieandaresinglewithnodependants,nopensionwillbepaidoutbut thepensionholdingsyouhaveaccumulatedinyourDCPSaccountwillbetransferredtoyourestate.

9. Thelumpsumdeathbenefitwillbepaidtothepersonorpersonsthatyouhavenominated.Itisimportantthatyoureviewyournominationifyourcircumstanceschange.NATOisboundtoactontheinstructionswhichyouhavemadewhilelivingandcannotpaytootherpersons.

Premium payable for survivors’ pensions 10. Ifyouhavedependants,yourholdingsintheDCPSwillbeusedtopaythelumpsuminsurance

premiumforsurvivors’and/ororphans’pensions.Unlessyouhavebeencontributingto thepensionschemeforasubstantialnumberofyears,yourholdingsareunlikelytobesufficienttopaythefullpremium.

11. AseparateinsuranceconcludedwithAllianzWorldwideCareLimitedservestocoveranygapbetweenyourexistingpensionholdingsandthelumpsuminsurancepremium.Onethirdofthepremiumforthisinsuranceisdeductedasyourpersonalcontributionfromyoursalary,andNATOpaystheothertwothirds.

12. However, ifyourpensionholdingsat thetimeofdeathexceedtheamountrequiredfor theinsurancepremium,thebalancewillbepaidintoyourestate.

(*)alsoapplicabletostaffagedunder65whohavelefttheOrganizationandwhoareinreceiptofaninvaliditypensionforDCPSmembers.

Please note: Theaboveinformationisasummaryofrulesforinformationpurposeonly.Individualcircumstancesmayaffectthebenefits.Thebenefitstowhichyoumaybeentitledcanonlybefullyassessedonthebasisofthecircumstancesandyoursituationatthetimeaclaimarises.NothinginthisdocumentoverridestheprovisionsoftheNATOcontractforthesebenefitswithAllianzWorldwideCareLimited.


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A6 Annex 6 NATO Defined Contribution Pension Scheme How to change Monthly Contributions and Investment Holdings

Introduction WhenyoujoinedtheDCPSyourcontributionstotheSchemewereinvestedaccordingtoa

pre-determined investmentstrategywhich issetby reference to thecurrency inwhichyouarepaid,yourageandyourexpected retirementdate.This iscalled “theLife-styleoption”(referAnnexA).Ifyoudonothing,yourcontributionsandholdingswillcontinuetobeinvestedaccordingtothisstrategy.

Ifyouwishtochangethewayyourfuturemonthlycontributionsand/orcurrentholdingsareinvested,pleaseusethefollowinginstructions.

Rememberthatyouareonlyabletoexercisetheoptiontochangeyourinvestmentsafter3monthsofjoiningtheDefinedContributionPension.Youwillbeabletochangethewayyourcurrentholdingsorfuturecontributionsareinvested,up to six timesinacalendaryear.

Beforechangingyourinvestments,youareadvisedtoconsultthedataonpastperformanceofthefundsinwhichyoumayinvestwhichistobefoundontheDCPSweb-site.However,pleasenotethatpastperformanceisnotnecessarilyaguidetofutureperformance.Thevalueofsharesandtheincomefromthemcanfallandriseandinvestorsmaynotgetbackthefullamountoriginallyinvested.

Changinghowfuturecontributionsontheonehandandaccumulatedholdingsontheotherwillbeinvestedareseparateprocesseswhichmustbecompletedon-linebyschememembers.Allchangestoinvestments,concerningbothfuturecontributionsandcurrentholdings,mustberegisteredaspartofasingleon-lineoperation.

Youmayinvestinupto7fundsintotalbutnomorethan3fundsmaybe“active”(i.e.receivecontributions)atanyonetime.

Tochangethefundsinwhichyourexistingholdingsand/orfuturecontributionsareinvested,youmust login to theNATODCPensionSchemewebsite (link: http://natodcps.previnet.it) usingyourpersonalIDnumberandpassword.

Hereyouwillseeanoptionavailabletoyouontheleft hand sideofthescreenasfollows:

Switches Switchescanbecarriedoutatanypointintime,butplease remember that one switch has

to be carried out entirely before the next switch request can be requested.

Timelines Theswitchdoesnottakeplaceimmediately.Thereisasequenceofactionswhichhaveto

betakenbytheInvestmentManager,theThirdPartyAdministrator(Previnet),theNATOISFinancialController,andtheCustodianbank(ING).Ateachstagetheamountsinvolvedhavetobeverifiedandreconciled.Whenchangesarebeingmadetoexistingholdingstherearetwoprocessestobecompleted,i.e.disinvestment(sale)followedbyinvestment(purchase).

