Affiliates are active (currently or in the past) independent company directors with their Affiliated Company.
The capital or corresponding annuity to which an Affiliate is entitled based on contributions paid by their Affiliated Company in accordance with this pension agreement. The Supplementary Pension is an addition to the statutory pension.
Separate Assets are established within Easyvest OFP as defined by the IORP Law. The CIPA Pension Commitment is managed in a specific Separate Asset Fund, the CIPA Separate Asset Fund. In practical terms, this means that the reserves and assets linked to this CIPA Pension Commitment are segregated from other assets and separate asset funds within Easyvest OFP and cannot therefore be used for other pension commitments managed by Easyvest OFP.
Persons who receive retirement benefits, such as those who, under this agreement, are entitled to a death benefit if the Affiliate dies before their Retirement Age or before the Supplementary Pension has been fully paid after their Retirement.
Any legitimate child of the Affiliate, born or conceived, as well as any legally recognized natural child or adopted child of the Affiliate.
The Affiliate’s spouse who is not legally or physically separated from the Affiliate, and is not in divorce or separation proceedings, or a person with no kinship or related from the third degree onward with whom the Affiliate cohabits legally and regarding whom the Affiliate has made a declaration as per Article 1476 of the Civil Code.
Easyvest OFP, designated as the pension institution by the Affiliated Companies.
The statutory retirement age as defined in Article 2, § 1, of the Royal Decree of 23 December 1996 implementing Articles 15, 16, and 17 of the Law of 26 July 1996 on the modernization of social security and ensuring the sustainability of statutory pension schemes.
The statutory retirement age is, in principle 65 years until 31 January 2025, 66 years from 1 February 2025 to 31 January 2030 and 67 years from 1 February 2030 ;
The effective start of the statutory (early) retirement pension related to the professional activity that generated the supplementary pension benefits—in this case, the statutory retirement pension as a worker.
The supplementary pension commitment is made by the Affiliated Companies for the Affiliates and their Beneficiaries.
Each Affiliate has an Individual Pension Commitment (CIPA).
The Individual Pension Commitment is fully funded by contributions paid by the relevant Affiliated Company.
The reserves of the individual pension commitment built up from paid contributions, as well as any resulting investment returns, are acquired by the Affiliate.
The individual pension commitment carries no guaranteed return.
Easyvest OFP, as the pension institution, undertakes a best-efforts obligation. In other words, Easyvest OFP commits to managing the paid contributions as prudently and diligently as a reasonable person would, without guaranteeing a specific result.
Contributions will be capitalized at the investment returns achieved by Easyvest OFP.
The Affiliate may, with the agreement of their Affiliated Company, benefit from additional biometric insurance policies supplementary to the pension commitment. Currently, the institution offers death insurance, disability insurance, and/or contribution waiver insurance.
Death insurance allows Beneficiaries to receive from Easyvest OFP a lump sum in addition to the reserve accrued for the Affiliate in the event of their premature death before Retirement.
Disability insurance allows the Affiliate to receive a replacement income from Easyvest OFP in case of disability due to illness or accident before Retirement.
Contribution waiver insurance ensures that Easyvest OFP continues to fund the pension contributions and, if applicable, death insurance premiums, on behalf of the Affiliated Company if the Affiliate becomes disabled.
The premiums required to finance these insurances are deducted from the Affiliate’s accrued reserve.
The Law of 15 May 2014 containing various provisions, Title 4 – Supplementary pension for company directors.
All companies within the CIPA Separate Asset Fund that organize an individual pension commitment for their independent company directors.
The Law of 27 October 2006 on the prudential supervision of occupational retirement institutions.
The Royal Decree of 12 January 2007 on the prudential supervision of occupational retirement institutions.
This pension agreement is established pursuant to Article 2/1 § 1, 1° b) and c) of the IORP Law and has the sole purpose of introducing the supplementary pension scheme for independent directors of participating affiliated companies as from 1 January 2024, in accordance with the LPCDE.
This pension agreement is established pursuant to Article 2/1 § 1, 1° b) and c) of the IORP Law and has the sole purpose of introducing the supplementary pension scheme for independent directors of participating affiliated companies as from 1 January 2024, in accordance with the LPCDE.
It sets out the rights and obligations of Easyvest OFP, the Affiliates, the Beneficiaries, and the Affiliated Companies.
It also establishes the conditions for affiliation, as well as the rules relating to the Pension Commitment.
The rights of former Affiliates are generally defined by the pension regulations that were applicable at the time of their transfer, unless otherwise provided by law.
