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 a pension with us.

We present: Layer 2 of Pensioen 1-2-3
In this layer 2 you can read what is, and what is not, covered by our pension plan. It includes all important features of our pension plan. Layer 2 provides more details of the subjects in layer 1.

Pensioen 1-2-3 consists of 3 layers
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.

Do you prefer reading the information in hard copy? Call our Pension Desk at +31 (0)13 462 12 32.

Pensioen 1-2-3 does not disclose any amounts or personal information
You will find those in the Uniform Pension Overview that we send you every year. Want to know how much your state and other pension is worth in total? Then check mijnpensioenoverzicht.nl.

What is covered by our pension plan?

You will receive old age pension from age 68

With us, you accrue old age pension. You participate in our pension plan through your employer. You will receive this pension for as long as you live. Every month an amount will be credited to your account.

Your old age pension is a supplement to your state pension
You will find the commencement date and the amounts of your state pension (AOW) on www.svb.nl.

Your pension and your state pension will presumably not start on the same date
When you retire, your income may be lower for some time. We offer you the possibility to adjust the commencement date of your pension. You will make that choice shortly before the commencement of your pension. It is advisable for you to start thinking about what you want, for example whether you need to make extra arrangements if you wish to retire early.

Your old age pension will depend on…

  • the salary that you earned during ever year of service.
  • the number of your years of service.
  • the rules in our pension regulations.

This is how you accrue pension
Our pension plan is a defined benefit agreement (average pay scheme). Every year, you accrue a pension on your gross salary earned in that year. However, you do not accrue pension over your entire salary:

  • We take your fixed gross salary in your employment contract and add your holiday allowance, ATV allowance and the fixed year-end bonus. Any shift-work allowance is also included, up to a maximum of 8.11%. Together, all these elements form your pensionable salary.
  • First, we will deduct a deductible from this pensionable salary, for later you will also receive a state (AOW) pension from the government. As of 1st July 2018 the offset is € 13,442.-.
  • The remaining salary is your pension base, on which you will accrue 1.875% old-age pension every year. This is the accrual percentage in 2019.
  • Is your salary (in 2019) higher than € 107,593.-? Then you will not accrue any pension on that higher salary under this pension plan.
  • Do you work part-time? You will accrue less pension accordingly.

An example
Your gross salary amounts to € 23,442,- per year. The offset amounts to €  13,442.-. So you accrue pension over € 10,000.-. This is your pension base. On that amount you accrue 1.875% old age pension. This is € 187.50 in that year. The old age pension that you will receive upon your retirement is the sum of all years worked. We will add your yearly increases, which you will receive only if the financial situation of the pension fund allows it. This is called indexation.

Also read this information
You will find all our conditions in our pension regulations in layer 3.
You will find the pension amounts on your Uniform Pension Overview, which you will receive from us every year.
You can also see how much pension you will receive on mijnpensioenoverzicht.nl.

Your partner and children will receive a pension when you die

You also accrue partner’s pension and orphan’s pension with us.

Your partner will receive a lifelong partner’s pension
If you pass away during your participation in this pension plan, the partner’s pension is approximately 70% of the old-age pension that you have accrued if your participation had continued until your retirement date.

If you should die after you start working for another employer or after your retirement, your partner will receive approximately 70% of your accrued old-age pension.

We define your partner as…

  • the person to whom you are married or who is your registered partner.
  • the person with whom you have cohabited for at least 6 months according to the data in the population register.

Are you cohabiting? In that case the following will also have to apply:

  • You have a cohabitation agreement that you concluded before a civil-law notary.
  • The cohabitation agreement has been drawn up before your retirement.
  • Your partner is not directly related by blood or by marriage.
  • You have registered your partner with the pension fund.

For all conditions check our pension regulations in layer 3. You can register your partner via Contact.

Your partner may also receive a surviving dependant’s (Anw) benefit from the government
After your death your partner may receive a state benefit. This is provided for in the Surviving Dependants Act (Anw). You will find all information on svb.nl. For example about the conditions:

  • Your partner takes care of a child under the age of 18, or
  • Your partner is disabled for 45% or more.

Your children will receive orphan’s pension until the age of 18
Are they students? Or are they disabled for 45% or more? Then they will receive pension under our pension plan until the age of 27. For each child this will be 14% of your old-age pension.

We define your child as…

  • your own child or your adopted child.
  • your stepchild or foster child. You take care of this child and raise it as if it were your own child.

