If 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 transferring accrued pension benefits.
What should you do?
- Joining Johnson & Johnson
If you are joining Johnson & Johnson or one of its affiliated companies you can ask our pension fund to transfer your accrued pension benefits.
- Leaving Johnson & Johnson
If you are going to work elsewhere you should ask your new pension fund or pension insurer to transfer your accrued pension benefits.
Transferring accrued pension benefits to our pension fund
- Ask our pension fund to transfer your accrued pension benefits.
- We will ask your former pension fund or pension insurer about the value of your pension.
- You will receive an offer from us. It will state how much your ‘old’ pension is worth in our pension plan.
- If you agree to our offer we will arrange to transfer your accrued pension benefits.
What do you have to pay attention to?
Before deciding if value transfer is a good option for you, you can compare the following issues in your old and new pension plan:
- Is your pension increased every year?
- Has your pension been increased in the last few years?
- Can you make individual pension choices?
- At which age can you stop working?
- Do your partner and children receive any pension if you die? If so, how much?
- Do you build up pension in a defined contributions plan, an average pay plan or a final pay plan?
- Do you run any risks, e.g. if we invest for you? In a defined contributions plan you may bear the investment risks.
- Is the financial situation of your old and new pension fund good enough? Check the funding ratio of both funds. Also check if the pension fund has a recovery plan.
In the pensioenvergelijker (layer 3, after logging in into Mijn pensioen) you can see the rules for our pension fund.
Things you need to know
- It is not mandatory to transfer your accrued pension benefits
You may also leave your pension with your old pension fund.
- Transferring your accrued pension benefits can be worthwhile financially
Whether this applies to you depends on both pension plans. 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. Their funding ratio must be 100% or higher. If that is not the case, apply to have your accrued pension benefits transferred immediately. When transferral is possible again, we will notify you.