You have been accruing pension with us since 1 March 2022. Your previous pension fund, De Fracties, also wishes to transfer all accrued pensions to Pensioenfonds PGB on 1 July 2022. This is why Pensioenfonds De Fracties and Pensioenfonds PGB have signed a letter of intent.
We look forward to taking good care of your pension. We also understand that you may still have questions about the switch and what your pension will look like with us. We have therefore set out the most frequently-asked questions and answers.
The main reasons for the switch are continuity and costs. Pensioenfonds PGB has far lower administrative costs per participant than Pensioenfonds De Fracties. You therefore have more pension prospects at Pensioenfonds PGB. More information on this is provided in the letter that you received from De Fracties in early April. Information is also available at pensioenfondsdefracties.nl.
Pensioenfonds PGB has existed since 1953. In the early years, most of the companies joining us were associated with the graphical sector. Other sectors joined in the following years. These included dredging and marine fishing companies, the plants and flowers wholesale trade and the travel industry. We now administer pensions for 16 different sectors. As a result of that growth, we realise cost benefits and there are more opportunities for investment. Pensioenfonds PGB currently (March 2022) has approximately 440,000 participants and invested capital of more than €37 billion.
If you would like to know more about us, please see pensioenfondspgb.nl.
The coverage ratio shows our financial position. The coverage ratio is the ratio of our assets to the pensions that we have to pay out. If the coverage ratio is 100%, there is precisely enough money to pay out the pensions. However, the government requires pension funds to have a buffer. So a high coverage ratio is important. Our current coverage ratio is shown here.
Your employer pays for your pension every month. That happened at Pensioenfonds De Fracties and is also the case with us. In that way, you accrue a pension for your old age: the retirement pension. This is an addition to the state pension (AOW, the benefits that you will later receive from the government).
You will receive the first information on your pension scheme from us in May 2022.
From 1 July 2022, Pensioenfonds De Fracties also wants to transfer all accrued pensions to Pensioenfonds PGB. This is why Pensioenfonds De Fracties and Pensioenfonds PGB have signed a letter of intent.
At present (March 2022), it is not yet certain that the accrued pensions will be transferred to us. This is because conditions are attached to the transfer. One of these conditions is the approval of the Dutch Central Bank. This approval depends partly on developments in the financial position of both funds in the coming months.
The management has set limits within which the transfer can take place. If your pension falls less than 0.5% or increases by less than 5.0%, the transfer will go ahead. The test of whether there is a reduction or increase is based on provisional figures, as a result of which the actual outcomes could still differ somewhat. In addition to this test, the other conditions must also be met. The management expects to be able to take a decision on this at the end of June.
If you are an employee, you will receive a personal message from us to welcome you in May 2022. We will then introduce ourselves and let you know which other information you can expect in 2022.
If you no longer work for the company or are retired, and the transfer of the accrued pensions goes ahead, you will receive the first welcome communication from Pensioenfonds PGB in the summer of 2022. More information on the transfer is available at pensioenfondsdefracties.nl.
We are available by telephone on weekdays from 08:00 to 17:00. You can call us on +31 20 5418200 or send an email to ks@pensioenfondspgb.nl. You can also use our contact form at pensioenfondspgb.nl for your questions or comments.