Affiliation is linked to the Affiliate’s activity as an independent company director of the Affiliated Company within the meaning of Article 32, paragraph 1, 1° and 2° of the Income Tax Code. If the Affiliate is also employed as a salaried worker by the Affiliated Company, affiliation to the individual pension commitment is made exclusively on the basis of their status as a company director under the self-employed social status.
Unless otherwise agreed, periodic contributions are payable on the indicated due dates, starting from the effective date of the individual pension commitment and at the latest until the Retirement Age or until the prior death of the Affiliate. Single contributions may also be payable. Payment of contributions is made directly to the bank account indicated by Easyvest OFP, with the provided reference, or by direct debit, as agreed.
With regard to the contributions allocated to pension reserves, the Affiliate may choose an investment strategy from the model portfolios offered by Easyvest OFP.
This choice applies systematically both to future contributions and to pension reserves already accrued.
The Affiliate may revise this choice at any time.
he management and operating rules of the CIPA Separate Asset Fund are set out in the management agreement, in the specific and general sections of the investment principles policy, and in the specific and general sections of the Easyvest OFP financing plan.
The rules and procedures relating to the pension commitment are also set out in this pension regulation.
The Affiliated Company shall provide Easyvest OFP, no later than the effective date of the individual pension commitment, with all necessary information concerning the Affiliate.
Easyvest OFP shall make a copy of this pension regulation available to the Affiliate.
The Affiliate shall immediately and voluntarily inform the Affiliated Company and Easyvest OFP of any change in their personal situation (such as family status) relevant to the management, adaptation, and execution of the individual pension commitment. The Affiliated Company shall immediately forward this information to Easyvest OFP.
The Affiliated Company shall also, on its own initiative, promptly provide Easyvest OFP with all information necessary for the management, adaptation, and execution of the individual pension commitment.
In particular, the Affiliated Company shall inform Easyvest OFP of any changes in the Affiliate’s marital status and remuneration or method of remuneration (such as its frequency). If no such communication is made, Easyvest OFP will assume that the remuneration is sufficient or has sufficiently increased in view of tax limitations, and that both the remuneration method and marital status have remained unchanged.
At least once a year, Easyvest OFP shall issue a pension statement with updated data for the Affiliate.
As soon as it becomes aware, the Affiliated Company shall inform Easyvest OFP that the Affiliate is no longer active as an independent company director or of the Affiliate’s death.
The Affiliate and the Affiliated Company bear full responsibility for all consequences resulting from late, incomplete, or incorrect communication of the data required by Easyvest OFP.
The Affiliate may use the Individual Pension Commitment as collateral for financing real estate transactions, in compliance with applicable legislation. This legislation specifically states that an advance and/or a pledge (including the assignment of rights to a third party) may only be granted to enable the Affiliate to acquire, build, improve, restore, or convert real estate located within the European Economic Area that generates taxable income. Furthermore, any advances and loans must be repaid as soon as the aforementioned properties are removed from the Affiliate’s assets.
As long as the Affiliate is active as an independent company director with the Affiliated Company, the latter’s written consent is required for the above-mentioned transactions. The Affiliate may obtain the related conditions, limitations, and procedures from Easyvest OFP. It should be noted that using the Individual Pension Commitment to finance real estate transactions may mean that the accrued reserves (in the event of departure) cannot be transferred and/or redeemed by the Affiliate, and that the Affiliate’s available options regarding investment strategy may be limited, or that Easyvest OFP may change the investment strategy.
The Affiliates and/or their Beneficiaries are subject to the provisions of this pension regulation. They shall provide Easyvest OFP with any missing data, where applicable.
If the Affiliates or their Beneficiaries fail to comply with any condition imposed on them by this pension regulation and thereby lose the enjoyment of any right, the Affiliated Companies and Easyvest OFP shall be released, to the same extent, from their obligations under the Individual Pension Commitment toward the Affiliate and/or their Beneficiaries.
The Affiliated Companies entrust the management and execution of the Individual Pension Commitment to Easyvest OFP.
Easyvest OFP undertakes a best-efforts obligation in this regard. In other words, Easyvest OFP commits to managing the defined contributions paid by the Affiliated Companies in the best possible way and with the prudence and diligence of a reasonable person, in order to achieve its objective, without committing to a guaranteed result. Contributions paid by the Affiliated Companies will be capitalized at the investment return from the time they are credited to the Affiliates’ individual accounts.
Affiliates have a choice of investment strategy among several model portfolios offered by Easyvest OFP. This choice may be made at the time of affiliation or thereafter. An initial choice may also be revised later for future allocations.
