Value transfer

Do you change employer and move to another pension fund or pension insurer? You can move your ‘old’ pension to your new pension plan. This is known as 'value transfer’. There are 2 possible situations:

  1. You are employed by Johnson & Johnson or one of its affiliated employers.
  2. If you leave Johnson & Johnson or one of its affiliated employers or do you have any pension previously accrued at them?

1. Joining the company

Do you have any pension previously accrued at your current or former employer(s)? In that case, if it is allowed, you can ‘take’ this/these pension(s) to the J&J pension scheme. This is known as value transfer. Condition is that the pension is above the commutation limit and that the other pension fund and J&J Pension Fund OFP are not underfunded. You submit a request for a value transfer to us using the form on My pension, in 'Mijn Archief' (under Reporting changes).

The diagram below shows which situation applies to you

Diagram of value transfer to J&J OFP Pension Fund

Would you like to know more about starting at J&J Pension Fund OFP? On our Welcome page we list practical points for you in six steps.

Start well prepared in six steps


2. You leave Johnson & Johnson or one of its affiliated employers

In that case, you do not accrue pension at J&J Pension Fund OFP any longer. You possibly move to another pension fund. You may take your ‘old’ pension with you to your new pension fund or insurer. This is known as 'value transfer'.

The diagram below shows which situation applies to you

Diagram of value transfer to other pension administrator

Do you have a small pension?
You have a small pension when your pension is less than the legal commutation limit of € 594.89 per year 2023. In that case, it is possible that your former pension administrator will automatically transfer the pension value of this small pension to J&J Pension Fund OFP. You can read more about this in layer 2 of Pension 1-2-3 of your previous pension administrator. Look in 'What pension choices do you have' under the heading 'Taking your pension with you’.

How to decide if value transfer is sensible for you
When considering whether or not it is sensible to transfer your pension, it is wise to compare your current and your new pension schemes. Therefore, always ask for a quote first.

  • Will your pension be increased every year?
  • Has your pension been increased over the past few years?
  • Can you make individual pension choices?
  • What is the earliest possible retirement age?
  • What arrangements have been made for your partner and children if you decease? What will their income be?
  • Do you accrue pension in a defined contribution scheme, a career average plan or a final pay plan?
  • Are you running any risks, for example if we invest for you? In a defined contribution scheme, the investment risk may lie with you.
  • What are the coverage ratios of your old and new pension funds? It gives you an idea of their financial situation. Also check if the pension fund has a recovery plan.
  • Are the financial situations of your current and new pension fund good enough for making a transfer?
  • In the pension comparer ('Pensioenvergelijker' in 'Pensioen 1-2-3, laag 3', My pension, only available in Dutch) you can see the rules for J&J Pension Fund OFP.

What else do you need to know?

  • It is not mandatory to transfer your accrued pension benefits
    You may also leave your pension with your former pension fund. (but only if the pension is more than €592.51 per year (2024), if it is lower, it is automatically transferred).
  • Transferring your accrued pension benefits can be worthwhile financially
    Whether this applies to you depends on both pension plans. Therefore, always ask for a quote first. Take a good look at the terms and conditions: you do not need to decide immediately.
  • Transferral of accrued pension benefits is not always immediately possible
    Transferring accrued pension benefits in a pension fund can only happen if both pension funds are in good financial shape. If that is not the case, apply to have your accrued pension benefits transferred immediately anyway. When transferral is possible again, you will receive a letter.