How much pension have you accrued?
Philips Pensioenfonds sends you Uniform Pension Overviews, containing information about your future income - for example how much you will have when you retire, and how much your relatives will receive in the event of your death.
You will receive a new Uniform Pension Overview every year
If you are still employed, you will receive a new Uniform Pension Overview every year. If your employment has already ended, an updated version of your overview will be made available in MijnPPF every year. If you have not indicated a preference for digital communication, you will receive your pension overview by post once every five years, besides. This web page contains further details about the Uniform Pension Overview, including what information it contains and where to go to find out more.
The Uniform Pension Overview is based on your personal situation and a series of standard choices that you will be asked to make when you retire. You can use the Pension Planner in MijnPPF to see what other options are available, and how they will impact your pension. MijnPPF also contains a digital copy of your pension overview.
Do you have any questions? Take a look at or download the explanatory notes or take a look at frequently asked questions below.
How much is my total pension?
If you have accrued pension rights with other pension funds besides Philips Pensioenfonds, visit the website www.mijnpensioenoverzicht.nl (in Dutch) to find out the total value of your pension accruals. It also shows you how much state pension you have accrued.
What information does your Uniform Pension Overview 2020 contain?
our Uniform Pension Overview presents your pension situation in an easy-to-understand format. How much pension you or your relatives will receive is broken down into separate information blocks.
Calculating your options
The Uniform Pension Overview is based on your personal situation and a series of standard choices that you will be asked to make when you retire. You can use the Pension Planner in MijnPPF to find out what options are available to you, and how they will impact the value of your pension.
What data form the basis for my pension overview?
Your overview is based on the data that were registered in our system on 1 January 2020. If anything changed in your personal situation between 1 January 2020 and when we sent you your pension overview, those changes will not be reflected in your Pension Overview 2020. Instead, they will appear in next year’s Uniform Pension Overview.
What should I do if my data are no longer up-to-date?
- Contact the Philips Pensioenfonds Service Desk if your data are no longer up-to-date.
- All address details for Dutch residents are taken automatically from the municipal records of their place of residence. If your address details contain any mistakes, this probably means that the municipal authorities do not have your correct address, or else that your address has not been registered in our system. If you live abroad, you will need to notify us in writing if your address changes through MijnPPF.
Why do I not accrue pension on my entire salary?
You do not accrue pension rights on the part of your salary known as the ‘offset’ (in Dutch: franchise). Instead, you receive a state pension under the Dutch Old Age Pensions Act (AOW). The offset is deducted from your pensionable salary for the purposes of additional pension accrual, to reflect your state pension.
Why are the values in the pension overview not the same as the values in the Pension Planner?
Your Uniform Pension Overview is a statement of your pension situation at 1 January of every year: your Uniform Pension Overview 2020 is based on the data at 1 January 2020, for example. The Pension Planner in MijnPPF shows your current pension situation, and allows you to calculate how various individual preferences will affect your pension. This means that an important difference is that the Pension Planner shows current values, while the Uniform Pension Overview does not.
The Pension Planner can be used by all members participating in the flex pension plan who work for Philips or Signify.
My pension is made up of several different components. Why are those components not shown separately in my pension overview?
The values in the overview are total values. The value under ‘Ages 68 and up, for life’ shows the total pension that you will start receiving when you turn 68. The various components of your pension are not presented separately. Depending on your pension plan, the total values may include the following: a retirement pension, a bridging pension and a supplement.
Does the pension overview include my non-contributory policy?
Have you accrued pension from previous employment? Then these entitlements are included in the current structure. Have accrued pension in the final salary scheme? Then these entitlements are not included in the flex pension. Are you now building up pension in the ES flex scheme and have you not transferred a pension built up previously from the flex scheme or vice versa? Then you will receive a separate overview for both pensions.
Is my value transfer included in the pension overview?
If you have made a value transfer request for pension rights that you previously accrued with another pension fund, it is possible that the overview does not yet reflect that transfer. We will send you confirmation as soon as we have processed the value transfer. If you received confirmation before 1 January, the value transfer is included in your overview.
How do I see what my divorce means for my retirement pension?
If you are divorced or your registered partnership has ended, you and your former partner may have made arrangements to divide your pension rights. This is called ‘sharing’. If you notified us of how you wish to share your pension rights, and if the effective date of the change was before 1 January 2020, and if you received confirmation from us of the sharing request, we will start paying your former partner his/her agreed share when you reach your retirement date. If you have agreed to share your pension rights, the block in your pension overview that reads ‘How much pension can you expect to receive? What you will receive when you retire’ shows the amount that will be paid to you. Your former partner’s share has already been deducted from your own share in the pension. Visit the Pension Planner in MijnPPF to see how much your former partner’s share is. If your former partner’s share does not show up in the Pension Planner, contact the Philips Pensioenfonds Service Desk. Alternatively, you and your former partner may have agreed that part of your pension will be used to purchase a separate pension for your former partner. This is known as a conversion. If you have received confirmation of the conversion from us, the pension that is intended for your former partner has also been deducted from your own pension. The full value of the pension shown in the overview will be paid to you.
Is the Anw shortfall insurance also included?
Yes: if you have taken out Anw shortfall insurance, it is included in the pension overview. The gross annual amount under your insurance with Philips Pensioenfonds is reflected in the amount that your partner will receive until he/she reaches state retirement age.
How do I see what my divorce means for my pension in the event of my death?
If you are divorced and your former partner is entitled to an extraordinary survivor’s pension, this will be reflected in your pension overview as long as the divorce was effected before 1 January 2020 and you have received confirmation that we have processed it. The values shown in the block ‘How much pension can you expect to receive? What your partner and children will receive in the event of your death’ are intended for your current partner, if you have one. The pension intended for your former partner has already been deducted from this value. The amount of the extraordinary survivor’s pension can be found in the Pension Planner. If your former partner’s share does not show up in the Pension Planner, contact the Philips Pensioenfonds Service Desk.
How will my pension rights accrue if disability renders me partially or wholly incapable of working?
If your employment ends because of disability, you will continue to accrue pension rights. A key factor in these accruals is the percentage of your disability: if it is less than 35% (as determined according to the Dutch Work and Income According to Labour Capacity Act (WIA), your pension accrual will stop.
Will I receive a pension if disability renders me incapable of working?
If your employment ends because of disability, you may be entitled to a disability pension. A key factor in the value of that pension is the percentage of your disability: if it is less than 35% (as determined according to the Dutch Work and Income According to Labour Capacity Act (WIA), you will not (or no longer) be entitled to a disability pension.
What is the consequence of the shift in the state pension age in 2020 on the end date of the disability pension?
This year, the state pension age has been adjusted to 67 years. That is why the end age for the disability pension on your Uniform Pension Overview is 67.
In 2025, the state pension age will be 67 as stated in the Pension Agreement. The law that regulates this has yet to be adopted by the Tweede and Eerste Kamer (House of Representatives and Senate). The state pension age will be linked to life expectancy after 2025. This means that your state pension age can still change if you were born in 1959 or later.
In what circumstances will the disability pension payments and the pension accrual stop?
Your disability pension payments and your pension accrual will stop if and when any of the following situations arises:
- if you are rated less than 35% disabled, as determined according to the Dutch Work and Income According to Labour Capacity Act (WIA);
- when you reach state retirement age;
- if you retire (early);
- in the event of your death.
I am disabled. Why does my disability pension not show up in my pension overview?
If you are disabled, your disability pension does not appear in your overview. Instead, you will already have received a separate pension overview for retired members.
Why does my Factor A show up in my pension overview?
Your Uniform Pension Overview includes information about your Factor A, which is your annual pension accrual. It is important that you keep your Uniform Pension Overview in a safe place: you need your Factor A when you are filing your tax return and you want to deduct annuity premiums from your income. You use your Factor A for 2019 when you file your 2020 tax return at the start of 2021.
I cannot calculate my Factor A now. Why is that?
Factor A reflects your annual pension accrual. You need it to find out how much tax relief you can claim if you purchase annuities to supplement your pension. Your annual pension accrual is easy to calculate for yourself, using your accrual rate, your part-time percentage and your pension base. The legal rules for maximum pension accrual recently changed. The annual tax relief for deducting annuities was restricted in 2014, for everyone whose retirement age is not 68. To calculate your tax relief, we now apply a correcting factor to the pension accrual. That correction is already reflected in the Factor A shown in your overview.
My employment ended in 2020. What do I need my pension overview for?
You are no longer accruing pension rights with Philips Pensioenfonds. However, on 1 January 2020 you were still accruing a pension under the flex pension plan, which is why you have received a Uniform Pension Overview 2020. The pension accrual (Factor A) for 2019 as shown in this overview might be important for you. Your Factor A allows you to calculate how much tax relief you can claim if you purchase annuities to supplement your pension. As you stopped accruing pension rights after 1 January 2020, we will inform you separately of your finalised pension values with Philips Pensioenfonds. That information will be a more up-to-date reflection of your personal situation than the values in the pension overview that you have received.
I already received a pension overview for 2020 this year. Why is that?
This is possible if you have an occupational disability pension or if part of your pension has already started. If you have an occupational disability pension, you have received a separate pension overview for this. Has part of your pension already started? Then the following applies.You have already started to draw part of your pension. The pension overview that you received earlier this year showed your temporary retirement pension that you have already started drawing, at 1 April 2020. It also showed the portion of your retirement pension that you have not started drawing. The Uniform Pension Overview 2020 also shows the portion of your retirement pension that you are not drawing. However, the values in the two overviews were calculated at different dates. As a result, the values in the most recent overview (based on the situation at 1 January 2020) are not the same as in the previous overview (showing the situation at 1 April 2020). It is important to be aware that the values in the two pension overviews are not cumulative. This applies to both your retirement pension and your survivor’s pension.
What do the three future scenarios mean on the Uniform Pension Overview 2020?
There are different economic scenarios. These are indicated with arrows. All pension funds use the same scenarios. You can see what your pension is in three situations:
- The expected end result is shown in the top center. This is the pension that you currently appear to be arriving at when you retire. There is currently a 50% chance that your pension will be lower and 50% chance that your pension will be higher than this amount.
- At the arrow on the right you will see the purchasing power that you seem to be aiming for when it is economical. The chance is small (5%) that you end up with a higher purchasing power than the right amount.
- The arrow on the left shows the purchasing power you seem to be aiming for when things are going much worse economically than expected. The chance is also small (5%) that you end up with a lower purchasing power than the amount on the left.
What makes the situation change for better or worse?
The amount of your pension depends on economic windfalls and setbacks in the future:
- Interest may go up or down.
- Investments can yield high returns or not.
- Prices can rise or fall sharply.
These situations are extremely difficult to predict.
Your pension is an important issue, now and in the future - even if your retirement is still far off. Check your pension overview to find out how much pension you have accrued