What information does your Uniform Pension Overview 2023 contain?
Your Uniform Pension Overview is broken down into separate blocks. Read on to find out what those blocks are and what information they provide.
Your personal data
This block presents your personal details as registered in our system on 1 January 2023. If anything changed in your personal situation between 1 January 2023 and when we sent you your pension overview, those changes will not be visible in your overview, even if you passed the information on to Philips Pensioenfonds.
If you have a partner, his/her details are also listed here. It is important to make sure that those details are correct: your partner must be registered with us in order to claim a survivor’s pension in the event of your death. If you see any errors, or if the overview does not show your partner’s details, use the ‘Partner Registration’ form to pass on the correct information.
Your pension details
The Uniform Pension Overview 2023 is based on the information as registered in our system on 1 January 2023. That information is shown in this block, for example the retirement age under your pension plan.
Different date on which the pension accrual starts?
In 2021, corrections have been made to the date of start of pension accrual. The wrong date may have been shown on your previous pension overview. Read more
Another pension plan?
Philips Pensioenfonds administers the pension plans flex pension under the collective labour agreement and ES flex pension. Look under ‘Type of pension plan’ on the first page of your Uniform Pension Overview to see what your pension plan is. To find out more about what exactly your pension plan offers, contact our Service Desk or check the pension plan rules.
What pension can you expect?
How much pension have you accrued?
This block shows how much pension you had accrued at 1 January 2023. If you are accruing pension at this moment, it also shows how much your pension will be worth if you continue working until your retirement date. If you were previously in a relationship but are now divorced, it is possible that your former partner is entitled to part of your pension. If you have already had confirmation that part of your pension has been allocated to your former partner, the overview shows what your share is, after your former partner’s entitlement has been deducted from your pension. Visit the Pension Planner in MijnPPF to see how much your former partner’s share is.
State pension guarantee
The values in the overview do not include your state pension guarantee, if you have one. If Philips posted you outside the Netherlands before 1 January 2015, it may also have arranged a state pension guarantee for you. As a result of the time that you spent abroad for Philips, your state pension will be lower. The state pension guarantee was a facility to compensate the difference. You can claim the state pension guarantee if you satisfied Philips’s requirements for foreign postings. The state pension guarantee is administered by Philips Pensioenfonds. When you retire, we will establish whether you are entitled to the state pension guarantee and how much you will receive. Contact the Service Desk to find out how much you will receive under the state pension guarantee.
What do your partner and children get in the event of your death?
If your partner is registered in our system, and if you are still with your employer, your partner will be entitled to a survivor’s pension in the event of your death. If you arranged Anw shortfall insurance, he/she will also receive those benefits. This block shows how much your partner and your children will receive. If your employment with Philips, Signify or Versuni has ended, it shows whether your partner is entitled to a survivor’s pension and what your children will receive in the event of your death.
What do you get if you become disabled?
If you are still with your employer, and a disability brings an enforced end to your employment in the future, you will be entitled to a disability pension. This block shows much that will be, based on your salary at 1 January 2023. If you are no longer with your employer, or if disability already rendered you incapable of working at 1 January 2023, this block will not appear in your pension overview. We will inform you separately if you are drawing a disability pension. For full details, see the web page on ‘Your pension if you are disabled’ ).
How secure is your pension?
This block explains why the value of your pension is not fixed. It also shows by what percentages your accrued pension rights have been raised over the past three years, compared against price increases over the same period. Lastly, you will find a short description of the pension fund’s financial outlook. To find out more, visit the ‘Indexation policy’ web page.
What happens if the situation changes, for better or worse?
As you can read in your pension overview, your pension is not guaranteed. How much pension you will have depends on our financial situation. For example, we can only grant indexation to increase your pension if our level of funding is high enough. Starting this year, your pension overviews will show the possible impact on your pension if the economy performs better or worse than projected. The calculations are based on the value of the pension that you have accrued with Philips Pensioenfonds. We will recalculate these amounts every year, based on assumptions for factors such as inflation, developments in interest rates and investment yields. Three different scenarios are presented for your gross annual pension: what your pension is expected to be, and what your pension will be if the economy performs better or worse than projected in the future. Each scenario is based on the assumption that you will start drawing your pension when you turn 68.
These estimates also allow for the possibility of price increases. While price increases do not change the value of your pension, they affect how much you can buy with that pension. This is called purchasing power. If prices go up, but your pension stays the same, the same amount of pension will buy you less. The values shown here represent what your pension will be worth, i.e. what its purchasing power will be. That is why the values shown here are not the same as the values shown above in this overview.
Difference with www.mijnpensioenoverzicht.nl
The tab ‘Vooruitblik’ (‘future outlook’) on www.mijnpensioenoverzicht.nl also shows three scenarios for your pension. The scenarios there are presented as net monthly amounts, starting when you reach the state pension age. The information shown there also includes not only the pension that you have accrued with Philips Pensioenfonds, but also your state pension, plus any pension rights that you have accrued with other employers. As such, those values cannot be compared with the information in your Uniform Pension Overview, which contains only your pension from Philips Pensioenfonds, and shows it as a gross annual amount based on the assumption that you will start drawing it when you turn 68.
This block contains details on how to contact Philips Pensioenfonds. It also explains where to find further personal information about your pension.
Pension accrual (Factor A) in 2022
Your 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. To calculate how much tax relief you can claim, use the Tax and Customs Administration’s annuity premiums calculation tool (‘Rekenhulp Lijfrentepremie’). Your pension overview only includes this block if you are still with your employer.
You might also be interested in the following information.
Uniform Pension Overview checklist
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.Checklist Uniform Pensioen Overview
Mijnpensioenoverzicht.nl (in Dutch) shows the total value of your pension accruals, including any pension rights that you accrued with other employers.Go to Mijnpensioenoverzicht.nl