Welcome to Avery Dennison Pension Fund!

Are you 21 years of age or older? And are you working with Avery Dennison? In that case you accrue pension with us.

In this Pensioen 1-2-3 you will read what is and what is not covered by our pension scheme
This is important to know, for example if you start a new job. After all, each pension fund has its own pension scheme. Pensioen 1-2-3 does not disclose any amounts or personal information. You will find more information:
- in your annual Uniform Pension Overview
- on mijnpensioenoverzicht.nl. There you can also check how much your state pension (AOW) and other pension is worth in total.

Pensioen 1-2-3 consists of 3 layers: you yourself will choose how much you wish to know
Layer 1: your pension plan in 5 minutes.
Layer 2: more information about all subjects.
Layer 3: the pension regulations and other important documents of our pension fund.

You are now reading layer 1. Click on an image for layer 2 and layer 3. Do you prefer reading the information in hard copy? Call our Pension Desk at +31 (0)13 462 12 32.

 
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What is covered by our pension plan?

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? Just file a request with contact.

What is not covered by our pension plan?

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

How do you accrue a pension?

There are 3 ways in which you build up pension:

  1. State pension (AOW): you will receive this from the government if you live or work in the Netherlands. Read more on svb.nl;
  2. Pension with us: you are accruing this through your employer. This Pensioen 1-2-3 addresses this type of pension.
  3. 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 € 13,442 (1st July 2018). You accrue pension with us over your gross salary up to € 107,593 (in 2019). 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. In 2019, the total is 31.5% of your pension base. Your share of the contribution will be one third. Your employer will pay two thirds. Your pay slip states the exact amounts.

What are your options?

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.

You may convert your pension. For example, you can convert a part of your retirement pension for additional partner’s pension. Or you can convert the partner’s pension or a part of this for additional retirement income. You will make the choices upon your retirement.

Do you wish to retire earlier than at age 68? You may retire from age 55. And not later than age 70. You may need to consult your employer first. Please note that these choices will have consequences for your financial situation. You can request an offer from us 6 months before you want to retire.

Do you wish to start with a higher pension and receive a lower pension later? You may make that choice upon your retirement.

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

How secure is your pension?

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 beincreased if the pension fund’s financial situation is sufficient.

As of 1 January 2019 we increased the pensions of active participants of the pension fund with 1.42% and the pensions of retirees and former participants with 1.06%.

Over the last 5 years the pensions have been adjusted as follows:

date of change
pension active participants increased by
pension former participants increased by
increase of the negotiated wages
price increase*
2018
0.47%
0.79%
1.35%
2.25%
2017
0.00%
0.00%
2.00%
0.36%
2016
0.57%
0.13%
2.00%
0.41%
2015
2.25%
0.75%
0.75%
0.75%
2014
0.00%
0.00%
2.51%
0.90%

*Source: Central Statistics Office in the Netherlands, consumer price index, October to October

Do we have a shortfall? Then we may have to take measures. For example:

  • Adjustment of our investment policy
  • Adjustment of the pensions contributions
  • Ask the employer for a extra contribution
  • Reducing the pensions. We only do this as a last resort

To date it has not been necessary. However, the pensions did not fully grow in line with the wages or prices.

What costs do we incur?

Our pension fund incurs these costs to arrange your pension:

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

When do you need to take action?

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 of further questions, call our Pension Desk at +31 (0)13 462 12 32.

Would you like to know more about...

…your pension with us? Check layer 2 or layer 3.
…your total pension? Check mijnpensioenoverzicht.nl.