On Feb. 1, JPN MHLW notified re contribution limit calculation changes.
JPN MHLW alerted business owners and funds operating defined benefit (DB) corporate pension schemes, employees' pension funds of revisions being made in Dec. 2024.
In relation to the defined benefit corporate pension system, following revisions to the Regulation for enforcement of the defined-benefit corporate pension act.
When calculating contribution limit for corporate/individual-type defined contributions for those enrolled in defined benefit corporate pension plan or employee pension fund.
Equivalent contributions to other systems, e.g. a DB scheme, must be reflected.
Document dated Feb. 1, 2024, was added on Nov. 12, 2024 due to editorial backfill.
Revisions to the Pension System
Business owners and funds operating DB corporate pension schemes as well as employees' pension funds are required to register subscriber information, including the basic pension number, on the corporate pension platform on a monthly basis.
Work with the entrusted entity to calculate the contribution amount equivalent to those for other systems for DB subscribers, and include this in the T&Cs, in the same way as for other contribution amounts (standard, special contributions, etc.), by Nov. 1, 2024.
Inform employees, so that they are able to consider whether to enroll in an individual-type defined contribution pension plan and how much to contribute to it.
Effectiveness
Revisions to the DB corporate pension system will be effective from Dec. 1, 2024.
