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An official is entitled to an EU pension after at least 10 years of service (or if he reaches the age of 63). [4] EU officials normally reach retirement age at 63, but it is also possible to take early retirement with a reduced pension from the age of 55, or to work up until the age of 67 (but with no corresponding increase in pension rights).
Early retirement had been possible as of 55 years for all staff, with a pension reduction coefficient of 3.5% per year before the pensionable age, except that a small percentage of officials could retire early without that pension reduction if it was in the interest of the service. [21]
Spontaneous Exchange of Information - for tax authorities to inform each other where there may be loss of tax, tax avoidance or profit shifting; Automatic Exchange of Information - for information in the possession of tax authorities related to residents on another EU Member State, such as employment income, director's income or pensions.
Within the European Union (EU), these pension funds can vary throughout certain Member States due to differences in retirement ages in Europe, salaries and length of careers, labour and tax laws, and phases of reform. [2] This form deferred compensation can be paid out regularly each month once the employee has retired. It is both beneficial ...
The Pan-European Pension Product (PEPP) or like Pan-European Personal Pension Product is a proposed pension which will be available to residents of the European Union. The PEPP is designed to give the 240 million savers in the EU a better choice in the fragmented and uneven European market, where options are nearly non-existent in some member ...
The European Assembly (Pay and Pensions) Act 1979 (c. 50) since 1986 named the European Parliament (Pay and Pensions) Act 1979 is an act of the Parliament of the United Kingdom which made provision for the payment of salaries and pensions, and the provision of allowances and facilities, to or in respect of Representatives to the Assembly of the European Communities (now known as MEPs).
On reaching 75, the individual must then secure their pension fund by the purchase of an annuity, except that up to 25% of the fund can be taken as tax-free cash, also known as the pension commencement lump sum, or enter into an alternatively secured pension (ASP). Under an ASP arrangement the rate of income must fall between 55% and 90% of the ...
The occupational pension plan that employers can provide is Pensionskassen. [6] This pension fund is set up through a legal contract that ensures the pension fund is completely separate from the company. Large companies set up their own pension funds while smaller companies can join multi-employer pension funds. Other supplemental funds are: