For active members, if the accrued pension rights are increased, the indexation takes effect on the same date every year: 1 April. Our ambition is to ensure that the accrued pension rights retain their purchasing power by increasing every year by the same rate as wage inflation (the collective salary scale adjustments under Philips’s collective labour agreement, including for Signify and Versuni employees). These increases are paid from the returns/assets of Philips Pensioenfonds. Irrespective of the question of what increase is possible on the basis of the statutory rules, the Board annually determines the maximum increase that is sensible. In doing so, the Board looks at a large number of relevant facts and circumstances, such as the financial situation, the level of inflation, the situation on the financial markets, differences between participant groups, the remaining period until the transition to a new pension system and how much other pension funds increase the pensions.
Policy funding ratio
Here you will find the current level of the policy funding ratio of Philips Pensioenfonds.
Chart funding ratioPension increases in recent years
Over the past ten years, Philips Pensioenfonds has raised the accrued pension rights as follows:
| Increase at 1 April | Our ambition | Price increase* | |
|---|---|---|---|
| Collective scale adjustment at Philips under the collective labour agreement |
Consumer price index published by Statistics Netherlands for the period from January- January |
||
| 2024 |
4.0% |
4.0%**** |
3.2% |
| 2023 | 2.1% | 2.1% | 7.6% |
| 2022 | 1.98%*** | 1.6% | 6.4% |
| 2021 | 0% | 3.4% | 1.6% |
| 2020 |
0.64% |
2% |
1.8% |
| 2019 |
2.25% |
3.0% |
2.2% |
| 2018 |
0.22% 0.38%** |
1.5% |
1.5% |
| 2017 |
0% |
2.1% |
1.7% |
| 2016 |
0% |
1.6% |
0.6% |
| 2015 |
0% |
1.6% |
0% |
*The figures on price increases are based on data published by Statistics Netherlands.
**Additional increase at 1 November 2018.
***Including compensatory indexation of 0.38%
****What is different for 2024 is that separate disciplines at Philips have been awarded different salary scale adjustments (rates of 4% and 7% have been agreed). The 4% collective salary scale adjustment is used as the basis for the decision about the indexation on April 2024 for all our active members, including anyone in a discipline where the salary scales have been raised by 7%. The reason for this is that using a higher rate than 4% as the basis for our indexation decision for all active members is legally not allowed.
Indexation after termination of your employment or after retirement
If your employment ends or if you retire, Philips Pensioenfonds uses a different method for adjusting your pension. In these situations Philips Pensioenfonds seeks to increase your pension annually to reflect price inflation, based on increases in the derived consumer price index published by Statistics Netherlands (CBS).
Related information
You might also be interested in the following information.
News overview
Visit our news page to find out the latest news, including information about increases in your pension through indexation.
Go to news overview
Financial position
Whether your pension can be increased, and if so by how much, depends, among other things, on the financial health of Philips Pensioenfonds. What is the pension fund’s current situation?
Go to financial position