Many people do not know that they can choose their own retirement date, between 10 years before and 5 years after the date at which they are eligible for state pension. Therefore, we would like to explain a little more about how your pension works and the choices you have regarding retirement.

Your pension plan at J&J Pension Fund OFP is a defined benefit scheme
This means that the amount of your pension is fixed.

Were you employed before 1 January 2015?
If so, in addition to your (basic) pension scheme, you accrued additional pension through the Flexioen scheme. This pension scheme was transferred to Centraal Beheer PPI by means of a collective transfer of assets. For more information, see Supplementary gross pension scheme (formerly Robeco Flexioen scheme).

The standard retirement date with us is when you turn 68
You can also choose to retire earlier or later. Pension choices affect the amount of your pension. Our Retirement webpage shows which choices you can make.

Other factors will affect the amount of your pension
If you make other choices, bear in mind that factors such as interest rates and life expectancy will affect the amount of your pension. We refer to these as flex factors. Fluctuations in the flex factors therefore directly affect your pension benefit if, for example, you retire before the age of 68. The flex factors can be found in the pension scheme rules.

Do you want to retire at your state pension age?
Your pension will be lower if you retire earlier. For example, if you choose to retire at your state pension age - currently 67 - then you will not yet have accrued the planned final amount and will miss 1 year of accrual. In addition, your pension will have to be paid out 1 year longer. Visit SVB.nl to check which AOW age applies to you and for more information about the state pension.

Want to know the amount you will receive if you retire early?
You can use the planner on My Pension to make sample calculations. You will the nimmediately see the effect on the amount of your pension benefit.

You could choose to:

•  receive your pension earlier or later

•  exchange (part of) your retirement pension for a higher partner's pension

•  exchange (part of) your partner's pension for a higher retirement pension

•  receive a higher pension for 5 or 10 years and then a lower pension for life

•  receive a lower pension for 5 or 10 years and then a higher pension for life

Overview with pension choices and communication moments

The government is still working out the rules for this choice. As a result, not all details on this are known.

You can read more about this choice under the fold-out Expected possibility for a lump sum payment on retirement on the page What will change?

Please note that a lump sum may affect any allowance you receive. For example, a rent or care allowance. The allowance may be reduced or even terminated. You will also have to pay tax on the lump sum.

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.

Your pension calculated in the pension planner is provisional and subject to change
We calculate your pension using flex factors. Interest rates and life expectancy affect these flex factors. When your pension takes effect, these factors may have changed. This is because the board decides around 1 January of each year whether to change these factors from 1 July . We calculate your final pension using the flex factors in force at the time your pension starts. As a result, your final pension may be higher or lower than the calculated amounts in the pension planner. Are you about to retire? In that case, please contact the pension fund.

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.

Do you want to retire earlier than your state pension age? Make clear arrangements with your employer about this well in advance. And contact the pension fund at least 6 months before your desired retirement date. If this is not your preference, you will automatically receive a letter from us six months before your state pension age asking when you want your pension to start.

Pension amounts are provisional and subject to change
We calculate your pension using flex factors. Interest rates and life expectancy affect these flex factors. When your pension takes effect, these factors may have changed. This is because the board decides around 1 January of each year whether to change these factors from 1 July . We calculate your final pension using the flex factors in force at the time your pension starts. As a result, your final pension may be higher or lower than the amounts in your pension letter. Are you about to retire? In that case, please contact the pension fund.