You received a letter from us at the end of November/beginning of December 2022 about the increase in your pension in 2022. Below, you can read the English text of that letter.
Dear Mr, Ms,
You are accruing or accrued a pension (capital) with us. The board of Pensioenfonds PGB has decided to increase all pensions in the average earnings scheme by 2.77%. In this letter you can read more about this.
Your accrued pension will be increased by a total of 3% in 2022
That was because our financial situation was good enough for this. For this, we looked at our coverage ratio. The 2.77% increase comes on top of the previous 0.23% increase. This brings the total increase to 3% in 2022. The 3% increase applies to everyone who received a pension from us on 31 December 2021, accrued a pension with us or still had one with us. The increase will take retroactive effect from 1 January 2022.
Have you accrued pension at Bpf AVH in the past?
Then you received information earlier about the reduction of the pension accrued at Bpf AVH. This reduction is separate from the increase referred to in this letter.
Your pension capital has not been increased
You also have pension capital with us. That pension is not dependent on the coverage ratio. This means we will not increase your pension capital. Conversely, we will not reduce your pension if the coverage ratio is too low. Your pension capital increases due to the amount you and your employer pay, and it increases or decreases because of the investment return on your pension capital. If we already purchased a pension from your accrued pension capital, that pension has increased.
Why an additional pension increase was possible
In anticipation of the introduction of the new pension system, the government temporarily relaxed the legal supplement rules in June. This means that between 1 July and 31 December 2022, pension funds may increase pensions if the policy funding ratio is 105% or higher. That limit used to be 110%. That is why the additional increase of your pension was possible. With the relaxed legislation, the government is anticipating the rules of the new pension system. Want to know about the new pension system and the changes? Click here.
What effect will the increase have in the short and long term?
With every decision, our board carefully considers the consequences in the short and long term. And how this will affect our participants: those who receive pension from us, accrue pension with us or still have a pension with us. They received an additional 3%. That is generally good news. The fact that we were able to increase more quickly this year due to the new rules is particularly beneficial for the participants who already receive a pension. For younger participants who are still accruing pension, it would have been slightly more favourable in the future not to have an increase this year. The board has carefully considered this.
Want to find out more?
Read here our answers to frequently asked questions.
When will Pensioenfonds PGB decide on an increase in 2023?
Our board will decide in December or January how much we can increase the pensions in the coming year. You’ll receive a letter from us about this. Also keep an eye on our website.
If you’re looking for a quick read of the latest news about your pension, via our digital newsletter, for example, you can. We prefer to communicate with you digitally. That is easy for you and it saves costs. Signing up for digital communication is easy via your ‘personal details and preferences’ at mijnpgbpensioen.nl.
If you have any questions,
We’ll be happy to assist you. Please send us an e-mail via ks@pensioenfondspgb.nl or get in touch on +31 (0)20 541 82 00.
Kind regards,
Harry Vossebeld
Chief Operation Officer