Pension payments

You will receive your pension in 12 monthly installments. 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?

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. 

We chose June 2026 as the moment of change because many pension recipients also receive a statutory benefit, such as the AOW (state pension). In May, the holiday allowance for statutory benefits is paid, which may make it easier to cope with the shift in the payment date from 1 June 1 to 23 June.

Many of our pension recipients receive, in addition to the pension from Philips Pensioenfonds, a statutory benefit such as AOW, Anw, or WIA. The new payment date better aligns with the payment of these statutory benefits, which usually take place around the 23rd day of the month. Additionally, it is more common in the market for income to be paid at the end of the month, as was the case with your salary when you were still working (and not on the first working day of the month as is currently the case with our pension).

The Nibud (National Institute for Budget Information) also advocates for income and allowances to be paid as much as possible at one time. According to Nibud, this helps people keep better track of their finances and prevents them from running into problems with fixed expenses.

If the 23rd of the month falls on a weekend or public holiday, the pension will be paid on the last working day before that date. So you do not have to worry about your pension arriving late; in these cases, it will actually be transferred a bit earlier.

To pay out pensions on time at the beginning of the month (as is currently the practice), we start preparations about a week in advance. If a pension recipient passes away during this period, the pension payment is often already on its way. In that case, we have to reclaim the pension from the survivors or heirs, because there is no longer a right to pension due to the death in the previous month. If we pay the pension on the 23rd day of the month (starting June 2026), a death usually falls within the same month as the payment. This means there is a right to the pension and it does not need to be reclaimed. We expect the number of repayments from survivors or heirs to decrease significantly as a result.

Unfortunately, we cannot completely prevent repayments, for example when a death notification from abroad arrives with a delay. But with this change, we are taking an important step towards a process that better considers the situation of survivors and heirs.

The monthly pension amount we pay you will not change due to the change in the payment date. This does indeed mean that you will have to bridge a longer period with the same pension amount. After the payment on 4 May 2026, the next payment will not be made until 23 June 2026.
We deliberately chose June 2026 as the date of the change because many pension recipients also receive statutory benefits, such as the AOW (state pension). The holiday allowance from statutory benefits is paid in May, which may make it easier to accommodate the shift in the payment date from 1 June 2026 to 23 June 2026. We understand that this may cause financial hardship for some participants. Therefore, we offer a payment plan to accommodate them. If you would like to take advantage of this option, please contact our Service Desk.

If you experience financial difficulties due to the shift in the payment date in June 2026, you can contact our Customer Service via info@philipspensioenfonds.nl or by calling 088 – 015 79 00. We will arrange a payment plan with you so that you can bridge this transition smoothly and do not run into problems with your fixed expenses due to the shift in the payment date.

If you experience financial difficulties due to the shift in the payment date, please contact our Service Desk. In that case, we offer a payment plan where you will receive an advance on 1 June. This advance will then be offset against your pension benefits in six equal installments over the following months. This way, we ensure you have temporary financial flexibility, with the repayment spread out over time.

Before deciding to move the payment date from the first working day of the month to the 23rd, many alternatives and options were carefully considered. The final choice for the 23rd was primarily based on the payment date of statutory benefits, which are typically paid on the 23rd of the month.

Various transitional measures were also reviewed. However, these posed undesirable tax consequences and could negatively affect participants who, for example, receive allowances. To avoid such complications, the current solution was chosen — combined with a payment arrangement for pension recipients who may face financial difficulties due to the change.

Would you like to make use of the payment arrangement? Please contact our Service Desk.

No, no interest compensation will be paid. The postponed payment date is not intended to gain a financial advantage for the pension fund, but was implemented to prevent unwanted reclaims from surviving relatives and heirs during these difficult times. We understand that postponing the payment date may cause financial hardship for some participants. Therefore, we offer a payment plan to help these participants. If you would like to take advantage of this option, please contact our Service Desk.

