Section 3 Employee Benefits Leaving the Company If you resign from the Company, any annual leave accrued but not taken will be paid along with your final salary payment. However, if you have taken annual leave in excess of your entitlement, then the appropriate amounts will be deducted from your final salary payment. Upon resignation, annual leave entitlement will be calculated pro-rata.
3.2 Pension Scheme Aker Solutions operates a Defined Contributions Pension Scheme. The scheme is a contributory scheme operated under a salary sacrifice arrangement (“Pension Flex”) to which the Company makes contributions on the employee’s behalf On joining, the Company will automatically enrol you in Pension Flex, the salary sacrifice arrangement. If you do not wish to join under salary sacrifice you are required to opt out by contacting your HR department. Where you participate in ASDCPS outside of Pension Flex you and the company will both make contributions. Further details of the ASDCPS and its benefits are provided in the enclosed booklet.
The scheme will provide members with a retirement account, or pot of money, held and administered under trust. It will be invested externally, initially with BlackRock and members will have the choice from a range of funds, of how the money is invested. Members retirement accounts will be used to provide benefits on retirement or for dependants if the member dies whilst still a member. The scheme is not contracted out of the State pension arrangements, so joining the scheme will not affect how much pension you get from the state. Joining the Scheme You will be provided with a Pension Scheme booklet on joining the Company, which will provide you with further details about the scheme along with details of how to join. Aker Solutions are legally obligated to auto enrol all onshore and office-based employees to the DC Pension Scheme. The employee contribution rate is set at two (2) percent, with the Lifepath Investment fund and included as Pension Flex. All new starts to the organisation will receive further information including deferral and postponement dates. During the postponement period it is possible to change the default contribution rate and/or change default investment fund and opt out of Pension Flex, by the ASDCPS website or the email address noted within the pension forms. During Postponement an employee cannot chose not to join the scheme. The company will enrol employees at Deferral Date and after Deferral date membership can be ceased through the ASDCPS website or contacting THPA by phone or email. At cessation ASDCPS rules apply to refunds and depends on the duration of membership and whether a Pension Flex member or not. Employees will be re-enrolled every 3 years. The Company reserves the right, at any time, to withdraw the DC Pension Scheme or to vary the scale or level of benefit currently in force or to terminate any employee’s participation in the scheme.
3.3 Income Protection Insurance Subject always to the rules of the scheme from time to time in force (and any replacement scheme provided by the Company,) and the Company being able to maintain cover on reasonable terms, employees who join the Aker Solutions DC Pension Scheme between the ages of 18 and 64, and provided that they remain active members of that scheme © Aker Offshore Partner Ltd. November 2014
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