Inflation-proof / Increases in your pension
If prices rise each year, money loses value and you can buy less with the same amount than in the previous year. This is what is called price inflation. Philips Pensioenfonds therefore tries to increase your accrued pension each year in line with the wage inflaton (collective salary scale adjustment in the Philips Collective Employment Agreement, also for those working at Signify and Versuni). We refer to this as our ‘ambition’.
Indexation not always possible
It is not always possible to ensure that pensions grow in line with the collective CEA salary adjustment at Philips. Whether and, if so, to what extent indexation is possible depends on the financial situation of Philips Pensioenfonds. If the policy funding ratio is too low, Philips Pensioenfonds may not be able to increase, or fully increase, your accrued pension. In that case your pension will be worth less. If financial circumstances subsequently improve, compensatory indexation may be possible.
Annual decision
The Board of Trustees decides each year whether and, if so, to what extent your accrued pension is to be increased by means of indexation. This is based on what is called the indexation policy ladder. This stipulates at what policy funding ratio full or partial indexation can take place. The Board of Trustees can always decide not to be bound by the indexation policy ladder. More information you can find here.
Will your accrued pension retain its value?
In recent years Philips Pensioenfonds index-linked the accrued pensions of the current employees as follows*:
| Increase as of 1 April |
Our ambition | Price inflation | |
|---|---|---|---|
| 2024 | 4.00% | 4.00% | 3.20% |
| 2023 | 2.10% | 2.10% | 7.60% |
| 2022 | 1.98% | 1.60% | 6.40% |
| 2021 | 0.00% | 3.40% | 1.60% |
| 2020 | 0.64% | 2.0% | 1.80% |
| 2019 | 2.25% | 3.00% | 2.20% |
| 2018 | 0.22% 0.38%** |
1.50% | 1.50% |
| 2017 | 0.00% | 2.10% | 1.70% |
| 2016 | 0.00% | 1.60% | 0.60% |
| 2015 | 0.0% | 1.50% | 0.0% |
| 2014 | 2.05% | 4.50% | 1.40% |
| 2013 | 0.00% | 3.00% | 3.00% |
| 2012 | 0.00% | 0.75% | 2.50% |
| 2011 | 0.00% | 0.00% | 2.00% |
* The figures on price inflation are based on figures of Statistics Netherlands (CBS).
** Increase as of 1 November
Increase after termination of employment or retirement
If your employment terminates or you retire, Philips Pensioenfonds adjusts your pension in a different way. It tries each year to ensure that your pension grows in line with price inflation, based on increases in the derived consumer price index.
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