Pension accrual up in 2024

By making use of government transitional rules, we are fortunately able to increase the pension accrual rate to the maximum rate of 1.875% in 2024. This is the targeted percentage in our pension plan.

What's more, the contribution rate for the basic CDC pension plan will be the same in 2024 as it was in 2021. This means that the total contribution in 2024 will be 29.8% of the pension basis (the part of your pensionable salary taken into consideration in the CDC pension plan minus the deductible). In 2024, it no longer matters whether you work at AkzoNobel, Nouryon, Nobian or Salt Specialties. The employer’s contribution is 22.1% of the CDC pension basis. The difference between the two percentages is the employee contribution for the CDC pension plan.

The graduated contribution and rules for the DC plan (the supplementary pension plan for higher incomes) will be the same in 2024 as they were in 2023. 

The contribution for the insurance of the temporary risk-based partner’s pension is paid entirely by employees. These contributions have also been recalculated for 2024. You can find more information below and on our website.

Overview of basic pension plan and temporary risk-based partner’s pension
After liaising with employers and trade unions, the following contributions and accrual percentages for the basic CDC pension plan have been agreed for 2024:

Component Akzo Nobel Nederland Nouryon Nobian Salt Specialties
Basic plan 2024 (compared to 2023)
Contribution 29,8% (30,8%)
29,8% (30,1%)
29,8% (30,0%)
29,8% (30,9%)
Accrual percentage  1,875% (1,641%)
1,875% (1,571%)
1,875% (1,571%)
1,875% (1,571%)
Franchise (annual) (AOW deductible) 17.545 (16.322)
17.545 (16.322)
17.545 (16.322)
17.545 (16.322)
Limit amount CDC/DC 77.890 (75.990)
79.947 (78.380)
79.947 (78.380)
79.947 (78.380)
Risk-based partner’s pension 2024 
Contribution (gross monthly contribution in €) 13,30 (14,60)
17,10 (19,40)
14,30 (15,90)
17,50 (18,60)
Insured amount (gross annual amount in € 12.281,50 (11.425,40)
12.281,50 (11.425,40)
12.281,50 (11.425,40)
12.281,50 (11.425,40)

Defined contribution plan
The maximum salary for the basic pension plan (threshold salary) for 2024 is increasing to €77,890 (Akzo Nobel Netherlands) and €79,947 (Nouryon, Nobian and Salt Specialties). Any amount above this threshold - up to the fiscal limit for pensionable salary - will fall under a Defined Contribution (DC) plan.

The contribution categories for the DC plan and the design of the Lifecycles will remain unchanged in 2024.

From 1 January 2024, the maximum pensionable salary for this plan will rise considerably again from €128,810 to €137,800. 

At the start of retirement, purchase rates (see webpage ) are used to convert a capital from the DC plan into an additional pension entitlement with APF. Since 2023, these purchasing factors have been determined on a monthly basis, not annually. This allows us to take better account of interest rate developments in this plan during the transition to the benefit phase. 

Would like to know more about how your pension is accrued?