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:

1. Apply to your new employer’s pension administrator for the value transfer.
2. The new pension administrator requests information from Philips Pensioenfonds. This concerns details on accrued pension rights and the value to be transferred.
3. The new pension administrator prepares a proposal for you. In this proposal, the pension you accrued with Philips Pensioenfonds is converted into pension with your new employer.
4. After reading the proposal, you make a choice: transfer the value or not.
5. If you decide to transfer your pension, you are no longer entitled to pension from Philips Pensioenfonds.

The transfer of value is always on a ‘financially neutral basis’. This means that no money is lost through the value transfer.

The value of your pension cannot be transferred if either Philips Pensioenfonds or your new pension administrator has a funding ratio of less than 100%.

Please note! Bear in mind that a value transfer process may take at least six months to one year. However, this will not affect the value to be transferred.

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 2024: between €2 and € 592.51 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.