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Value transfer

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Value transfer

If you have changed jobs and now fall under a new pension plan at a new employer, the value of the annual pension that you have accrued determines what will happen with your pension.

If the pension that you have accrued has a value of more than € 503.24 per year, you may choose whether or not you wish to carry it over to Philips Pensioenfonds. This ‘value transfer’ can be a good choice if your new employer offers a better pension plan, for example, or if you want to have all your pensions kept by a single pension administrator. Inform Philips Pensioenfonds if you want to carry over your pension. Philips Pensioenfonds can make arrangements to transfer your pension. It is important to find out as much information as you can before you make any decision. Whether or not a value transfer is the right choice for you depends on various factors, including the differences between the pension plans and the finances of your previous pension administrator and Philips Pensioenfonds. If you decide not to carry over your pension, it will remain with your previous pension administrator and will start paying out when you retire. You will no longer contribute premiums to your previous pension administrator, and instead will start accruing a pension with Philips Pensioenfonds. Click here for more information on value transfer.

If the annual pension that you have accrued has a value of less than € 503.24, but more than € 2, ask your previous pension administrator what the arrangements are for value transfers with small pensions. If you changed jobs after 1 January 2018, your previous pension administrator might automatically arrange for your pension to carry over to Philips Pensioenfonds. If so, your previous pension administrator will check www.mijnpensioenoverzicht.nl every year to see whether you are accruing a pension with a new pension administrator. You will not need to state a preference. If you have the option of deciding for yourself, and you want to carry over your small pension, let Philips Pensioenfonds know your preference.

Is the value of the annual pension that you have accrued less than € 2? Then your pension rights will lapse by law. Read our annual report to find out what we do with the amounts that are released under this rule.

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