The impact of any additional returns between the original and the new payment date differs between the current pension scheme and the new scheme that will take effect on 1 January 2027. However, in general, Philips Pensioenfonds, as a foundation, does not have a profit objective — not even in relation to the change in payment date. Should the shift in payment date result in higher returns, these will ultimately benefit the participants.

• Current pension scheme:
  The current scheme will remain in effect for seven more months after the payment date shift is implemented. Any additional returns during this period will be reflected in the funding ratio. When transitioning to the new scheme, a higher amount will be allocated to participants’ pension pots, resulting in a slightly higher pension at the start of the new scheme.
• New pension scheme (from 1 January 2027):
  In this scheme, returns are allocated annually to individual pension pots. These returns are then reflected in the pension benefits, with the return over three years being incorporated into the payout.

Based on a rough estimate, the additional return due to the change in payment date amounts to approximately €2 million per year. For an individual participant, this translates to an increase in personal pension capital of around 0.01% per year, with a corresponding effect on the pension benefit (excluding the three-year distribution period).

It's important to realize that failure to reclaim funds ultimately comes at the expense of all Pension Fund participants. The Fund collectively manages funds intended for the pensions of all participants. If unjustified amounts are paid out and not reclaimed, the remaining participants will effectively bear the loss. This is unfair and violates the principle of equal treatment within the Fund. Therefore, reclaiming funds, however difficult, is necessary to protect the interests of all participants. As you've read, this isn't an isolated incident, but occurs approximately 900 times a year.

Yes, the change in the payment date also applies to the survivor’s pension. For this as well, we have to reclaim pension every year from a large number of heirs of someone who receives a survivor’s pension. By shifting the payment date to the 23rd day of the month, a death more often falls in the same month as the last payment of the survivor’s pension, and recovery is usually not necessary.

This also applies to participants who, for example, receive a disability pension or an orphan’s pension. In fact, it applies to all types of pensions we pay out.

You are still entitled to the same pension, even if you receive it on the 23rd day of the month. The reason for the change is the undesirable repayments for survivor’s pension and heirs after death.

From June 2026, you will receive your pension on the 23rd day of the month. Therefore, check whether your automatic debits (such as rent, mortgage payments, insurance premiums, or subscription fees) still align with this new date. You can do this by:

• Logging into your bank and checking the scheduled direct debit dates.
• If necessary, contacting the relevant organizations to see if it is possible to adjust the direct debit date.
• Adjusting any transfers you have set up yourself so that they match the new payment date.
• Temporarily keeping a buffer in your account to ensure a smooth transition.

If you experience financial difficulties due to the shift in the payment date in June 2026, please contact our Service Desk. Together, we will arrange a payment plan so that you can bridge this transition smoothly and do not run into problems with your fixed expenses.

In June 2026, you will receive your pension 22 days later than usual, namely on the 23rd day instead of at the beginning of the month. To bridge this transition smoothly, you can:

• Plan ahead: Make sure to set aside some extra money in May to cover the longer period until the next pension payment.
• Check your fixed expenses: See if automatic debits (such as rent, mortgage payments, insurance premiums, or subscription fees) still align with the new payment date.
• Adjust direct debit dates if necessary and possible: Contact organizations that automatically debit your account to discuss the possibilities of shifting the date.
• Ask for help: If this causes you financial difficulties, please contact our Service Desk. Together, we will arrange a payment plan so that you can bridge this transition smoothly and do not run into problems with your fixed expenses.

This way, you can avoid running into problems and be well prepared for the change.

The message you received from us in October 2025 is intended as an initial announcement. We understand that June 2026 is still a long way off, so we have scheduled several communication opportunities to keep you well-informed.

• A comprehensive article on this topic will appear in our magazine Generaties in December 2025.
• Starting in January 2026, we will add an additional announcement to your pension statement each month.
• You will also receive a personal letter with all the relevant information in 2026.