Step 2: Are you happy with your pension?

According to the J&J Pension Fund pension scheme, the standard retirement age is 68. But you can choose the date on which your pension commences. For example, in order to align it with the end of your employment or start of your AOW payment. In that case, you will receive a lower pension payment because you will be accruing pension for a shorter period and we will then be paying out the pension for a longer period. But there are even more options that allow you to tailor your pension to your personal situation.

What option do you choose for retirement?

When you retire, you will have the option of receiving a one-off payment of up to maximum 10% of your pension. This is expected to be implemented by 1 July 2023. The following conditions apply:

•  The lump-sum can only be withdrawn on the pension commencement date.

•  You can withdraw up to a maximum of 10% of the value of the retirement pension as a lump-sum.

•  You cannot combine the choice for a lump-sum payment with the choice for a high/low or low/high benefit payment.

•  You cannot combine the choice for a lump-sum payment with the choice for an AOW bridging pension.

•  You will need your partner’s approval if your choice for a lump-sum payment results in a lower partner’s pension.

•  The remaining amount of a lifelong retirement pension benefit after the withdrawal of a lump-sum must be higher than the maximum commutation limit for small pensions.

If you choose to receive a lump-sum payment, your income will be higher initially and lower afterwards, because you have taken an amount from your pension pot. This will also have consequences for your tax return and any supplements you are receiving because your taxable annual income will once be higher.

In the retirement letter you can choose to withdraw a ‘lump sum’
Will you be retiring on or after 1 July 2023? If so, you have the option of withdrawing a ‘lump sum’. However, you should seek appropriate advice about this by consulting a financial adviser about the implications of withdrawing a lump sum.

Read the latest developments about the Pension Agreement.

Log in at My pension. You will be using a new way to log in. Please refer to the MFA user manual (pdf). Are you a (former) participant in J&J Pension Fund OFP? Then you can also find the pension planner on My pension. This calculation tool allows you to calculate, save and, if necessary, print various pension scenarios. For each choice, you can immediately see the effect this has on how much retirement pension you receive. You can also enter amounts from other pension funds to get a more complete view of your situation.

View the video Calculate your pension ('Bereken uw pensioen' in Dutch) at Pension choices at Johnson & Johnson Pension Fund OFP and see how the pension planner works.

Please make sure we can also reach you when you have retired!
Therefore, register your private email address at My Pension.

Do you want to retire before your AOW retirement age? Make clear agreements with your employer about this well in advance. And be sure to contact the pension fund. If you do not wish us to do this, then six months before your state pension age, you will automatically receive a letter from us asking you when you want your pension to start.

This letter will contain your provisional pension amounts and pension options as well as an application form for your pension. Kindly send us back the signed form with your choices and bank details. You will receive a confirmation from us as soon as we have received your form. Under Nearly retired you will find all you need to know about when you will receive which information from us. Also see the overview of pension options and communication points.

In the month before you retire, you will receive an overview of your final gross pension amounts based on the most recent information. An overview of your net pension payment will be sent to you after you receive your first payment (around the 25th of the month in which your pension commences).