If there is a deficit
If in spite of its best efforts Philips Pensioenfonds does not have sufficient funds to pay for all pensions in the long term, something has to be done. The pension administrator has the duty to weigh up as thoroughly as possible what the best solution is: not to increase (index-link) the pensions or to reduce the accrual rate of 1.85%. In both cases you accrue less pension. The accrual rate of 1.85% is not fixed. The Board of Trustees may also opt for a combination of measures or other solutions. In the most extreme case it may decide to reduce your accrued pension or pension benefit.
Until now Philips Pensioenfonds has never reduced the pensions.
More information on the financial position of Philips Pensioenfonds you can find here.
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