Welcome to APF Pension Fund
In this Pensioen 1-2-3 you will read what is, and what is not, covered by our pension plan.
This is important to know, for example, if you start a new job. After all, each pension fund has its own plan. Pensioen 1-2-3 does not disclose any amounts or personal information. You will find those on your annual Uniform Pension Overview (UPO) and on mijnpensioenoverzicht.nl (only available in Dutch), but also at My pension.
This Pensioen 1-2-3 contains 2 pension plans
This Pensioen 1-2-3 contains information about the basic pension plan (career average plan) and the top-up pension plan (defined contribution plan). If items only apply to the basic pension plan and not to the top-up pension plan, or vice versa, we have indicated this as such. The item information applies to both plans If none of the pension plans is specifically mentioned.
The EU criteria for environmentally sustainable economic activities are not taken into account by the underlying investments of this financial product. Read about how we deal with socially responsible investment at Investment policy.
Pensioen 1-2-3 consists of 3 layers
Layer 1: a brief introduction to your pension plan.
Layer 2: more information about all topics.
Layer 3: all the rules and policies of our pension fund.
You are now reading layer 1. If you want to go to layer 2 for more information, click on the icon (such as the wallet right below) next to the text in layer 1. If you prefer reading Pensioen 1-2-3 on paper, file a request to us for a copy of the plan via contact.
What is covered by our pension plan?
If you die, your partner and any children will receive a benefit. We call this partner’s pension and orphans’ pension.
If you are more than 35% incapacitated for work, you will continue to accrue pension. The pension fund then pays the contribution. If you are fully incapacitated for work, you will also receive a disability pension from the fund in some cases.
What is not covered by our pension plan?
If you are partially incapacitated for work, or if your income is below € 66,956.94 annually (2023), this is the WIA income limit, no disability pension has been arranged for you at APF Pension Fund.
How do you accrue pension?
There are 3 ways in which you accrue pension:
A. State retirement pension (AOW): you will receive this pension from the government if you live or work in the Netherlands. You can read more about AOW at SVB.nl.
B. Pension at APF Pension Fund: You accrue this pension through your employer. This Pensioen 1-2-3 is also about this pension.
C. Income resources that you arrange yourself. Examples: an annuity or savings in a blocked account with your bank (‘banksparen’).
In 2023, you accrue your pension through the basic plan (a career average plan) up to a salary of € 75,990.- (AkzoNobel) or € 78,380.- (Nouryon, Nobian and Salt). 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.
In the career average plan you accrue pension on your pension basis, which is your pensionable salary minus the deductible.
In the defined contribution plan, contributions are invested over a part of your salary. In order to determine over which part you receive a contribution, we first deduct the fiscal salary limit (€ 75,990.- for AkzoNobel and € 78,380.- for Nouryon, Nobian or Salt in 2023) from you annual salary (maximized at € 128,810.- annually in 2023). The amount remaining is referred to as contribution base and is divided by 12. After that we determine the (monthly) contribution on the basis of a contribution sliding scale. Go to layer 2 for more details.
In the career average plan 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 plan the employer pays the contributions to you as participant. At least 60% of these contributions should be deposited into the defined contribution plan. The part of the contribution that is not deposited into the defined contribution plan (maximum of 40%) is added to your gross salary, after deduction of social security contributions. You have to arrange this with your employer.
What are your options?
If you change jobs, you often change your pension plan as well. You can opt to transfer the pension you have already accrued to your new pension fund.
If you want to compare your pension plan with another pension plan, view the pension comparison calculator in layer 3. You will find separate calculators for a comparison with the basic pension plan (the career average plan) and the top-up pension plan (the defined contribution plan).
Would you like to see all your options? I.e. early retirement? Or a variable pension? Go to layer 2 via the icon, to read about all your options.
How secure is your pension?
The amount of your pension is not fixed. A pension fund has to deal with risks that can affect the amount of your pension.
• The average age of people is increasing. As a result, we have to pay their pensions for a longer time.
