How do you accrue pension?
A. State retirement pension (AOW)
You will start to receive a state retirement pension from the government as soon as you reach your statutory retirement age. Your date of birth will determine which statutory retirement age applies to you, as this is set to increase in the years ahead. For the exact rules, the amounts applicable and your statutory retirement age, see the website for the Social Insurance Bank (Sociale Verzekeringsbank): SVB.nl.
Please note
The state retirement pension amount you receive will depend on your civil status and may be lower if you have not always lived or worked in the Netherlands.
B. Pension at APF Pension Fund
You will accrue a pension with the APF Pension Fund because you are an employee of AkzoNobel or Nouryon, Nobian and Salt. You will accrue part of your pension every year. Once a year, you will receive a Uniform Pension Overview (UPO).
The APF Pension Fund administers 2 pension pension schemes. Everyone accrues a pension under the basic pension scheme (a career average pension scheme). However, if you earn more than € 77.890.- (AkzoNobel) of € 79.947.- (Nouryon, Nobian and Salt) in 2024, you will also participate in the top-up scheme (a Defined Contribution Scheme). See this Pension 1-2-3 and our website for more information about our pension schemes.
Also see mijnpensioenoverzicht.nl. You will find an overview of the pension you have accrued via all of your employers and also the state retirement pension amount you will receive under the Dutch general retirement pensions act (Algemene Ouderdomswet, 'AOW'). You will see the net amounts applicable.
C. Pension that you arrange yourself
You can choose to supplement your state retirement pension and the pension you accrue via your employer yourself: with general savings, savings accrued in a blocked account with your bank (banksparen) or insurance (like an annuity), for example.
Whether or not you feel that it is necessary to accrue an extra pension amount will depend on your particular situation and wishes. You can calculate your pension amount yourself in My pension. Log in with your DigiD.
You are accruing pension in a career average pension scheme
Every year, you accrue a portion of your final pension. When you retire, we add up all the pension portions. The amount of your final pension is based on your average salary during your career at your employer. If your salary exceeds € 77.890.- (AkzoNobel) of € 79.947.- (Nouryon, Nobian and Salt), it will be subject to the top-up pension scheme (a defined contribution pension scheme).
In 2024, you accrue your pension through the basic pension scheme (a career average pension scheme) up to a salary of € 77.890.- (AkzoNobel) or € 79.947.- (Nouryon, Nobian and Salt).
The amount of the pension that you accrue in a year depends on a number of factors. First of all, the pension base: this is the part of your salary that counts towards your pension. You accrue your pension through the basic pension scheme (a career average pension scheme) up to a salary of € 17.545.- annually to € 77.890.- (AkzoNobel) or € 79.947.- (Nouryon, Nobian and Salt). You do not build up pension on your full salary, because you will also receive state pension later. The part of your salary that does not count towards your pension accrual (€ 0.- to € 17.545.- annually) is called ‘deductible’.
You are accruing pension in a top-up pension scheme
If your fixed salary is higher than the fiscal salary limit (€ 77.890.- for AkzoNobel and € 79.947.- for Nouryon, Nobian or Salt in 2024), you will participate in the top-up pension scheme.
The top-up pension scheme is a defined contribution scheme. In this pension scheme contributions are deposited and invested, which results in investment returns. Together, the deposited contributions and the investment returns make up your pension capital (in the defined contribution scheme). When you retire you will use the pension capital to purchase a retirement pension and a partner’s pension.
Would you like to know more about the top-up pension scheme? Then you can read the brochures at layer 3.
Your accrual rate
You accrue pension on your pension basis, which is your pensionable salary minus the deductible. In 2024, you accrue 1.875% (AkzoNobel) or 1.875% (Nouryon, Nobian and Salt) of your pension basis.
Pensionable salary means your gross fixed annual salary, including holiday allowance, fixed shift work allowance, fixed personal allowances, and variable income components. The pensionable salary amounts up to a maximum of € 137.800.- annually (2024).
The deductible is the same for everybody and amounts € 17.545.- annually (2024). The deductible is deducted from your pensionable salary. The reason for this is that you will also receive (Dutch) state retirement pension later. Therefore, you do not have to accrue pension on your full salary.
In 2024, under the career average pension scheme, you will accrue pension from € 17.545.- up to a salary of € 77.890.- (AkzoNobel) or € 79.947.- (Nouryon, Nobian and Salt). For any excess salary up to € 137.800.-, you will accrue pension under the top-up pension scheme (the defined contribution scheme).
You and your employer pay for your pension together
In the career average pension scheme you and your employer jointly pay the costs of your pension. Your employer withholds your contribution from your gross salary. Your exact contribution is specified on your salary slip.
For the defined contribution scheme the employer pays the contributions to you as participant. At least 60% of these contributions should be deposited into the defined contribution scheme. The part of the contribution that is not deposited into the defined contribution scheme (maximum of 40%) is added to your gross salary, after deduction of social security contributions. You have to arrange this with your employer.