Thetimerequiredtocompleteaswitchdiffersdependingontheperiodofthemonthinwhichtheswitchisrequested,andwhetheritistofuturecontributionsorexistingholdings.Moretimeisrequiredwhenexistingholdingsarebeingswitchedtoorfromacashfund,orbetweenfundsoperatedbydifferentinvestmentmanagers.

Thedescriptionofthenewtimelines for switches,asfrom1stOctober2012:

(a)Switchrequestedbetween day 1 and day 14 of the month

- Iftherequestisachangetofuturecontributions,theswitchwillbeexecutedbynolaterthanthethirdworkingdayafterday14ofthemonth.

- Ifthechangeistoexistingholdings,thesewillfirstbedisinvested,andtheNetAssetValue(NAV)willbeestablished,bynolaterthanthethirdworkingdayafterday14ofthemonth.

- If the switch is between non-cash funds operated by the same investmentmanager(i.e.BNY-Mellon) thecapital resulting from thesalewill thenbe invested in thenewdestination fund(s)with thesameNAVdate thatwasestablishedwhen theholdingsweredisinvested.

- Iftheswitchisfromortoacashfund,orisbetweenfundsoperatedbydifferentinvestmentmanagers,anadditional10to12dayswillberequiredbeforethecapitalresultingfromthesaleisinvestedinthenewdestinationfund(s).

(b)Switchrequestedbetween day 15 and day 27 of the month

- Iftherequestisachangetofuturecontributions,theswitchwillbeexecuted,andtheNetAssetValue(NAV)willbeestablished,bynolaterthanthefifthworkingdayofthefollowingmonth.

- Ifthechangeistoexistingholdings,thesewillfirstbedisinvested,andtheNetAssetValue(NAV)willbeestablished,bynolaterthanthefifthworkingdayofthefollowingmonth.



http://natodcps.previnet.it


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(c)Switchrequestedbetween day 28 and day 31 of the month

- Iftherequestisachangetofuturecontributions,theswitchwillbeexecuted,andtheNetAssetValue(NAV)willbeestablished,bynolaterthanthethirdworkingdayafterday14ofthefollowingmonth.

- Ifthechangeistoexistingholdings,thesewillfirstbedisinvested,andtheNetAssetValue(NAV)willbeestablished,bynolaterthanthethirdworkingdayafterday14ofthefollowingmonth.



Important Pleasenoteyouwillnotbeabletomakeanotherrequestuntilthecurrentrequesthasbeen

completed!!

Youmaychooseoneofthefollowingoptions:

• Change existing holdings (this optionwill change theway your existing holdings areinvested)

• Reallocate future contributions(thisoptionwillchangethewayyourfuturecontributionswillbeinvested)

• Full switch (this option will change the way your existing holdings and your futurecontributionsareinvested)

Future contributions Youmayinvestyourfuture contributionsinuptothreefunds.Ifyouinvestinmorethanone

fundthedistributionofyourcontributionsbetweenthefundsmustbeinmultiplesof10%withaminimumof20%allocatedtoeachfund.

Existing holdings Ifyou invest inmorethanonefundthedistributionofyourexisting holdingsbetweenthe

fundsmustbeinmultiplesof10%withaminimumof20%allocatedtoeachfund.

Pleasebeawarethat,onceyouconfirmthesechoices,

- yourrequestwillbesenttotheSchemeAdministratorforprocessing;

- yourinvestmentswillbechangedduringthenextmonthlyinvestmentcycle;

- youcannotperformasecondswitchuntilthefirstrequesthasbeencompleted.

Available funds Thefundsavailabletoyouare:

Equity Funds MellonGlobalEquityPortfolioEURC

MellonGlobalEquityPortfolioUSDC

Bond Funds MellonGlobalBondPortfolioEURC

MellonGlobalBondPortfolioUSDC MellonEurolandBondPortfolioEURC

Cash Funds BNYMellonUSDollarLiquidityFund

BNYMellonEuroLiquidityFund(availableonlyforswitchout,asthisfundisclosedfornewsubscriptionsfrom09thJuly2012.) NATODCPSNoInterestTemporaryAccountEUR(availableforswitchesuntilthe27thOctober2012) BNPParibasInstiCashEUR(availableforswitchesfrom01stofNovember2012)

Changing investments; step by step guide LogintotheNATODCPensionSchemewebsiteusingyourpersonalloginidandpassword

providedbyyourPayrollCentre.SelecttheSwitchesoptiontotheleft-handsideofthescreen,byclickingontheoption,asseenbelow.


