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 2019 the offset is € 13,897.-.
  • 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 € 23,897,- per year. The offset amounts to €  13,897.-. 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.