Easyvest OFP manages the assets prudently in the interest of the Affiliates and Beneficiaries. To this end, Easyvest OFP establishes an investment principles policy in accordance with the IORP Law and the IORP Royal Decree, and carefully monitors the correct implementation of this policy.
The payment of contributions by the Affiliated Company is immediately terminated in the event of the Affiliate’s departure (regardless of the circumstances) before the term. For the purposes of this provision, “departure” means the termination of the Affiliate’s activity as an independent company director of the Affiliated Company, even if the person remains or becomes active within the Affiliated Company in another capacity, such as a salaried worker
From the date of the Affiliate’s departure, the Individual Pension Commitment continues to be managed as a “dormant” Individual Pension Commitment, without the payment of new contributions.
The Affiliated Company may modify or terminate the Individual Pension Commitment in compliance with applicable legal provisions (to the extent that they apply to the Affiliate) and with any other related agreements and commitments.
Although payment of contributions is not mandatory in the relationship between the Affiliated Company and Easyvest OFP, the unilateral reduction or termination of the Individual Pension Commitment by the Affiliated Company toward the Affiliate is only possible if at least one of the following circumstances occurs :
In the above circumstances, the Affiliated Company may also restrict or even eliminate the Affiliate’s available investment strategy choices, or make changes itself, without the Affiliate’s consent, to the investment strategy, even with respect to already-accrued pension reserves.
The Affiliated Company shall always inform the Affiliate in advance of any modification or termination of the Individual Pension Commitment. In principle, any change to the Individual Pension Commitment also requires the agreement of Easyvest OFP.
Any modification or termination of the Individual Pension Commitment may never affect the vested nature of the reserves built up from company contributions already paid up to the moment of the change or termination, nor the Affiliate’s right—subject to the statutory limitation rules—to claim from the Affiliated Company, in its relationship with them, the payment of any contributions still owed but not yet paid at the time of the modification or termination of the Individual Pension Commitment.
As long as the Affiliate is active with the Affiliated Company as an independent company director, they may not redeem (in whole or in part) the company contract. After their departure from the Affiliated Company, the Affiliate may, however, redeem it under certain conditions.
When the right of redemption is assigned to a third party as part of the use of the Individual Pension Commitment to finance real estate transactions, the terms are set out in the advance agreement or the pledge amendment.
Due to the “vested rights” granted to the Affiliate under the Individual Pension Commitment, the Affiliated Company is not entitled to request the total or partial redemption for its own benefit. Subject to the applicable legal provisions and without prejudice to any restrictions arising from the fact that the Individual Pension Commitment has been used to finance real estate transactions, the Affiliated Company may, however, redeem the reserves of the Individual Pension Commitment in full—but only for the benefit of the Affiliate—for the purpose of transferring these reserves to another approved pension institution. The redemption value is defined in the institution’s Tariff and Fee Policy.
An Affiliate may wish to transfer to Easyvest OFP reserves acquired from a pension plan they benefited from due to previous professional activity with another company. These transferred reserves are managed within the Individual Pension Commitment.
The Individual Pension Commitment is governed by Belgian legislation relating to individual pension commitments for independent company directors, in particular the LPCDE. If the policyholder is established outside Belgium, the parties expressly opt, if the law so permits, for the application of Belgian law.
Easyvest OFP will always assume that the policyholder, at the time of the establishment, application, execution, modification, or termination of the Individual Pension Commitment, has complied with all related legal conditions, formalities, and procedures in their relations with the Affiliate and third parties. More generally, Easyvest OFP may be indemnified by the Affiliated Company for any form of damage and all costs it incurs due to non-compliance with applicable legislation by the Affiliated Company.
For the application of tax limitations on the granting of tax advantages on contributions in relation to the amount of the pension capital, account shall be taken of all years of service performed (and those considered equivalent) by the Affiliate with the Affiliated Company and any of its legal predecessors, where applicable, unless otherwise specified in any document, increased by the maximum number, as permitted for tax purposes, of non-performed years (and those considered equivalent) with the Affiliated Company.
The purpose of the Pension Commitment, in addition to the statutory pension, is to:
The Pension Commitment is a “defined contribution” arrangement with no guaranteed return. Easyvest OFP undertakes a best-efforts obligation and does not guarantee any investment performance. Contributions will be capitalized based on the return of the investments.
The Supplementary Pension (or corresponding annuity) is paid at the time of the Affiliate’s Retirement in accordance with the LPCDE.