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OnceyouhaveselectedtheSwitchesoption,thefollowingscreenappears:

1 To change your future contributions select : Reallocate future contributions Youmayonlychoosetocontributeto3fundsatanyonetime.Youmustselectaminimum

of20%foranyonefundinmultiplesof10%.Thetotalofthethreefundsmustequal100%.However,youmustinsertazero(0)foreachofthefundsthatyoudonotwishtoselect.

Rememberthisoptionwillonlychangethewayyourfuturecontributionsareinvested.

2 To change your existing holdings select : Change existing holdings Youmayonlychoosetocontributeto3fundsatanyonetime.Youmustselectaminimumof

20%foranyonefundinmultiplesof10%.Thetotalofthethreefundsmustequal100%.

Rememberthisoptionwillonlychangethewayyourexistingholdingsareinvested.

3 To make a full switch select : Full switch This option will allow you to change the way your future contributions and your existing

holdingsareinvested.

Thescreenbelowshowsyouthelistoffundsavailable.

Somepointstokeepinmindwhenmakingyourselection/s:

- Youmustinsertzeroes(0)foreachofthefundsthatyoudonotwishtoselect.

- Onceyouhavemadeyourselectionyoumustselecteitherthe‘CONFIRM’tocontinueorthe‘CANCEL’togobackandmakefurtherchanges.

- Onceyouaresureofyourselectionsselectthe‘CONFIRM’buttontocontinuewithyourrequest.Youwillbeaskedasecondtimetoconfirmyourselection.If you do not confirm your request a second time, your request will not be sent to the scheme administrator for processing.

- Whenyouhaveconfirmedtheselectionsasecondtime,youwillseeaprintericoninthetoprighthandsectionofthescreen.Selecttheprintericon,youshouldprintacopyofthisdocumentandkeepacopyoftherequestedchangesforyourrecords.


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Seebelowforansamplecopyoftheconfirmationrequest:

How to cancel a selection/s Inordertocancelyourselectionyouneedtogobacktothe‘tobeprocessed’sectioninthe

‘Switches’optionanddouble click on the red cross on the bottom right-hand side.

Youwillbeaskedtoconfirmtheselection.

Youwillthenseethattheoperationalstatushaschangedfrom‘tobeprocessed’to‘cancelled’.

Youmaynowgobackandmakeanynecessarychangestoyourselections.

Onceyouhaveloggedoutofthewebsiteyouwillnotbeabletomakeanychangesuntiltherequesthasbeenprocessedbytheschemeadministrator.

Seethescreenbelowforanexample:

When is it too late to make changes? Itistoolatetomakechangesonceyouhavemadeyourselections,confirmed,acceptedall

details,printedouttheconfirmationslipandthenloggedoutofthewebsite.

Important It will take some time from themoment a switch has been requested, to themoment of

execution.Pleasekeepinmindthat thewebsite isrefreshedonlytwicetothreetimespermonth – therefore, youwill not be able to see immediately that your switch request is inprocess.Assoonasthewebsiteisupdated,youwillseeanotification“switchinprogress”inyour DCPS account.


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A7 Annex 7 Lifestyle option

yearstoretirement;%ofholdingsinvestedlife-styleoption(general)

life-style option (EUR); currenciesforcontribution:EUR;GBP;DKK;ISK;NOK;PLN;TRY

life-style option (USD); currenciesforcontributions:USD;

10+ 10 9 8 7 6 5 4 3 2 1 0,5

CoreGrowth MGFGlobalEquity(EUR)

MGFGlobalEquity(USD)

100 90 80 70 60 50 40 35 30 25 20 15

Core Bond from09/2008:MGFEurobond(EUR); until08/2008:MGFGlobalBond(USD)

MGFGlobalBond(USD)

0 10 20 30 40 50 60 65 70 70 70 70

CoreCash BNPParibasInstiCash(EUR)

ULFCash(USD)

0 0 0 0 0 0 0 0 0 5 10 15

100 100 100 100 100 100 100 100 100 100 100 100

34

PensionsUnit(NATO-wide)

NorthAtlanticTreatyOrganisation

B-1110Brussels

Belgium

E-mail:[email protected]

0194-13NATOGraphics&Printing

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INFORMATION NOTE ON THE NATO DEFINED CONTRIBUTION PENSION ...€¦ · 3 Who is a member of the NATO Defined Contribution Pension Scheme? 6. If your appointment to NATO started on