New calculation rules for pensions as of 1 January 2023

When you retire, we calculate the pension you will receive on the basis of a number of calculation rules - including rules on life expectancy and interest rates. We call these flexibilisation factors or flex factors and use them to calculate your pension amount in a number of scenarios. For example, if you are retiring early or exchanging part of the partner’s pension you have accrued for a higher retirement pension. Once your pension is in payment, adjustments to the flex factors will not affect your pension amount anymore.

Why are the flex factors being adjusted?
Supervising authorities like De Nederlandsche Bank (DNB) and the Belgian Financial Services and Markets Authority (Belgische Autoriteit voor Financiële Diensten en Markten (FSMA)) supervise the flex factors that pension funds apply. If a pension fund uses flex factors that are not based on the correct starting points, the supervising authority can intervene. The flex factors applied must reflect the current economic situation, which is why the pension fund adjusts the pension fund adjusts the flex factors every three years. If prompted by changes in the rate of interest or life expectancy tables*, it may even be necessary to adjust the flex factors annually.

Your pension could be lower because of the adjusted flex factors
Because the rate of interest increased significantly last year, the flex factors have been adjusted and may leave participants with lower pensions.

The pension planner was adjusted in line with the new flex factors at the end of December 2022
You can use the pension planner to see which pension options you have. If you did this before the end of December 2022, you can head back to the planner now to make a new calculation based on the adjusted flex factors. To do this, go to My pension. For information about all your options and an explanation of the pension planner, see Retiring. A number of example calculations are provided in the pension regulations.

Did you receive a calculation from us before 1 January 2023 and are you retiring in 2023?
Your actual pension amount could be lower than the amount indicated in the pension calculation. To make a new calculation in the pension planner based on the adjusted flex factors, go to My pension.

Do you have any questions?
Please contact our client team, by e-mail or telephone. We are here to help!

*Life expectancy tables describe the mortality and survival patterns of the population. The pension fund uses these tables to determine the expected length of time for which pensions will need to be paid.