The mobility of researchers is a driver of excellence in research. However, researchers face many difficulties in preserving their supplementary pension benefits when moving between different countries. To overcome this problem, the European Commission is supporting a consortium of employers, through Horizon 2020, in creating a single European pension arrangement (RESAVER) that will offer a defined contribution plan, tailor-made for research organisations and their employees.
RESAVER will be savings product that will enable mobile and non-mobile employees to remain affiliated to the same pension vehicle when moving between different countries and changing jobs. At the same time RESAVER will lower asset management charges and provide better access to high quality investments.
In 2015 the employer consortium will prepare the ground for the effective establishment of RESAVER with the aim of transferring the first contributions as of 2016. The initiative should remove pensions as a barrier to researchers mobility and contributes to the realisation of the European Research Area.
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Once the international agreement is in place, an insurer measures the overall claims experience of each poolable local employee benefit contract included in your pool by balancing income against expenditure.
We they consolidate the data from all the pooled contracts and countries in your pool to produce an overall profit&loss account. By balancing any losses in one country against gains in another, they can calculate the overall experience of your company-specific pool. This is called international experience rating.
If there is an overall positive balance, an insurer will credit it to your company as an international dividend according to your instructions. On the other hand, if there is an overall negative balance, insurers will most of the time not ask you to compensate for this (unless you have opted to self-retain pooled risks). There is simply no international dividend paid for that year.
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Employers who enjoy the benefits of an international pooling programme do so at absolutely no additional cost. All local contract conditions remain the same – or are even enhanced. The poolingnetwork provides these special benefits to multinationals as a way of attracting more business and improving their pool results by enlarging them with new poolable contracts.
The continuing growth of multinational pooling is compelling evidence that it works. The business clients know that bringing more pensioncontracts to the poolingnetwork translates into more advantages and higher potential international dividends for their organisations.
It’s a true win-win situation. Participation is easy. In order to help you set up and grow your pool – and the benefits you gain from it – we will be happy to arrange for quotations on your local employee benefit plans not currently placed with poolingnetworks.
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The market-leading track record of Multipool (Insurope) profits is impressive over the long term. See for yourself.
Multipool is a multi-employer pooling arrangement protected by a stop loss system, in which losses in the overall multinational account in any year are automatically cancelled by the network of the insurer. A risk charge is applied. Due to the large number of companies participating in small groups pool this charge is relatively low. On the other hand, within a pool, deficit results from “other” companies are first offset before arriving at an overall surplus result.
Insurope: Average dividends payable from Multipool, since its launch, run at a 44% average payout of own positive results, over the lifetime of this pooling product. Over good years this can represent as much as a 17% reduction in risk premiums.
This is a healthy reduction in costs and increasing profits for any multinational group, however big or small. Since its inception Multipool has paid dividends in almost all years. (Source Insurope)
Call our pooling expert: mr Gerrit-Jan Doorneweerd +31(0)20 6200825
Many insurers offers innovative modular systems to let you design your own global program by selecting the combination of pooling options that best suit your company’s specific needs and risk profile.
- Choice of loss carry forward amortisation period
- Annual partial write-off of losses carried forward
- Limitation of losses carried forward
- Self-retention of risk
- Contingency fund
- Catastrophic risk cap
- Waiver or liberalisation of medical evidence requirements
- Choice of accounting period
This approach allows you to change the parameters of your pool as your circumstances
require. Whichever options you choose, you can be confident of always receiving local service and information at the international level.
Multinational risk pooling is a sophisticated insurance technique available exclusively to international corporations. This proven method allows you to draw added value from your employee benefit plans around the globe.
By building a virtual portfolio, you can unlock the power of risk spreading and gain important information, underwriting benefits and potential cost savings from your global insurance plans.
- Transparent annual reports on your employee benefit plans worldwide enabling you to monitor and control costs, claims and benefit levels
- A broad range of modular options – letting you customise your international programme to your requirements and risk profile
- Inclusion of all employee benefit risks helping to optimise the performance of your programme
- Potential international dividends ensuring cost savings on your insurance coverage globally
- Advantageous underwriting conditions available offering comprehensive coverage and convenience
Although the benefits of asset pooling may be clear, creating a cross-border asset pooling solution for the first time is a difficult process requiring considerable international expertise. In order to be able to cope with the immense diversity of pensions across Europe, asset pooling solutions need to be flexible and ready for change.
The variety of potential – and partial – solutions presently on offer may have made it difficult for companies to decide which solution may be appropriate for them. With the development of multiclient asset pooling, companies no longer need to design their own solutions and instead have access to a ready-made solution at a fraction of the cost. As a result, asset pooling is now within the reach of all sizes of companies.
Multi-client asset pooling can be offered either as part of an insured pension solution or as an asset-only solution. A separate solution naturally provides more flexibility, and may facilitate companies wishing to implement asset pooling in phases. Multi-client asset pooling platforms provide companies with access to a ready-made pooling platform, removing the barrier of expensive start-up costs and enabling companies to benefit immediately from economies of scale.
Multinational pooling is an financial vehicle used by employee benefits managers and risk managers to reduce the escalating costs of insurance and to coordinate employee benefits plans within their organizations.
The savings a corporation has earned through pooling are determined on an annual basis by netting out claims, changes in reserves, commissions, taxes and other expenses from the worldwide premiums paid plus interest credits. The remainder is paid to the multinational corporation in the form of an international dividend.
Top insurers offers a broad range of products to ensure that each multinational corporation’s pooling package accommodates its specific needs and achieves maximum savings.
Multinational pooling clients have had a significant portion of premium returned to them as international dividends at year-end through the pooling of their international employee benefits plans.
Many insurers do offers multinational pooling arrangement. Just a few are able to give you sufficiënt services. We can help you in selecting these insurers.