Also read this information
You will find all our conditions in our pension regulations in layer 3. You will find the pension amounts on your Uniform Pension Overview, which you receive from us every year. You can also see how much pension you will receive on mijnpensioenoverzicht.nl.

You continue to accrue pension during your disability

If you become incapacitated for work in part or in full in accordance with the Work and Income Act (WIA), you may be entitled to a full of partional continuation of you pension accrual.

If you are disabled for at least 45%, you will continue to accrue pension
You will no longer pay any contribution. Our pension fund will pay (part of) your contribution. Are you still able to work part-time? Then you will continue to accrue pension for that part as usual. You and your employer will share the contribution.

This is how it works
This schedule shows how much pension you will continue to accrue at our expense. For your disability percentage we will look at the rules from UWV (Uitvoeringsinstituut Werknemersverzekeringen)

 The percentage of your disability is ...% You are employed, your accrual rate is: You are no longer employed, your accrual rate is: The percentage of contribution paid for by the pension fund:
 65%-100%  100%  100%  100%
 45%-65%  100%  50%  50%
 0%-45%  100%  0%  0%

You may also receive a benefit from the government pursuant to the Work and Income Act (WIA). Read more on uwv.nl (only available in Dutch).

Please let us know if your disability percentage changes
If your disability percentage changes while you are not with the company any more, you have to inform the pension fund. Send us a copy of the letter from UWV including that decision.

Please check for all the conditions our pension regulations in layer 3.

You will find all the rules in our pension regulations

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?

A.  General Old Age Pensions Act (AOW)

AOW is the state pension. You build this up in about 50 years if you live or work in the Netherlands during these years. The age at which you will receive state pension depends on your date of birth. The amount of the state pension will not be the same for everybody either. The government adjusts the amounts to the minimum wages every year. For your state pension age check svb.nl. There you will also find the amounts and more information on the state pension.

B. Pension that you accrue through you work

You are accruing this through your employer. Once a year, you will receive a Uniform Pension Overview (UPO). In this pension overview you will see your accrued pension.

  • upon retirement.
  • when you become incapacitated for work.

In this pension overview you can also see your projected pension:

  • for your partner in the event of your death.
  • for any children in the event of your death.

Also check mijnpensioenoverzicht.nl (only available in Dutch). There you will find an overview of your state pension and all your pensions that you have accrued through work. There you will also find the net amounts.

C. Pension that you have arranged yourself

You may supplement your state and other pension yourself, for example by savings or by saving in a blocked account with your own situation and wishes. A financial adviser can help you make choices. Or check www.nibud.nl for the Pensioenschijf- van-vijf calculation tool (only available in Dutch).

You accrue pension under an average salary pay plan

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.

Your accrual rate is 1.875%

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). This is because you will also receive old-age pension from the government. You accrue pension with us over your gross salary up to € 107,593,- (in 2019) on a full-time basis. This is the legally stipulated maximum salary over which pension may be accrued. Do you work part-time? Then your salary will be lower than if you work full-time. So you will accrue less pension. You will also pay less contribution.

An example
Your gross salary amounts to € 23,442 per year. The offset amounts to € 13,442. So you accrue pension over the amount of € 10,000. You accrue 1.875% old-age pension on that pension base. This is € 187,50 in that year. The old-age pension that you will receive upon your retirement is the sum of all years worked.

You and your employer pay for your pension together

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?

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. Go to Waardeoverdracht ('Value transfer'). You can apply via the contact form. Do you agree to our proposal? Then we will arrange the transfer. Do you agree to our proposal? Then we will arrange the transfer.

If you have a small pension
Is your pension less than € 484.09 per year (in 2019)? 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 liabilities of the fund.

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. Contact 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? Call our Pension Desk at +31 (0)13 462 12 32. We will gladly make you a proposal.

vervroegen-uitstellen

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 www.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? Call our Pension Desk at +31 (0)13 462 12 32. We will gladly make a calculation for you.

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? Call our Pension Desk at +31 (0)13 462 12 32. We will gladly make a calculation for you. 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.

How secure is your pension?

Your pension is subject to risks

The pension fund is faced with a number of risks, including the following:

  • The average age of people in The Netherlands is increasing. This means that we have to pay the pension for a longer period of time.
  • Low interest rates mean that pensions become more expensive. This means that we require more money to be able to pay the same pension.
  • The results of our investments may be disappointing.

