What are the arrangements?
Information about your pension payments
When you retire you will receive a pension from Philips Pensioenfonds. Read on to find out what the arrangements are for your pension and how it is paid, and how we keep you informed about your pension.
If you have a pension with Philips Pensioenfonds, you will receive several kinds of information. Read on to find out everything that you need to know about your detailed pension statement, your pension overview and your annual income statement.
You spent years of your working life building up your pension. The total pension value represents a gross amount, meaning that you still have to pay tax on it. What other charges do you have to pay? More importantly: what does that leave for your net monthly payment?
Why is my pension not immediately available at the bank on the day of payment?
Your pension is paid in advance on the first working day of the month. An overview of payment data can be found on our website and is always published in our Generations magazine. The moment of credit can be between morning and evening, we cannot specify the exact time. Philips Pensioenfonds offers the payment order to the bank and the time of credit depends entirely on the receiving bank. Pension not immediately available at the bank on the day of payment?
Why is no pension paid on 1 May? It is not a public holiday in the Netherlands.
On public holidays within the European Union, an adjusted payment service applies to banks. Because 1 May is an official holiday for many countries in the European Union, an adjusted service also applies on that day. Payment orders are not processed on this day.
Why can't the pension always be paid out on the 1st day of the month?
Your pension is paid in advance on the first working day of the month. An overview of payment data can be found on our website and is always published in our Generations magazine. Some banks also process payment traffic to and from the same bank on weekends and public holidays. However, this is not possible for business payment transactions by paying agencies, such as Philips Pensioenfonds, and therefore no payments are processed on these days. These payments will only be processed on the next business day.