We expect your pension to change from 1 January 2027. We can’t yet say exactly what will change. That depends on the agreements that your employer or the industry will enter into for your pension. Find out what we can tell you about your new pension now.
In the new pension, you’ll continue to accrue pension through a contribution scheme. The type of contribution scheme depends on your industry or the choices your employer makes. Yet the basis of the contribution scheme remains the same: you grow an amount of money in your pension pot. If you retire later, we will convert the pension in the pension pot into a lifelong pension.
The basic principle is that all pensions will be transferred to the new pension. The pension capital that you have accrued to date will also be converted into an amount for the pension pot. This way, the old and new pensions are kept together.
In exceptional cases only, the industry or employer may decide not to convert your old pension to the new pension scheme. For example, if conversion is unfavourable for certain groups of employees.
If you die whilst accruing a pension with us, your partner will receive a percentage of your final salary. The maximum percentage is 50%. Children up to the age of 25 will receive an orphan’s pension of up to 20% of your final salary.
If you die whilst no longer accruing a pension with us, your partner and children will not receive a pension from us. If you have a new employer with a pension scheme, your partner and children will be insured for a pension through that employer.
Social partners from your industry or your employer will make agreements for your new pension scheme. They will make choices for, for example, the type of contribution scheme, the premium to be paid and the percentage for the partner’s pension. They will pass on their choices to us by the end of 2024. From the second half of 2025, we will be in a better position to tell you exactly how the new rules will affect you.
If you want to find out more about the choices that social partners or your employer make for your pension, Here’s an overview of the choices.
