OREANDA-NEWS. December 06, 2007. The size of corporate pensions for employees of TNK-BP may significantly grow. A unique new pension program will be launched on January 1, 2008 at the township-forming enterprise of TNK-BP. The company will participate on parity basis with every employee in accumulation of future pensions, reported the press-centre of ТNK-ВР.

TNK-BP will transfer the same sum to the pension account of an employee as the employee himself/herself, but no more than 4% of the employee’s remuneration. The new pension plan of the company will be implemented by the Private Pension Fund “TNK-Vladimir” where accounts will be opened for the employees participating in the new pension plan.

The unique aspect of this plan is that all employees can manage their accrued pension funds without waiting for the retirement age. For example, a participant of the new pension plan who has continuously worked at the company for at least three years will be able to take the entire accumulated sum, including the company’s share, and use it at his/her disposal.

“The new pension plan significantly increases the participation of the company in financing of corporate pensions, provides additional social protection to employees of TNK-BP, and enhances the competitive edge of the Comprehensive Encouragement System of the company on the labor market. This pension plan will stimulate further development and carrier growth of TNK-BP employees as it provides more opportunities for encouraging individual results and achievements of employees” said Clark Cridland, Vice President, Human Resources Division, TNK-BP, on the new pension plan.