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') to see how you can apply. 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 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. Contact us for further information.