How Benefit Builder works

The amount of money (or pension) you get when you are retired depends on how much you and AkzoNobel pay, how well your investments perform and how much it costs to buy a pension when you retire.

The Plan makes saving for your retirement simple:

• A retirement account is set up in your name.
• You decide how much you want to pay into your retirement account each month – 3%, 4%, 5% or 6% of your Pensionable Pay. See Contributions.
• AkzoNobel pays double what you do to your retirement account – 6%, 8%, 10% or 12%. See Contributions.
• You can also make extra payments (called Additional Voluntary Contributions) to enhance your savings. AkzoNobel does not match these contributions.
• You decide how your retirement account is invested – the Plan offers a choice of investments. See Investments.
• When you retire, the money in your retirement account will be used to provide the retirement benefits you choose, including a pension and a tax-free cash lump sum. Following the Government’s changes to pensions in April 2015, the Plan now permits an uncrystallised funds pension lump sum to be paid over two consecutive tax years. The Plan does not offer the option of income drawdown, though this can be purchased through an external company. See Benefits at retirement.
• Incapacity benefits may be payable if you can no longer work. See Benefits at retirement.
• In the event of your death, your family would be provided with financial protection by the life cover benefits. See Death benefits.

To save money on your National Insurance contributions, you automatically exchange part of your salary for an equivalent pension contribution from AkzoNobel. For more information speak to your HR adviser.