Indexation

The pension fund tries to increase your pension each year. This is called indexation. The aim of indexation is to retain the value of your pension. Your pension will only be raised if our financial situation is sufficiently solid. The Board annually decides whether indexation can be granted.

You work for Avery Dennison
The aim is an indexation of the pension entitlements for active participants that equals the development of the negotiated wages at the employer, or - if higher - the growth of the derivative consumer price index.

You do not work for Avery Dennison anymore
The aim is an indexation of the pension entitlements for past participants and pensioners that equals the growth of the derivative consumer price index.

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

Over the last 10 years the pensions have been adjusted as follows:

date of change
pension active participants increased by
pensions former participants increased by
increase of negotiated wages
price increase* price increase**
2018
0.47%
0.79%
1.35%
2.25%
2017
0.00%
0.00%
2.00%
0.42%
0.36%
2016
0.57%
0.13%
2.00%
0.63%
0.41%
2015
2.25%
0.75%
0.75%
1.05%
0.75%
2014
0.00%
0.00%
2.51%
1.56%
0.90%
2013
0.00%
0.00%
1.50%
2.87%
1.98%
2012
0.00%
0.00%
1.75%
2.61%
2.33%
2011
0.00%
0.00%
1.25%
1.57%
1.38%
2010
0.00%
0.00%
1.00%
0.71%
0.40%
2009
0.00%
0.00%
3.00%
2.78%
2.53%

*Source: Central Statistics Office in the Netherlands, consumer price index, October to October
**Source: Central Statistics Office in the Netherlands, consumer price index, October to October (This is the provisional figure, this figure concerns the ambition as stated above)

Over the past few years our financial situation has not been stable enough to raise your pension yearly. It is uncertain if we will be able to raise you pension yearly in the future. Your pension has not been curtailed over the past few years and we do not expect that this will be necessary during the coming years.

Also read this information
You will find all the rules in our pension regulations in layer 3. You will also read the applicable provisions for if you are no longer working with us or retire.

This is what we do in case of a shortfall

In the event of a shortfall, we will take one or several of the following measures, if necessary:

  • 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

Also read this information
You will find all the rules in our pension regulations in layer 3.
You will also read the applicable provisions for if you are no longer working with us or retire.

What costs do we incur?

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.

Read more about the costs we incur in the annual report layer 3.

When do you need to take action?

If you change jobs

You may transfer the pension that you have accrued previously to our fund. Or the pension that you have accrued at our pension fund to your new pension fund. Call our Pension Desk at +31 (0)13 462 12 32.

If you become incapacitated for work

You are not required to notify us, but you should carefully consider the consequences for your pension.

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

You are not required to notify us if you live in The Netherlands as your municipal authority will inform us automatically.

Do you live abroad? Then you do need to register your partner with us.

Are you cohabiting? Then you need to register you partner with us also. There are other conditions, stipulated in the pension scheme regulations in layer 3.

Check What are your options? at Convert your pension.

In case of a divorce or if your registered partnership or cohabitation ends

Your divorce or separation will have consequences for your pension, that you should carefully consider.

Your ex-partner is entitled to old age pension
Your ex partner is entitled to the payments with regard to half of the old age pension accrued during the marriage or registered partnership. You and your ex partner may, however, have different arrangements. These arrangements can be laid down in an agreement upon your marriage or divorce.

Please let us know what arrangements you have made
You or your ex-partner have to inform us of your divorce or separation and the agreements that have been made within 2 years. If we are not notified within this 2 years period, we will not be able to pay the pension for your ex-partner directly to him or her. You will then have to arrange the payment of your old age pension to the ex-partner yourself.

Do you live abroad? Then you need to deregister your partner with us
We will not be informed automatically. Do you live in the Netherlands? Then your municipal authorities will inform us that you have split up.

Have you cohabited in the past?
We will not be informed automatically. Please inform us about the end of your cohabitation.

Your ex partner is also entitled to partner’s pension
Your ex partner will also be entitled to the (special) partner’s pension ('bijzonder partnerpensioen') accrued until the date of your divorce. Or until the discontinuation of your registered partnership or cohabitation. You do not need to take any action yourself. We will arrange the division for you. We will deduct the pension for your ex partner from the pension for a new partner. You can make different arrangements concerning the partner's pension. For example: you and your ex partner can both agree upon not dividing the partner's pension. Please inform us about such an agreement, otherwise the partner's pension will be divided automatically.

