Supplementary information Old Age Provision for Authors Buma Met opmaak: Lettertype: (Standaard) Arial, 22, Complex scriptlettertype: Arial, 22 Met opmaak: Lettertype: (Standaard) Arial, 22, Complex scriptlettertype: Arial, 22
We believe it is important that you should receive the copyright remuneration you are entitled to. But we also like to help think about your future. That is why the Old Age Provision for Authors has been set up, which enables you to choose how and with which provider you wish to arrange your own retirement income. This provision applies to you if: You are a member of Buma as an author or lyricist. Your annual income from Buma in 2014 was at least 1,090 You have not yet reached the retirement age that applies in the Netherlands (AOW The General Old Age Pensions Act). What you need to know: Buma facilitates a part of your old age provision by paying the available deposit to you annually. This is called the available deposit. You are solely responsible for the way in which you realize your own old age provision with this, in addition to an existing retirement income, such as your state pension. You must use the BUMA contribution for this purpose. You decide yourself how you want to set up your own retirement income and with which provider. Buma has no duty of care towards the way you arrange your own retirement income. As a result of this, Buma cannot provide any advice on this matter. Your available deposit can possibly be deducted from your taxable income. The amount you can deduct depends, among other things, on your fiscal scope. You will have to calculate your fiscal scope annually. On the tax authorities website, you will find more information on this subject. You could also consult a tax adviser or accountant about this. You have returned the attached Agreement signed and in time. Please read the enclosed rules* and the agreement carefully. * Article 12 of the rules relate specifically to the right that you have accumulated retroactively based on this new Old Age Provision, and which can be paid out to you from now on as long as you meet the conditions stated in the agreement and the rules. If you do not return the two agreements signed by you, by 31st of December 2017 at Met opmaak: Afstand Na: 0 pt, Regelafstand: 1.5 regel Complex scriptlettertype: Arial Met opmaak: Afstand Na: 0 pt, Regelafstand: 1.5 regel 2 of 5
the latest, you will lose the right to the specific deposit for the year 2014. If you return the agreements after the 31 st of December 2017, they will apply to the following year that you are entitled to the Old Age Provision. The deposit will paid out to the private bank account number, as it is known to Buma. A copy of your bank statement is also required if your available deposit should be transferred to a different private bank account number with reference to a debt known to Buma and/or attachments of the payments. Questions and Answers Is there a minimum or maximum age for participation in the Old age provision for Authors'? There is no minimum age. It is true that you can no longer participate once you have reached your retirement age (AOW The General Old Age Pensions Act). If my annual income meets the criteria, but I forgot to return the agreement, how long can I still claim the defined available premium? For the year 2014 you can make a claim until the 31 st of December 2017. Met opmaak: Superscript Met opmaak: Lettertype: 11 pt, Tekstkleur: Tekst 1, Met opmaak: Lettertype: 11 pt, Tekstkleur: Tekst 1, Onderstrepen, Tekstkleur: Zwart, Complex scriptlettertype: Arial, 11 Why has Buma made no collective scheme, such as was done with AENA in the past? Because of the stricter regulatory requirements, the duty of care for providers of pension plans, the changes in the tax regulations and the high cost, and, after very extensive research, it has not proved possible for Buma to offer a collective scheme. How is the limit for the deposit determined? This limit is partly based on an estimate of the annual implementation cost for Buma for setting up and carrying out this provision, and the resulting benefits for the participants. This is also consistent with the limits set on joining the pension scheme run by AENA. If I was eligible for the available deposit in 2014, does this apply automatically for the coming years? 3 of 5
That depends on whether you also reach the benefit limit and fulfil the prevailing rules in the subsequent years. If you reach the benefit limit in the subsequent years as well you will automatically receive your available deposit. Will I still be eligible for the old age provision if I move abroad? Yes. Whether you live in the Netherlands or abroad is not a prerequisite for participation. If you do move to a new address, please inform us. How can I best manage my own old age provision? That depends entirely on your personal situation. You could perhaps contact a (pension) advisor for more information. Will the available deposit be included in my annual statement? Yes, the deposit paid out to you will be recorded in your annual statement. What happens to the deposit made available by Buma if I die? Buma immediately stops the provision of the deposits upon death. I have an outstanding debt with a publisher. Does that affect the recorded amounts and benefits? No, the amount of the old age provision is not paid through a publisher, and the payment is not set-off against the debt. When does the payment take place? The payment will be carried out as quickly as possible after the Vereniging Buma receives the two agreements signed by you, to the bank account number as it is known by Buma. A copy of your bank statement is also required if your available deposit should be transferred to a different private bank account number with reference to a debt known to Buma and/or attachments of the payments. Buma will carry out the payment as soon as possible after receiving the two signed agreements, and no later than 31 st of December 2017. In specific cases, such as existing attachments at Buma and the like, Buma will enter into negotiations with you before the payment regarding the legal consequences. Met opmaak: Lettertype: (Aziatisch) +Hoofdtekst Aziatisch (MS Mincho) 4 of 5
What consequences are there for the entitled parties if the deposits are not used exclusively for old age provision? By signing and returning the agreement, you accept the rules and conditions stipulating that the deposits are intended solely for the old age provision. Why Buma can change the agreement unilaterally? As the provider of this provision, Buma can change the content or modify the terms of the agreement. You cannot change the content, but can decide not to continue to participate in the provided regulation. Why do you have to provide an IBAN account number (no savings account or business account) in the agreement, to which the available deposits will be paid? If you have a debt running, the distribution of the funds will be paid to the bank account of someone else, as quoted in the debt agreement. It also frequently happens that rightholders have indicated a beneficiary to whose bank account the distributed amounts will be paid. Because the money from the old age provision is only intended for you, we want to transfer the available deposits to your own bank account. After all, this is your own old age provision. That is why we ask you to state your private IBAN bank account number (NO SAVINGS ACCOUNT or BUSINESS ACOUNT) in the agreement. Rightholders without a debt or beneficiary should therefore provide the bank account number to which the distributed money should always be paid. In case the money should be transferred to a different private bank account number than is registered with Buma, please submit a copy of a bank statement, signed by yourself, together with the two signed old age provision for authors agreements. 5 of 5