Value transfer

Value transfer

New employer? Then you can transfer your pension

If you start accruing pension with a new employer, then you can transfer your pension to your new pension administrator. This is called a ‘value transfer’. Alternatively, you may leave your pension at Philips Pensioenfonds.

How do you know if you want to transfer your pension?

Whether it is wise to transfer your pension depends on the differences between your new employer’s pension plan and the flex pension from Philips Pensioenfonds. You cannot make a considered decision until you understand the differences. This is why we recommend carefully reviewing both plans, and if necessary, seeking advice. Matters that may be relevant when comparing the pension plans include:

• Is the retirement age the same or different?
• How is the survivor’s pension arranged?
• Is there a difference in the annual increase (indexation) in the pension that the pension fund aims for?
• Would you prefer to receive your pension from one or more pension administrators?

How does a value transfer work?

Do you wish to transfer your pension? Then this is the procedure:

• You apply for the value transfer via www.mijnwaardeoverdracht.nl.
• After logging in, you will see whether you can arrange your value transfer here. Is the financial position of both funds sufficient? You can then immediately compare the pension schemes and see what the value transfer means financially. Do you agree with the proposal? Then you can sign it immediately with your DigiD. The value transfer will be fully completed within ten working days.
• Is your new pension provider not affiliated to www.mijnwaardeoverdracht.nl? Then ask your new pension provider for the value transfer. They will send you an offer in which the pension you have accrued with Philips Pension Fund is converted into the pension of the new employer. Do you agree with the offer? Then we will transfer the value of your pension to the new pension administrator.
• Do you decide to transfer your pension? Then you will no longer be entitled to a pension from the Philips Pension Fund after the transfer.
• The value transfer is always done on a ‘financially neutral basis’. This means that no money is lost in value transfer.
   

Value transfer cannot take place if the coverage ratio of Philips Pension Fund or your new pension provider is below 100%.

Please note! Please keep in mind that the procedure of a written value transfer takes at least six months. Sometimes even a year. However, this has no effect on the transfer value.

Value transfer in the event of a division

The choice of whether or not to transfer your pension is not always yours to make. In some cases, collective value transfer is the only option available. Collective value transfer means that Philips Pensioenfonds, acting at your employer’s request, transfers the value of all its employees’ pensions to a new pension administrator at the same time. Your employer might decide on collective value transfer if it switches to a different pension fund, for example following a takeover, merger or division. Only your employer can ask your new pension fund for collective value transfer. The request will be reviewed by various entities, including the Dutch central bank DNB, to determine whether the collective value transfer raises any objections. If all the conditions are satisfied, you may decide for yourself whether or not to agree to have your pension value transferred.

Automatic value transfer for small pensions

If you only spent a short time working for Philips, Signify or Versuni, and accrued less pension than the statutory commutation limit (for 2025: between €2 and € 613.52 per year), we will automatically transfer your pension to your new pension administrator when you switch jobs. No action on your part is required. Your new pension administrator will inform you as soon as the value transfer has been completed. If you do not have a new pension administrator after five years, we will make you a proposal for commuting your small pension. You will be notified automatically. If your pension is less than €2 per year, it will lapse. You will then not be entitled to a pension from Philips Pensioenfonds, and your partner will not be entitled to a survivor’s pension in the event of your death. The reason for this rule is that the costs of administrating these very small pensions are disproportionately high.