The Supplementary Pension to which the Affiliate is entitled at the time of their Retirement is equal to the amount in the Affiliate’s individual account with Easyvest OFP at that time.
No later than three (3) months before their Retirement, or when Easyvest OFP is informed of the date of their Retirement, the Affiliate will receive a letter from Easyvest OFP stating the amount of their Acquired Reserves at that time, along with the formalities required for payment of the Supplementary Pension.
The Affiliate must then send Easyvest OFP the completed forms and requested information so that Easyvest OFP can proceed with the payment of the Supplementary Pension.
If the Affiliate dies before Retirement, or before the Supplementary Pension has been (fully) paid following Retirement, a death benefit equal to the Affiliate’s Acquired Reserves at the time of death, plus any additional death insurance benefit, will be paid to their Beneficiaries. This will be allocated in the following order :
If there is no Beneficiary based on the above order, the Acquired Reserves will be paid to the legal heirs.
The Affiliate may, upon express request, change the order of Beneficiaries between rank 1) and rank 2), making the Children the primary Beneficiaries. To do this, the Affiliate must send the dedicated beneficiary form to Easyvest OFP. The Affiliate may revoke this change by sending a new form.
The Affiliate may also, upon express request, add to rank 2) of the above order the children of their Partner who are domiciled at the Affiliate’s address. To do this, the Affiliate must send the dedicated beneficiary form to Easyvest OFP. The Affiliate may revoke this extension to the Partner’s children by sending a new form.
If there are multiple Beneficiaries within the same rank, the death benefit will be shared equally.
If the Affiliate’s death results from an intentional act by the Beneficiary, that Beneficiary cannot claim the death benefit. In such a case, other Beneficiaries of the same rank, or Beneficiaries of the next rank, are entitled to the death benefit.
In all cases, Easyvest OFP will only pay the death benefit once. Neither Easyvest OFP nor the Employers can be held responsible for any possible tax, civil, property, or other consequences arising from the order of Beneficiaries.
After being informed of the Affiliate’s death, Easyvest OFP will send a letter to the deceased Affiliate’s official address inviting the Beneficiaries to return the duly completed forms, including the requested annexes (certificates and supporting documents) that Easyvest OFP requires for payment of the death benefit.
In order for Easyvest OFP to proceed with the payment of the Supplementary Pension or the death benefit, it must have the salary data covering the entire period of the Affiliate’s participation in the Pension Scheme.
Easyvest OFP will ask the Affiliate to complete and submit the supplementary pension payment request form, including all information necessary to process the payment, along with the required annexes.
Easyvest OFP will make the payment within three (3) months following receipt of all the information necessary for the payment of the supplementary pension.
At the time of Retirement, the Affiliate or, where applicable, their Beneficiary(ies) will receive payment of the pension or death benefit capital.
Easyvest OFP prepares an annual report, called the “Annual Management Report,” on the management of the Pension Commitment and makes it available to the Affiliated Companies and the Affiliates.
This report includes the following:
Each year, in accordance with the LPCDE and the IORP Law, Sigedis sends a statement of pension rights (the pension statement) to each Affiliate, with the exception of pensioners and dormant members. Easyvest OFP also sends a statement of pension rights to these Affiliates.
In the event of legislative or case-law changes affecting the pension commitments of the Affiliated Companies, or of significant economic or financial changes, this pension regulation may be amended with the agreement of the Affiliated Companies and Easyvest OFP.
In such a case, the Affiliates will be informed one (1) month before the amendment to the pension regulation takes effect.
All parties involved in the Pension Scheme, including all parties responsible for its management and execution (that is, among others, Easyvest OFP and any external service providers it engages), undertake to comply with the applicable legislation and regulations on the protection of personal data. They may process the personal data of Affiliates and Beneficiaries obtained in the context of the organization, management, and execution of the Pension Scheme only in compliance with such applicable legislation and regulations on personal data protection. These parties undertake to update the data, correct it, and delete incorrect or unnecessary data within the prescribed or agreed deadlines.
These parties shall take all appropriate technical and organizational measures necessary to protect personal data against unlawful or accidental destruction, accidental loss, alteration, or unauthorized access and other unauthorized processing of such personal data.
The parties shall implement all necessary measures to ensure compliance with the commitments set forth in this article so as to prevent any use of the personal data of Affiliates and Beneficiaries for purposes other than the management and execution of the Pension Commitment, or by persons not authorized to process such personal data.
This regulation is subject to Belgian law.
Each party may bring the dispute before the competent Belgian court.
This pension regulation enters into force on 1 January 2024 and is established for an indefinite duration.