When do you need to take action?

If you change jobs

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.

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.