How payments change/end

What will cause current pension payments to change or end?

Current pension payments may change or end for a variety of reasons. Read on to find out what those reasons are.

If you receive a retirement pension

If you were a member of the flex pension plan before you retired, and if you have a bridging pension, that bridging pension will continue until the end of the month in which you turn 65 or until you reach state retirement age. This depends on when you started drawing your pension. Your bridging pension will end on one of those two dates. Since the state retirement age was pushed back, you cannot start drawing your state pension when you turn 65. Instead it will start paying at a later moment. The higher state retirement age means that you might have less income from when you turn 65 until you can start drawing your state pension.

Another scenario is if you stated a preference for the high-low scheme when you retired. If you opted for the high-low scheme, your pension payments will change when you reach the high-low age and your pension goes down.

You might also have started drawing your pension under the final pay scheme before you turned 65, coupled with a bridging payment. In that case, your bridging payment will continue until the month in which you turn 65.

Your retirement pension ends when you die. The pension payments will stop effective the month after the month of your death. If you live outside the Netherlands, Philips Pensioenfonds will send you a form entitled ‘Certificate of life’ every year. Unless you fill out the form and return it, we may no longer pay you your pension, and your pension payments will stop.

If you receive a disability pension

If you have a disability that prevents you from working, you will receive a disability pension from Philips Pensioenfonds. Since the percentage of your disability may change, your disability pension may also go up or down. If that percentage ever drops below 35%, your disability pension will stop.

Your disability pension will automatically stop when you reach the age at which you may start drawing your pension, and you will receive a retirement pension instead.

The payments will stop before then if your disability pension ever drops below 35% or if you die.

If you live outside the Netherlands, Philips Pensioenfonds will send you a form entitled ‘Certificate of life’ every year. Unless you fill out the form and return it, we will assume that you are no longer alive and your pension payments will stop.