News in 2009

As of 1st July 2010, the tables contained in the Attachment to Regulations V will be adjusted.  These tables are used to calculate the pensions of participants who opt for early retirement, or who make other pension choices. The tables are based on a number of assumptions. The most important ones being the interest rate, the life expectancy of participants and the proportion between the number of male and female participants. The assumptions are reviewed on a regular basis and if necessary the tables are adjusted. In particular the increase in the life expectancy of participants made the current adjustments necessary.

The adjustments will in many instances affect the level of pensions of which the payment commences on 1st August 2010 or later.

The effects can be both positive (higher pension) or negative (lower pension). For example, when a participant decides to take early retirement,  the pension will be higher if payments commence on or after 1st August 2010. However, when partner’s pension is exchanged for retirement pension, the pension will be lower if payments commence on or after 1st August 2010. Other options (high/low or low/high) will also generate differences. The effects of combinations of pension choices can (partly) offset each other.

Making calculations using the Pension Calculator
From 13 October 2009 16:00 hours (GMT+1), the Pension Calculator will work with the adjusted tables. The calculator will use the tables that are applicable to the chosen pension date. For pension calculations made with the Pension Calculator the following will apply:

• if payments of the old age pension commence before 1st August 2010, the Calculator will use the existing tables;
• if payments of the old age pension commence on or after 1st August 2010, the Calculator will use the updated tables.

Personal pension situation
For participants who (wish to) retire during 2010, the date on which the pension payments commence can affect the level of their pension. To check the effects on their personal pension situation, participants can make two calculations with the Pension Calculator and compare the outcomes.

- In the first calculation, pension payments commence on 1st July 2010:

enter age on 30th June 2010, round up in full months.

- In the second calculation pension payments commence on 1st August 2010:

enter age on 31st July 2010, round up in full months; all other input data and choices remain the same.
Participants can also contact the Pension Fund and ask for a personal calculation.

The updated tables are available in Dutch only on this website under 'brochures' ("Bijlage bij Reglement V per 1 juli 2010" ).