More information
In the pension scheme regulations in layer 3, you will read more about your pension in case of separation.

If you move to or within another country

Are you moving house within the Netherlands? Then the municipal authorities will inform us. Are you moving to a foreign country? Or to another address abroad? Please inform us of your new address. This way we can keep you informed of your pension

Do you wish to know how moving abroad will affect your pension with us? Please do not hesitate to call our Pension Desk at +31 (0)13 462 12 32.

This may also have consequences for your state pension, for it depends on the number of years lived or worked in the Netherlands. For more information, please contact the Social Insurance Bank (SVB). Or check their website: svb.nl.

If you become unemployed

Do you become unemployed? This will affect your pension.

You will no longer accrue any pension
Please keep in mind that the pension for your partner and children will be lower. Their pension will then be based on the old-age pension accrued by you until the moment that you became unemployed.

The pension that you accrued earlier will be kept in our reserves for you
You will receive this pension on your retirement date.

You do not need to let us know if you become unemployed
Your employer will inform us thereof. You may start to accrue a pension with a new employer later.

If you start working more or fewer hours

Are you planning on working more or fewer hours? Then your salary will change. The contribution for your pension will also change, for the amount of your contribution depends on your salary.

Working fewer hours
If you start working fewer hours, you will probably receive a lower salary. As a result, you will accrue less pension for yourself. And your partner and children will receive less pension when you die. You will also pay less contribution.

Example: are you working 100% now? And do you want to work 80%? Then, until your retirement, you will also accrue pension for 80%. As a result, you will receive less pension than if you continue to work 100%.

Working more hours
If you start working more hours, you will probably receive a higher salary. As a result, you will accrue more pension for yourself. And your partner and children will receive a higher pension when you die. You will also pay more contribution.

Example: are you working 50% now? And do you want to work 80%? Then you will also start building up pension on your new salary. As a result, you will receive a higher pension than if you continue to work 50%.

Think carefully how this choice will affect your pension
Do you wish to know exactly how working more or fewer hours will affect your pension? Call our Pension Desk at +31 (0)13 462 12 32. We will gladly make a calculation for you. Maybe you can take measures yourself if you are going to work fewer hours. For example by building up extra pension for later years. Consult with your financial advisor whether you need to make extra arrangements.

If you are taking unpaid leave

Are you going to take unpaid leave? Then you will remain in your employer’s employ. You will also remain a member of our pension plan.

Consult with your employer on what pension arrangements it has made on your behalf
The accrual of your pension will probably stop for as long as you are on unpaid leave. This depends on the collective bargaining agreements applicable at your employer. For example on leave for study and sabbatical. Your Human Resources department will gladly tell you what is applicable to you.

You will remain insured for partner’s and orphan’s pension
This way, your partner and children will receive a pension if you die while on leave, for a maximum period of 18 months, while you pay the pensions contribution. Read more about the conditions in our pension scheme regulations (layer 3).

Check whether you can continue to build pension yourself
Is it not possible for you to accrue pension through your employer while on leave? Then consider carefully if you can make your own arrangements to ensure a good pension for later years.

You do not need to let us know if you take leave
We will be notified by your employer. Do you wish to know how your unpaid leave will affect your pension? Call our Pension Desk at +31 (0)13 462 12 32. We will gladly make a calculation for you.

Check mijnpensioenoverzicht.nl once a year

You can read exactly how much state pension (AOW) you will receive in the future. And how much pension you have with the various pension administrators. You will also see the net amount of your pension. You can also find further details on your pension with our pension fund on your Uniform Pension Overview. You will receive this overview from us every year. Are you no longer working Avery Dennison? Then you will receive this overview every 5 years.

If you wish to make your own choices regarding your pension

There are various options for your pension. You may, for example, transfer your former pension to your new pension fund. These are the options in our pension plan:

  • Receiving a higher pension first.
  • Exchanging (part of your) partner’s pension for old age pension.
  • Exchanging (part of your) old age pension for additional partner’s pension.
  • Early retirement or deferment of retirement.

Read more at What are your options?.

When you make your choice on your retirement date, you cannot undo your choice. So ensure that you have all information available before making a choice. An exact description of your options you will read in the pension scheme regulations (layer 3). Or consult your financial advisor.

Do you have further questions?

Do you have further questions? Or do you wish to choose one of the options? Call our Pension Desk at +31 (0)13 462 12 32.

Would you like to know more about...

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