For new employees

For new employees

The pension scheme is an average salary scheme. You will receive a pension which is based on your average salary earned. In 2023 you will accrue pension that will begin to be paid out when you reach the age of 68. The pension scheme provides for the continuation of pension accrual up to state retirement age, if the contract with your employer continues during this period.

The pension scheme provides:

  • an old-age pension with an annual accrual rate of 1.50% of your pension basis *)
  • in the case of work disability, a non-contributory pension accrual and a disability pension of 70% of the last recorded gross salary above the maximum salary for the statutory disability benefits;
  • if you die, a partner’s pension amounting to 70% of the old-age pension for spouses,
  • registered partners, and cohabiting partners, and an orphan’s pension of 16% for children up to the age of 21.

*) annual salary including holiday allowance and other pensionable supplements such as the thirteenth month salary, less a franchise of €16,878. You do not accrue pension on the franchise because you will receive a state old-age pension. As of 2015 the annual salary on which you can accrue pension with tax benefits is fixed at a maximum of €100,000 (2023: €128,810). The maximum pension basis for 2023 is therefore €111,932. The same applies to the partner pension.

Options available at start, or during, contract of employment

  • Accrual of extra pension through voluntary contribution of extra premiums, at your own risk, by accruing Extra Pensioenkapitaal through Nationale Nederlanden Investment Partners (NN IP), within the limits permitted by tax legislation;
  • Value transfer in the event of change of employer, provided that the coverage ratio of the relevant funds are at least 100%.

  • Accrual of extra pension through voluntary contribution of extra premiums, at your own risk, by accruing Netto Pensioenkapitaal for someone with a pensionable income of above €128,810 (in accordance with the premium table) through NN IP within the limits permitted by tax legislation;
  • Risk cover for death or work disability over the part of your income that exceeds the maximum limit via a group insurance.

Options on retirement

Advanced, postponed, part-time or graduated payments (high to low, or low to high) of old-age pension.

Pension contribution
As from 1 January 2023 the total contribution to the pension fund is 20.34% of gross salary (up to a maximum of €128,810. As an employee, you pay 10.73% of your annual salary above €28,572 (if you work full-time).

Registering a relationship
Are you cohabiting, and have you drawn up an official cohabitation contract? You need to register this with the Pensioenfonds TNO. If you do not, you will not be able to claim partner’s pension. The fund automatically receives information about spouses and registered partners from the BRP (municipal personal records database).

Conditional supplement (indexation)
The supplement is conditional upon, for example, the coverage ratio of the fund. No contribution is paid for this and no reservation made (see overleaf).

Information
For more information, please refer to the regulations and the special brochures. The administration of the pension is contracted out to AZL. N.V. For questions about your pension you can telephone +31 (0) 88 116 24 01 or e-mail pf-tno@azl.eu.