This Pension 1-2-3 document will outline the specifics of our pension plan.
Please read this carefully and familiarise yourself with this information as each pension fund has its own set of regulations. Monetary amounts and personal information are not listed in this Pension 1-2-3 document. For these, please refer to:
- Your annual Uniform Pension Overview
- My pension
; you will receive a user name and password.
on this website you can view your current General Old Age Pension (AOW) and pension totals.
Pension 1-2-3 consists of the following 3 levels:
- Level 1: Explains your pension plan in 5 minutes. This is the part you are currently reading.
- Level 2
: Offers more detailed information regarding a specific topic of your pension plan (in Dutch).
- Level 3
: A comprehensive list of rules and the regulation policy for our pension fund (in Dutch).
What is included in our pension plan?
What happens when you retire? You will receive a retirement pension. Your pension with us starts when you reach the age of 67.
What happens if you pass away? Your partner will receive a partner pension. Your (dependent) children will receive an orphan pension.
What happens if you become at least 35% incapacitated for work? Your pension will continue to accrue; but you will no longer pay premiums. Please see level 2
for the agreements on this subject (in Dutch).
What is not included in our pension plan?
What happens if you become fully incapacitated for work? You will not receive any supplementary benefits from our pension funds.
How is your pension accrued?
Your pension is accrued in 3 ways:
- A General Old Age Pension (AOW): you receive this from the government if you live or work in the Netherlands. For more information, visit svb.nl.
- A Pension with us, which you will accrue through your employer. This is explained in this Pension 1-2-3 document.
- A Pension you arrange independently. This could be with savings and annuity.
Each year, you build up your pension by adding a small portion. Your total pension is the sum of these portions. You will receive this pension starting from your date of retirement and you will continue to receive this for the rest of your life. This is called an average salary scheme.
You accrue the pension each year. You do not accrue over your entire gross salary. In 2019, no pension is accrued over €15,935. This is due to the fact that we take the General Old Age Pension (AOW) from the government into account. Over the remaining salary, you will accrue 1.6% pension to a maximum salary of €49,565. Are you taking part in our top-up scheme? In which case, a maximum of €107,593 will apply.
Both you and your employer will pay monthly premiums towards your pension. You will pay up to half of your premium. Your employer will pay the rest (at least half). Your employer can inform you of this amount. Your contribution amount will also appear on your salary slip.
Which options are available to you?
Will you be starting a new job? Then you can transfer your previously accrued pension over to your new pension plan.
Would you like to view all your options? For instance, converting your pension or retiring early? Please go to level 2
for more information (in Dutch).
Would you like to compare our pension regulations with those of another pension fund? You can do this using the pension comparison tool in level 3
How secure is your pension?
The final amount of pension is not guaranteed. It may not be possible for your pension to grow with inflation. A pension does carry risks. For example:
• People are reaching higher average life expectancy. This means that a pension is paid out for a longer period of time.
• Low interest rates make pensions more expensive. Our pension fund therefore requires more funds in order to pay out the same pension.
• Our investment results may be lower than expected.
You can read more about our financial situation and the coverage policy in level 2
(in Dutch). If these factors are unfavourable, your pension may decrease.
We aim to increase your pension annually to grow with inflation. This is called indexation. This is only possible if our pension fund has a healthy financial situation. Over the past 5 years, we increased participant pensions as follows:
|1 september 2018||0,0%||1,3%|
|1 september 2017||0,0%||1,0%|
|1 september 2016||0,0%||0,7%|
|1 september 2015||0,33%||0,7%|
|1 september 2014||1,00%||1,7%|
We have prepared a recovery plan to compensate the deficit. We have not reduced the pensions in previous years; however, they did not fully grow with inflation.
Which costs do we incur?
Our pension fund incurs the following costs to arrange your pension:
- administrative costs
- financial management costs
When do you need to take action?
Review your pension annually:
- via My pension;
- via mijnpensioenoverzicht.nl for your General Old Age Pension (AOW) and your pension with all employers. You will also see the net amount of pension you will receive.
If you would like to make your own retirement decisions, please view Your options
For extra information regarding:
- your pension with us? Please go to level 2 or level 3 (in Dutch). More detailed information is available on the website.
- your complete pension scheme? Please go to: mijnpensioenoverzicht.nl.