New pension rules: this changes
These are the main changes. The differences may seem big. But a lot stays the same. The amount of your pension, for instance, can also change in the current system. And we also invest for your pension now. We have listed the key points below.
This is how it will work
There are currently agreements about the amount of your pension. But we cannot always live up to these agreements. For example, pensions have not been increased for a long time, even though life is becoming more and more expensive. That feels unfair.
Things work differently with the new rules. It will be clear how much money is going to your pension. And you can see how that amount grows. There are no promises about the exact amount. But expectations are it will be easier to increase your pension than it is now.
In the new system, you will have your own pension pot. This pension pot increases every month with your contribution and that of your employer. We invest this money for you. This also helps to grow your pension pot. Have you retired? Then you will get your monthly pension from that pension pot.
Is the economy doing well? Then your pension can be increased more easily than is currently the case. But your pension can also decrease more easily if the economy is not doing well. So your pension adapts to the economy.
- Are you still young? Then we will take more risks for you. Because that makes the most money in the long term. This means your pension pot can fluctuate significantly when you are young.
- The older you get, the less risk we take. The fluctuations will be smaller. You know more and more precisely how much money you can count on.
- Have you retired? Then the amount you get can be increased or decreased only once a year. That does not change. But expectations are it will be easier to increase your pension than it is now. There are rules to ensure your pension does not decrease too quickly.
Is the economy not doing well? We are prepared for that. Because we will have a reserve. We can use that to supplement your pension pot. And time also lends a hand. Because we spread good and bad returns on investment over multiple years. This way, pensioners will not suffer bad results in their pockets immediately.
When you retire, you will receive a pension every month from your pension pot. That pension pot cannot run out. You will always get a pension, no matter how old you get. Are you getting older than expected? Then we simply supplement your pension pot.
If you die, your partner and children receive a monthly amount from us. The rules for partner and orphan's pensions will be the same for everyone. This makes it clearer what your family can count on.
- Do you die before your pension starts? Then your partner will get a fixed percentage of your income: up to 50% of your salary.
- Do you die after you have retired? Then the amount depends on the pension pot you have built up.
The new rules apply to everyone. If you are still accruing pension, but also if you have already retired.