Everyone in the Netherlands is affected by the measures taken by the government to limit the consequences of the corona virus as much as possible. This also applies to you. Maybe you are now working at home, or in an adjusted situation at your workplace. Or, as a pensioner, you may not be able to work as a volunteer or visit places as usual. We hope that you will get through this period well and above all healthy. The corona crisis will of course have an impact on Philips Pensioenfonds as well. We would like to inform you about the consequences of this crisis for Philips Pensioenfonds. As well as the measures we have taken to ensure that work at the Fund continues and that pensions are paid out.
No impact on the payment of your pension
Do you receive a pension from us? Then you will receive your monthly pension amount as usual on the payment date. You will find an overview of the payment dates on our website.
The impact on the funding ratio
The world economy is under pressure due to the corona virus. Investors are concerned about the economic consequences of the virus and financial markets are falling sharply as a result. We also see a fall in interest rates. This has a negative impact on the funding ratio of Philips Pensioenfonds. We follow current market developments closely but also continue to focus on the long term. It can be assumed that if the virus is controlled, economic activity in the world will also resume and financial markets will gradually recover. In that case, the funding ratio of the Fund will also rise again. To what extent the economy is affected and how quickly it can recover is, of course, unknown. The uncertainty is great at the moment. We will continue to inform you about the financial situation of the Fund and the consequences thereof for your pension.
- Read more about the funding ratio
- Read more about our investment policy
Does this mean anything for the amount of your pension?
At the moment, news about negative stock prices and lower interest rates does affect your pension. As of 1 April 2020, the indexation decision taken earlier this year will be implemented in the (accrued) pensions of our participants. However, expectations about our future indexation options have been influenced by the corona crisis. At the end of 2020, there will be more clarity about what this means for the amount of your pension in 2021. You can read more about the indexation decision and about the future expectations in the personal letter that all members will receive from us shortly.
Measures at Philips Pensioenfonds
We adhere to government measures. This means we work from home when reasonably possible. The Board and the Crisis Team of Philips Pensioenfonds follow developments closely. The pension administration and asset management of Philips Pensioenfonds have been outsourced. We closely monitor whether our pension provider and asset manager do enough to respond to the ever-changing situation. These parties keep the Fund informed every day of measures they take. These measures are aimed at ensuring that the important processes continue and that the services for participants are maintained. Until now, these measures have had the intended effect.
Do you have questions?
We think it is important that you can contact us for questions. Only the personal conversations on location are temporarily converted into a conversation by telephone or postponed to a later time.