If you change pension administrator
If you change jobs and now fall under a new pension plan. The value of the annual pension that you have accrued determines what will happen with your pension.
If the annual pension that you have accrued has a value of more than € 592.51, you may decide for yourself whether or not to carry over the pension that you have accrued with Philips Pensioenfonds. This ‘value transfer’ can be a good choice if your new employer offers a more favourable pension plan, for example, or if you want all your pensions to be kept by a single pension administrator. If you want to carry over your pension, you must inform your new pension administrator. 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 finances of your previous pension administrator and Philips Pensioenfonds. If you prefer not to carry over your pension, it will remain with Philips Pensioenfonds and will start paying out when you turn 68. You will no longer contribute premiums to Philips Pensioenfonds, and will start accruing a pension with your new employer’s pension administrator. Contact us if you need help deciding what to do.
If the annual pension that you have accrued has a value of less than € 592.51, but more than € 2, and if you changed jobs after 1 January 2018, Philips Pensioenfonds will automatically arrange for your pension to be transferred to your new pension administrator. Philips Pensioenfonds will check www.mijnpensioenoverzicht.nl every year to see whether you are accruing a pension with a new pension administrator. If you do not have a new pension administrator, your pension will remain with Philips Pensioenfonds.
If you stopped accruing pension rights after 1 January 2019, and the value of the annual pension that you have accrued is less than € 2, 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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More information? Go to our downloadpage. There you can also find the Annual report.
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