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Welcome to J&J Pension Fund OFP!

Are you 21 years or over? And do you currently work at an enterprise that is connected to J&J Pension Fund OFP? Then you accrue pension with us.

In this Pensioen 1-2-3 you will read what is, and what is not, covered by our pension plan
This is important to know, for example, if you start a new job. Pensioen 1-2-3 does not disclose any amounts or personal information You will find those:
- on your annual Uniform Pension Overview (UPO).
- in My pension on our website (only available in Dutch). At your first visit, you register to get a user name and password to login.
- at mijnpensioenoverzicht.nl. Here you can also find your AOW and the pension with all your employers.

You can read how we deal with sustainable investing, in layer 3 under Investments.

Pensioen 1-2-3 consists of 3 layers; choose how much you want to know
- Layer 1 : your pension scheme in 5 minutes.
- Layer 2: more information about the subjects (only available in Dutch).
- Layer 3: all the rules and regulations of our pension fund (only available in Dutch).

You are now reading layer 1. You can find layers 2 and 3 when you login at My pension (only available in Dutch). Do you prefer to read it on paper? You can request for a copy via contact.

What does our pension scheme cover?

When you retire, you will start to receive a retirement pension. Officially, your pension with us will start on the 1st day of the month after your 68th birthday. However, you may also retire early or defer your pension.

If you die, your partner will receive a partner's pension and your children will receive an orphan's pension. Your partner will also receive a temporary partner’s pension until his or her statutory retirement date.

If you become disabled, You will continue to accrue a pension. However, your pension contributions will either be lower or stop altogether. We will also supplement your state benefit if you earn more than the maximum salary stipulated by the WIA. In 2022, this is € 59,706.36. Read more about this at 'What do I need to do... sick or disabled'.

If you would like to know exactly which rules apply, see our pension regulations in layer 3. If you would prefer to receive a hard-copy version of our regulations, please request this via contact or ask your employer for an explanation.

In layer 2 in My pension you can read more about these subjects (only available in Dutch).

What is not covered by our pension scheme?

Our pension scheme covers everything that is important for your retirement, because you accrue a retirement pension, a partner's pension and an orphan's pension with us. If you become disabled, we will supplement your state benefit if you earn more than the maximum salary stipulated by the WIA. Although you will continue to accrue a pension, your pension contributions will either be lower or stop altogether.

In layer 2 in My pension you can read more about this subject (only available in Dutch).

How do you accrue a pension?

You accrue pension income in 3 ways:
A. State (AOW) pension: you will receive this from the government if you live or work in the Netherlands. Read more at SVB.nl.
B. Your pension with us: you accrue this through your employer. The Pensioen 1-2-3 is about this pension.
C. Income that you arrange yourself (in the form of general savings, an annuity or savings in a blocked account with your bank (banksparen).

Each year, you accrue a portion of your pension; your total pension is the sum of each portion. This is called an average salary scheme. You will start to receive this life-long pension when you retire.

Although you accrue pension every year, the amount you accrue will not be based on your full gross salary. You will not accrue any pension on € 14,802.- in 2022, because we take your future state pension into account. In this scheme, you will accrue a pension of 1.875% on the salary remaining but only up to a salary of € 114,866,- in 2022.

We receive contributions for your pension. Your payslips specify your share of the contributions paid. Your employer contributes too.

In layer 2 in My pension you can read more about these subjects (only available in Dutch).

Which options do you have?

If you change employer and move to a different pension fund or pension insurer, you can transfer your ‘old’ pension to your new pension scheme. This is known as a value transfer.

If you would like to compare our pension scheme with another pension scheme, you can do this via the pension comparison calculator in layer 3 of this Pensioen 1-2-3 at My pension.

If you are about to retire, you can choose to swap pensions. For example, you could convert the partner’s pension into extra pension for yourself, or vice versa. You could also convert part of your retirement pension into extra pension for your partner.

If you would like to retire earlier than the age of 68, you will be able to do so 5 years before your statutory retirement date at the earliest and 5 years after your statutory retirement date at the latest. You may want to discuss this with your employer.

If you would like to receive a higher pension in the initial 5 or 10 years, followed by a lower pension later (or vice versa), you can opt for an arrangement of this nature when you retire. You might want to do this if payment of your state retirement pension will start at a later date.

If you would like to see all of the choices open to you - for example, extra pension for your partner and your retirement options.

In layer 2 in My pension you can read more about these subjects (only available in Dutch).

How secure is your pension?

Your pension is not secure because it is subject to risk. For example:

  • People are living longer on average, because of which we are having to pay pensions to them longer.
  • Low interest rates make pensions more expensive. Because of this, our pension fund needs more money to be able to pay the same pension amount.
  • Our investments may fail to achieve the returns envisaged.

The entitlements of active participants are increased on 1 January of each year in line with increases in the price index. The increase up to and including 2025 will be a minimum of 1.5% and a maximum of 4% for participants whose employment commenced before 1 January 2016 and who have been participants without interruption ever since. However, if the price index increases by more than 4% in any year, the maximum for the year in question will be renegotiated between employers and works councils. On 1 January 2021, the pension (for 2020) of participants whose employment commenced before 1 January 2016 increased by 1.5%. The pensions of participants whose employment commenced on or after 1 January 2016 increased by 1.2%.

In recent years, we have increased participants’ pensions as follows:

  increase-1
Employed before 1-1-2016
increase-2
Employed on or after 1-1-2016
Increased costs of living*
2020 2.70% 2.70% 2.70%
2019 2.10% 2.10% 2.10%
2018 1.50% 1.30% 1.30%
2017 1.50% 0.40% 0.40%
2016 based on the final pay scheme ** based on the final pay scheme ** 0.57%

*Source: Statistics Netherlands, consumer price index for all derived expenditure, October - October

**The table above states ‘based on the final pay scheme’ because a final pay scheme was in place before 1 January 2016. In this scheme, pensions were automatically adjusted in line with increases in salaries.

Your employer will supplement any deficits sustained during the course of a year.

In layer 2 in My pension you can read more about these subjects (only available in Dutch).

Which costs do we incur?

Our pension fund incurs the following costs in relation to your pension:

  • Organisation and administration costs.
  • Costs for the administration and investment of your pension capital.

In layer 2 in My pension you can read more about this subject (only available in Dutch).

When will you need to take action?

If you change jobs. In this situation, you could decide to transfer the pension you have accrued to your new pension administrator.

If you become disabled, or if some aspect of your disability percentage changes.

If you are getting married, becoming a registered partner, or if you and your partner are moving in together.

If you are getting a divorce, ending your registered partnership or are no longer cohabiting.

If you move abroad or within a country abroad.

If you become unemployed.

If you start to work more or less.

If you take unpaid leave.

Once a year, check the amount of pension you have accrued:

  • on your annual Uniform Pension Overview (UPO)
  • via My pension on the website
  • mijnpensioenoverzicht.nl (only available in Dutch) to see your state pension and the pension you have accrued via your employers. You will see your net pension amount here too.

If you want to choose how your pension will work for you, see Which options do you have?.

If you have any questions about things you need to do yourself or about your pension options, see our website. Alternatively, contact us.

In layer 2 in My pension you can read more about these subjects (only available in Dutch).

More about...

…your pension with us? Look into layer 2 or layer 3 at My pension (only available in Dutch). You can find information on our website too.

…all your pension benefits? Check mijnpensioenoverzicht.nl (only available in Dutch).