Old Age Provision Buma
You are eligible for the so-called ‘Old Age Provision Rules’ from a certain annual Buma income. An old age provision for authors is one of the interests pursued by Buma. The new regulation for the old age provision came into effect retroactively from 1 January 2013. Our General Members Meeting 2015 was consulted about these ‘Old Age Provision Rules’.
Why are new regulations needed for the old age provision?
The Stichting Beroepspensioenfonds voor Zelfstandige Kunstenaars (foundation for professional pension fund for independent artists), AENA, managed a pension scheme for composers, lyricists and artists up to 2013. Participation was required by law. As of 2013, this is no longer the case because AENA decided to stop. Composers and lyricists could thereby no longer build up a pension with AENA.
What does this new provision involve?
- As soon as you become eligible for the ‘Old Age Provision Rules’ you will receive the necessary documents from us. You don’t have to do anything for this.
- On the basis of the ‘Old Age Provision Rules’, you will receive a percentage of your annual Buma income if you meet the conditions for participation.
- Each year, based on your annual Buma income and the determined annual minimum basic deposit, it will be decided whether you are eligible for this provision. The percentage of your basic deposit will be determined annually by the Board of Buma. The basic deposit (= limit) will be indexed each year.
If you meet the previously mentioned conditions, the following is also of importance:
- The money from this provision is designed to self-fund your own old age provision. This in addition to your existing retirement income, such as your state pension. You must use the Buma contribution for this purpose. You can thereby utilize this provision to obtain as much benefit as possible from your available fiscal scope. You should calculate your fiscal scope, or have it calculated for you. You could consult a tax adviser or accountant for that.
- You bear full responsibility for the way you make use of the “deposit available to you” provided by Buma, which is intended for your old age provision.
- The prerequisite for participation is entering into the accompanying agreement regarding Old Age Provision.
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