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Pensions are based on collective agreements and/or reflect conditions in the local labor market. As a rule, new pension plans are of defined contribution nature. Sampo Group strives to close defined benefit pension plans and/or transfer employees into defined contribution plans, where possible.
Members of the Group Executive Committee are each covered by the employment pension system of their country of residence. Under the terms of their employment contracts, the majority of them are also covered by supplementary pension schemes. Four out of five Finnish members are covered by lifetime defined benefit pensions from the age of 60. The pension benefit corresponds to 60 per cent of the pensionable salary. The Swedish Group Executive Committee members are entitled to temporary or lifetime defined contribution pension. The premium corresponds to 38 per cent of the fixed annual salary and the age of retirement is 60. Two of the Swedish members are in addition entitled to a supplementary defined contribution pension plan where the contribution corresponds to 25 per cent of annual paid short-term incentives. The Norwegian members are covered by defined contribution pension. For pensionable salary up to 7.1 G (G = National Insurance basic amount) the premium is 7 per cent and for pensionable salary between 7.1 and 12 G the premium is 25.1 percent. The Norwegian pension legislation allows for a flexible retirement age between 62 and 75. For pensionable salary exceeding 12 G the Norwegian members are covered by a temporary pension between age 67 and 82 according to the company's defined contribution pension scheme where the annual contribution is 24 per cent of fixed salary.
As of 1 January 2016 CEO Stadigh's defined benefit supplementary pension agreement has been replaced with a defined contribution pension agreement. The annual cost of the agreement for Sampo is EUR 400,000.