What are your options?

Transferring your pension

You are working for Avery Dennison. As a result, you accrue pension under our pension plan.

You may transfer the pension that you have accrued earlier to our fund
Have you already accrued pension in a previous job? In that case you may bring that pension with you to our pension fund. This is called a value transfer. You can apply for a value transfer with the pension fund via Mijn pensioen. Do you agree to our proposal? Then we will arrange the transfer.

If you have a small pension
Is your pension less than € 592.51 annually in 2024? Then your former pension fund or insurer (‘pension administrator’) may transfer your pension to us automatically. Check the latest pension statement that you received from them to see if you need to take any action yourself in order to have your pension transferred to us. Is your pension € 2,- or less per year? In that case your pension will lapse, as the administration costs are more than € 2,-.

If you change jobs in the future
Will you be changing jobs? Then you will also start accruing pension under a new pension plan. You can transfer the pension that you have accrued with our pension fund. You can apply for value transfer with your new pension fund or insurer.

If you opt for value transfer, your pension will remain together
Do you opt for value transfer? Then your pension will remain together. You will get your entire pension from 1 pension provider. Do you not opt for value transfer? In that case your accrued pension will remain with your former pension fund. You will not pay any premium anymore and also not accrue any pension any longer. When you retire, you will receive that part of your pension from your former pension administrator.

Think carefully whether value transfer is advantageous for you
A value transfer can be convenient. It allows you keep your whole pension together. But there may also be disadvantages. Therefore, look thoroughly at the financial situation of your former and your new pension fund first. Does your new employer offer a better pension for your surviving dependents? Or will the chance of pension curtailment at your new pension fund be smaller? In that case value transfer can be advantageous. Of course, the reverse is also possible.

This information may be helpful to make a choice

• The Pensioen 1-2-3 of your former and your new pension fund
  You can see what each pension administrator does and does not provide. And whether your pension may increase in the next few years
• Compare your pension
  You can use the pension comparison tool ('pensioenvergelijker') to compare the most important features of your plans. This way you will immediately see the differences. You find the pension comparison tool at What are your options?, Comparing your pension.

You may find this decision complicated. Then it is advisable to consult your financial advisor.

If the financial situation is not healthy, value transfer will not be immediately possible
The financial situation of your former and new pension fund is important. The reason is that we are only allowed to cooperate in a value transfer if our policy funding ratio exceeds 100%.

The funding ratio is the relation between:

• the capital of our fund, and
• the pensions that the pension fund has to pay in the future.

When the funding ratio is 100%, the two will be equal. In that case, there will be exactly enough money for all the pensions to be paid in the future. Is this not the case? Then you can still apply for value transfer. When the funding ratio of both funds is healthy again, you will receive an offer. Based on this offer you can then decide if you wish to transfer your pension.

Each fund will measure the funding ratio over the past 12 months. We will take the average of that. This is called the policy funding ratio. We measure this every month.

If you start a new job in another country
Are you starting a new job in another country? Then it may be possible for you to transfer your pension. This depends on the pension system in that country and the pension plan of your new employer. Send us an email or call us for further information.

Comparing your pension

Do you want to compare your former and your new pension plan? For example if you have applied for a job with an employer with another pension plan. Or if you want to transfer your former pension when starting a new job. You can use the pension comparison 'Pensioenvergelijker' (only available in Dutch) in layer 3 to compare the most important features of your plans.

Exchanging partner’s pension for old age pension

On your retirement date you may exchange (part of) the partner pension for additional old age pension. Your pension will be higher and your partner will receive less or no partner’s pension. This option does require your partner’s written consent. Your choice will be definitive, you cannot undo it.

You can also exchange (part) of your old age pension for additional partner’s pension.

Do you want to know how much pension your partner will receive if you convert pension? Send us an email or call us.

Early retirement or deferment of retirement

As a standard, your pension with us will commence when you reach the age of 68. You may, however, also retire on another age. For example when your state pension (AOW) commences. For your state pension age, check SVB.nl.

Early retirement
Maybe you wish to retire early. In that case, your pension will also commence earlier. We offer the possibility to retire from age 55. Please note that taking early retirement means you will have a lower income and accrue less pension. Moreover, your pension has to be paid over a longer periode and will be (considerably) lower per year.

Do you want to retire earlier than 5 years before the start of your state pension (AOW)?
That is an option, but please note that you may not have an income out of work anymore.

Deferment of retirement
You may also carry on working. You must work be employed by Avery Dennison or another employer. In that case, your pension will commence later. With us you can retire until the age of 70. You will then receive a higher pension since you will receive your pension for a shorter period.

This is how you arrange it

• Discuss your wishes with your employer.
• Do you wish to retire earlier? Than file a request with us 6 months in advance.
• Do you wish to defer your retirement? You will receive a notification from us 6 months before your 68th birthday providing you with information on how to apply for pension and how to communicate your choices to us.

You will find all conditions in our pension regulations in layer 3. Do you want to know how much pension you will receive if you retire early or defer your pension? Send us an email or call us.

Receiving a higher pension first

When you retire, you may decide to receive a higher old-age pension at first and receive a lower pensioen later.

There are some conditions:

• The 1st period may last 5 or 10 years. Or until your state pension (AOW) starts.
• Your lower pension is at least 75% of your higher pension.

Do you want to know how much pension you will receive if you use this option? Send us an email or call us. You can read all the rules in our pension regulations in layer 3.

You can apply for this option only once
Have you chosen the option to receive a higher pension in the 1st period after your retirement? Or not? After you made your choice, you cannot change in hindsight.