Since 2005, AEGON Global Pensions has helped more than 175 multinational companies. In 2009, SeaBird Exploration Group turned to AEGON Global Pensions to provide expatriate retirement benefits for about 500 ship-borne employees.
Providing effective international retirement benefits
SeaBird Exploration is a global supplier of seismic exploration services to oil companies and contractors worldwide. Although some of its employees were covered by domestic pension plans, SeaBird Exploration was looking for an effective way of providing retirement benefits for about 500 ship-borne employees around the world – so they turned to an international HR consultancy, Quin~essence, to help them find the right solution.
Creating a competitive employment package
Seabird was looking to create a competitive and attractive employment package for their employees and the pension plan played a very important part. Quin~essence identified that the AEGON Global Pensions International Retirement Plan, provided by La Mondiale Europartner in Luxembourg, could provide Seabird with the answer they were looking for, as it would enable them to create a plan that behaved like a trust-based plan, precisely designed to fit their needs.
Designed to meet the customer’s needs
AEGON Global Pensions’ International Retirement Plan allowed Seabird to design the plan features to match their specific requirements. SeaBird was able to define the eligibility criteria, vesting age and overall benefit design, including the option for the employer to make additional voluntary contributions. In order to help employees set up their new retirement plans, AEGON Global Pensions also helped produce a branded member booklet and process guide.
Key features of Seabird’s International Retirement Plan are:
- Competitive charging structure
- Multimanager funds and life cycle investment
- Web-based facility with two-year vesting period
- Luxembourg protection and legislation.
More information
To find out more about SeaBird’s International Retirement Plan, please read the complete story here.
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