• A low interest rate makes pensions more expensive. As a result, our pension fund will need more money to pay the same pension.
• The investments may have disappointing results.
In layer 2 - click on the icon - you can read more about our financial situation and the policy coverage ratio. If these are poor, your pension may become lower.
Money loses value (nearly) each year. That is why we try to let your pension grow in line with the prices.
Career average plan
In the career average plan APF Pension Fund tries to increase the pension each year. This is possible only if our financial situation allows for it. We try to let your pension grow in line with the increase in prices. We decide each year if we can increase your pension and by how much. Unfortunately, we have not been able to fully increase the pensions each year over the past few years.
We increased your pension by 8.73% as at 1 January 2023
Part of this increase was the result of a temporary statutory measure, which allows us to already increase the pensions with a minimum policy funding ratio of 105%. Normally, this ratio is 110%. Between September 2021 and September 2022 prices have risen by 14.53%.
Over the past 5 years, we have made these changes to the pensions in the career average plan
The table below shows whether an increase in prices has been compensated by an increase in the value of pensions. The indexation decision until 1 January, 2020 is still based on the goal to increase your accrued pension in line with the increase in salaries.
|Date of change||Increase of your pension||Price increase*|
|1 August 2022||2.70%**||2.70%|
|1 January 2022||0.00%||2.70%|
|1 January 2021||0.00%||1.11%|
|1 January 2020||0.00%||2.65%|
|1 January 2019||0.55%||1.88%|
|1 January 2018||0.00%||1.45%|
*The increase in prices in the period from September of the year prior to the year in which the indexation has been granted compared with the increase in prices in September of the previous year. The indexation decision until 1 January, 2020 is still based on the goal to increase your accrued pension in line with the increase in salaries.
** This increase was the result of a temporary statutory measure, which allows us to already increase the pensions with a minimum policy funding ratio of 105%. Normally, this ratio is 110%.
You participate in the Defined Contribution plan
Your pension capital in the Defined Contribution plan is not increased by (annual) supplements/indexation.
Your future pension will depend mainly on:
• the deposited pension contributions
• the investment returns
• the pension capital on the retirement date
• how much pension you can purchase with your capital
If you already receive pension from the defined contribution plan, or if you no longer participate in this pension plan and have already purchased pension entitlements with your pension capital, each year the pension fund will try to let your pension entitlements – or pension in payment – grow in line with the increase in prices over the period September – September of the previous year. The maximum increase is 4%.
If we have a deficit we may have to take measures. These are listed in a recovery plan.
Examples of measures for the career average plan:
• Your pension will not grow (entirely) in line with prices.
• Your pension will decrease. This only happens if we have no other options.
• Your premium will increase.
What costs do we incur?
APF Pension Fund incurs costs to administer the pension plan:
• Execution costs
• Asset management costs
We are transparent about these costs and look critically at the money we spend.
When do you need to take action?
If you change jobs, you can opt to transfer the pension you have accrued through your previous job to your new pension fund. This is known as value transfer.
If you become incapacitated for work, you can receive a disability pension. You keep accruing your pension, but no longer pay contributions for this.
If you separate, this also affects your pension. If you want the pension fund to arrange the payment to your ex-partner, report your divorce or separation to us within 2 years.
If you become unemployed, your pension accrual will also end. The pension that you have accrued remains yours.
If you go on unpaid leave, you do not accrue a pension. However, you will remain insured for a period for your surviving dependants’ pension.
Check how much pension you have once a year:
- View My pension for the pension amount you have accrued with us
- View mijnpensioenoverzicht.nl (only available in Dutch) for your state retirement pension amount and the total pension accrued by you. You will see the gross and net amounts applicable.
You have various options for your pension. Read more at What are your options?
If you have any questions about the pension plan, please contact us.
Want to know more about….
... your pension with us? Go to layer 3. You will find a lot of information and many answers on this website..
...your own pension amounts? See My pension.
... your total pension? Go to mijnpensioenoverzicht.nl (only available in Dutch).