Retirement

Retirement  

You will soon be able to enjoy your pension. It is not only your everyday life that is going to change. Your financial situation will be different too. Before you receive your first pension payment, a number of options are available to you. These options affect the amount of pension you receive. You can exchange your survivor’s pension for additional retirement pension. And you can vary the level of your bridging pension if you retire before the AOW pension age. With the high-low scheme you can opt for a higher pension initially and a lower pension later. All these choices affect the level of your pension. You can find out below how this works.

Survivor’s pension: retain or exchange?

In the flex pension scheme you have accrued a survivor’s pension. The survivor’s pension is based on 70% of your actual retirement pension accrued in the flex pension scheme. Your partner receives this survivor’s pension after your death. However, you can also choose to exchange your survivor’s pension and receive a higher retirement pension instead.Read more

Is this option relevant to you?
If you do not have a partner, then there is nobody who qualifies for the survivor’s pension. In that case we automatically exchange the survivor’s pension for additional retirement pension. You don’t have to make the choice yourself. If you do have a partner, you might consider this option to be attractive. If so, read carefully the information provided below.

What are your options?
Is your partner known to Philips Pensioenfonds? If so, we assume that you will not exchange the survivor’s pension. This means that you retain the full survivor’s pension. If you do not wish to do that and if you prefer to exchange the accrued survivor’s pension for additional retirement pension, you have several options:

  • You wish to retain three-quarters of the survivor’s pension
  • You wish to retain half of the survivor’s pension
  • You wish to retain a quarter of the survivor’s pension
  • You do not want a survivor’s pension

If you wish to exchange (part of) the survivor’s pension, your partner has to consent to the choice that you make, because these choices affect his or her financial situation after your death. Philips Pensioenfonds therefore confirms your choice in person to your partner.

What do the choices mean for your pension?
If you opt to exchange the survivor’s pension, you yourself receive a higher pension and your partner receives less survivor’s pension or no survivor’s pension at all, after your death. How much your partner receives depends on the choice you make.

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Choosing the level of your bridging pension

If you retire before the AOW pension age, you will not yet receive a state pension (AOW). For that reason the flex pension scheme allows you to opt for a bridging pension. This is a temporary extra pension that you receive together with the retirement pension. In this way your total gross income can remain almost the same until the AOW pension age as it is from the time when you receive the state pension (AOW). You can opt for different levels of the bridging pension, matching it to the state pension (AOW) that you will later receive.Read more


Do you have a partner?
Are you about to retire? If so, we ascertain whether a partner has been registered. Has a partner been registered with Philips Pensioenfonds? In that case, your bridging pension will be equal to the state (AOW) pension for married persons without the portion for your partner.

Are you single?
Has no partner been registered with Philips Pensioenfonds? In that case, the bridging pension will be equal to the state (AOW) pension for persons living on their own.

What are your options?
You are able to adjust the level of the bridging pension to the level of the state (AOW) pension applicable to you. However, you can opt for another amount.

Every six months the government resets the level of the state pension. The level of your bridging pension is derived from the state pension applicable on your retirement date. This amount is not reset subsequently.

What does your choice mean for your pension?
If you opt for a higher bridging pension, the total pension income will be higher up to the AOW pension age. Thereafter, however, the retirement pension will be lower. This is because you have already received part of your total pension income before the AOW pension age. The survivor’s pension for your partner will also be lower. That is why your partner has to consent to the choice that you make.

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First more and later less pension (high-low scheme)

Through the high-low scheme it is possible to match the level of your retirement pension to your personal wishes, taking into account the fiscal limits. In this scheme your retirement pension is increased up to a certain age, at the expense of the benefit level in later years.Read more

What are your options?
You can choose up to what age you wish to receive the higher pension. You can choose from AOW pension age or 72. This is what we call the high-low age. Thereafter there are three options for the level of the retirement pension:

  1. The lowest pension is 75% of the highest pension
  2. The lowest pension is 82% of the highest pension
  3. The lowest pension is 90% of the highest pension

What does this mean for your pension?
Do you want to opt for the high-low scheme? In that case, up to the high-low age that you choose you will receive a higher pension than thereafter. The more pension you receive before the chosen high-low age, the lower your pension will be after this age. The survivor’s pension for your partner does not change as a result of opting for the high-low scheme.

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Gecontroleerd op: 05-09-2018

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