In addition to the Federal Pension Scheme, Boston Scientific provides a Company Pension Plan (Betriebliche Altersversorgung).

This is a defined contribution scheme that is non-contributory for you. Boston Scientific will contribute 3% of the base salary plus annual target commission or bonus up to social security contribution ceiling. If the ceiling is reached, 8% of the salary plus annual target commission or bonus is taken into account. The vesting period is 3 years of service at the age of 23 years.

You will receive an annual benefit statement sent to you by post.

In the event of death in service beneficiaries are eligible to receive 100% of monthly salary paid within the month of death via pension plan death in service benefit.

Widow/Widower 60% of monthly Salary
Orphan 10% of monthly Salary until the age of 18 years or up to 25 years if the child is still in education

In addition, the below will be paid:

Service of less than 5 years: One month’s gross salary
Service of 5 years or more: Three months gross salary

You are automatically covered by this scheme, but you must inform Payroll of your beneficiaries. If you do not do this, the legal order of succession is in place for any death benefits.