Are you retiring? Then you will receive old-age pension for as long as you live. Your pension with us will commence when you reach the age of 68. But you can also retire earlier or later.

After your death your partner will receive partner’s pension and your children an orphan’s pension.

If you become incapacitated for work, you will continue to build up pension (partly). In that case you will no longer have to pay any contribution or you will pay less contribution.

Would you like more information? Then read our brochures, the pensions regulations, the administration agreement, the statement on investment principles, the annual report or more information about the recovery plan at layer 3. Do you prefer receiving the pension regulations in hard copy? Send us an email or call us.

If you become incapacitated for work, you will not receive a (supplementary) disability pension from the pension fund.

There are 3 ways in which you build up pension:
A. State pension (AOW): you will receive this from the government if you live or work in the Netherlands. Read more on SVB.nl.
B. Pension with us: you are accruing this through your employer. This Pensioen 1-2-3 addresses this type of pension.
C. Pension that you arrange yourself. For example by means of savings, an annuity or savings in a blocked account with your bank ('banksparen').

Every year, you accrue a portion of your pension. Your total pension is the sum of all those years. This is called an average salary plan. We will add your increases, which you will receive every year, but only if our financial situation allows it. You will receive your pension when you reach the age of 68 for as long as you live.

Every year, you accrue a part of your pension over the pensionable base. The accrual percentage is 1.875% of the pensionable base. The pensionable base is your pensionable salary minus the offset (the part of your salary over which you do not accrue pension). The offset is set at € 16,680,- (1st July 2023). You accrue pension with us over your gross salary up to € 137,800.- annually (from 1th January 2024). This is the legally stipulated maximum salary over which pension may be accrued.

Every month a contribution will be deducted from your salary for your pension. Your employer also contributes to your pension. The total contribution is 33% of your pension base. Your share of the contribution will be one third (11%). Your employer will pay two thirds (22%). Your pay slip states the exact amounts.

Are you starting a new job? Then you may transfer the pension that you have accrued elsewhere to your new pension fund. Or the pension that you have accrued at our pension fund to your new pension fund. This is called value transfer.

Do you want to compare our pension scheme with another pension scheme? You can do so by using the pension comparison 'Pensioenvergelijker' (only available in Dutch) in layer 3.

If you want more information about choices, go to What are your options?

Your pension is not certain. Risks may arise for you pension and there may be a pensions shortfall. For example:

• The average age of people in The Netherlands is increasing. As a result, we have to pay their pensions for a longer time. And we need more funds to meet our pension commitments.
• A low interest rate makes pensions more expensive. As a result, our pension fund will need to be better funded to be able to pay all pensions.
• Our investments results may be disappointing.

In layer 2 you can read more about our financial situation and the policy funding ratio. If these are poor, your pension may become lower.

Each year the pension fund tries to increase your accrued pension, also referred to as indexation. The purpose of indexation is to keep the value of your pension in line with the increase in negotiated wages or prices, if higher. Your pension will only be increased if the pension fund’s financial situation is sufficient.

Over the last 5 years the pensions have been adjusted as follows
The table below shows the increases that we have implemented in the last 5 years. It also shows whether an increase in prices has been compensated by an increase in your pension. This year, we have increased your pension by 11.83% as of 1 January 2023 (over 2022). The negotiated wages paid by the employer ( from October 2021 to October 2022) developed by 3.5% (CAO increase (collective bargaining agreement) as of 1 April 2022). The price development based on the provisional consumer price index figure (from October 2021 to October 2022) was 16.93%.

More information?
More information on pension increases is available at Indexation (pdf).

If there is a deficit
If we have a deficit we may have to take measures. These are listed in our recovery plan.br> For example:

• Your pension will not grow (entirely) in line with prices.
• Your pension will decrease. This only happens if we have no other options.

In layer 2 you can find more information on the financial situation, the policy funding ratio and the possible consequences for your pension.

Our pension fund incurs these costs to arrange your pension:

• costs for the organization and the pensions administration.
• costs to manage the investment funds.

If you change jobs. You may transfer the pension that you have accrued elsewhere to our pension fund. Or the pension that you have accrued at our pension fund to your new pension fund.

If you become incapacitated for work or if your situation changes.

In case you are getting married or conclude a registered partnership. Or if you decide to cohabit.

In case you are divorcing or terminating your registered partnership. Or if you end your cohabitation.

If you are moving abroad or within another country.

If you become unemployed.

If you (temporarily) work less or more.

If you are taking unpaid leave.

Check mijnpensioenoverzicht.nl once a year. There you will find your state pension AOW) and all your pension that you have accrued through employers in the Netherlands. You will also see the gross and net amounts.

If you wish to make your own choices regarding your pension. Read at What are your options?.

In case you have further questions, send us an email or call us.