Value transfer
If you change employer and move to another pension administrator (pension fund or pension insurer), you can transfer your ‘old’ pension to your new pension plan. This is known as value transfer.
Value transfer might be automatically arranged in case of a small pension
Is your pension below € 592.51 a year in 2024? Than your old pension fund or pension insurer is allowed to tranfer the value of this small pension automatically. Check the last pension overview you have received from them. There, it is stated whether you have to arrange something yourself for a value transfer.
What should you do?
- Joining the company
Will you be working for one of the Dutch companies of Avery Dennison Corporation? And would you like to transfer your accrued pension? Please request our pension fund for a value transfer. - Leaving the company
You can move your ‘old’ pension to your new pension administrator. Is your pension between small? In that case, we do not automatically transfer your pension to your new pension administrator. You have to apply for this yourself. If you don't do this, your pension will stay with us. We will then draft a proposal for commutation of your pension on your retirement date. If you agree, you will receive a one-off payment. After that you will not receive any further payments from us. If your pension is less than € 2,- a year, your pension will become void.
How to arrange value transfer to our pension fund
- Request a value transfer via My pension. To do this, log in with your DigiD.
- We will ask your previous pension fund or pension insurer to provide the value of your pension.
- You receive a statement from us, stating how much your ‘old’ pension is worth in our pension plan.
- Do you agree with this value statement? Then we'll organize the value transfer for you.
What else do you need to know?
- Have you previously accrued pension with another pension administrator? And is this a small pension? Then your previous pension provider is allowed to automatically transfer this small pension to us. You don't have to do anything yourself. What if your previous administrator chooses not to do an automatic value transfer and you want to transfer your previous pension to our pension fund? Than you can request a value tranfer yourself.
- Have you accrued more pension than € 520.35 gross per year (2022) with your previous pension administrator? In that case, you can choose whether you want this pension to be transferred to the Avery Dennison Pension Fund or to be left with your previous pension administrator. A value transfer may be worthwhile financially. Whether this applies to you depends on both pension plans. Check out the conditions carefully: you don't have to decide right away. Cbeck our Pension comparer (in Dutch). After that, you can request a value tranfer.
- A value transfer to a new pension fund can only take place if both pension funds are in good financial shape. The funding ratio needs to be 100% or higher. If this isn't the case right now, make sure you still request for a value transfer straight away! As soon as the funding ratio of the pension fund exceeds 100%, your request will be processed.
- Do you only have a small pension with us? In that case, the Avery Dennison Pension Fund is allowed to commute this pension when your pension commences. You will then receive a one-off pension payment and no monthly pension. This is known as commutation. You will automatically receive a letter if we commute your pension, when you retire, or when the partner's or orphan's pension is due to start.