What is covered by our pension scheme?
You will receive retirement pension from the age of 68
You build up retirement pension. Retirement pension is your income for later years. Because once you retire, you will no longer receive any salary. Generally, you will receive retirement pension from age 68, for as long as you live. You may opt to have your pension commence earlier. In that case, your pension will be lower.
The exact amount of your pension will depend on your salary and on the number of years of service with your employer.
APF Pension Fund has 2 pension schemes in place. Under the basic pension scheme, everybody builds up pension. If you earn more than € 77.890.- (AkzoNobel) or € 79.947.- (Nouryon, Nobian and Salt) in 2023, you will also participate in the top-up pension scheme (defined contribution scheme).
The basic scheme is a career average pension scheme. Under this pension scheme, you build up a portion of your final pension each year. When you retire, we add up all the pension portions. The amount of the pension that you build up in a year depends on your salary. The amount of your final retirement pension is based on your average salary during your career. Hence the term ‘career average’.
The top-up pension scheme is a defined contribution scheme. Under this pension scheme, contribution is deposited every month. That contribution is invested. The deposited contributions together with the investment returns form your pension capital. When you retire, you will use that capital to buy a lifelong pension benefit. This means that the amount of pension that you build up under the top-up pension scheme will strongly depend on investment returns.
Your partner and children will receive a pension when you die
In addition to your own retirement pension, you also build up partner's pension and orphan's pension. When you die, your partner and children will receive that pension. The amount of the partner's pension that your partner will receive depends on the moment of your death.
If you die during your employment with your current employer, your partner will receive 70% of the retirement pension to be achieved. If you die after you have left employment, your partner will receive the accrued partner's pension. This will, in principle, be 70% of your accrued retirement pension.
Your partner will receive the partner's pension from the date of your death until the date of his or her own death. If you leave your employer's employ or if you retire, you may opt to have the partner's pension converted into additional retirement pension. Your partner must, however, agree to this. Conversely, you may also opt for lower retirement pension in exchange for additional partner's pension.
Orphan's pension is not a lifelong benefit. Your children (if any) will receive the orphan's pension until they reach age 18. Student children will receive orphan's pension until they reach age 27.
You can find the exact amount that your partner and children will receive in your Uniform Pension Overview. You find this at My pension. Log in with your DigiD.
You will continue to accrue pension if you become disabled
You will receive disability pension if you are fully disabled and your income exceeded € 66,956.94 annually (2024). This is the WIA income limit. The disability pension will supplement the benefit from the Employee Insurance Agency (UWV). The UWV benefit is based on a percentage of your salary and, moreover, the salary on which you can receive a benefit is capped at the WIA income limit. You will receive a small supplement to your income if you receive a WGA benefit and your income does not exceed the WIA income limit.
If you receive a WGA benefit, the disability pension will supplement that benefit up to 75% of the salary that you earned before becoming disabled. In the event of an IVA benefit, we will supplement that benefit up to 80% of the salary that you earned before becoming disabled. This payment will stop once you receive the state pension (AOW).
The disability pension is intended to cover your current income. Your future income has also been taken care of. During the period of disability, you will continue to build up pension if your degree of disability exceeds 35%. You and your employer will not pay any contribution for this. The contribution will be paid by the pension fund.
You can find all the rules in our pension regulations
The regulations set out all details about the pension scheme of APF Pension Fund at layer 3
Our website also explains the components of the pension scheme in further detail. Or check out My pension. You can log in with your DigiD for personalised information.