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.
You’ll soon be accruing pension through a contribution scheme. The contribution scheme allows you to grow an amount of money in a pension pot. That money grows through the premium you pay and the return on investments.
If you retire later, the pension pot contains an amount for your pension. You’ll receive a pension from this. And you’ll receive this pension for as long as you live. How much pension you’ll receive later depends on the size of your pension pot.
Basic principle is that all pensions will be transferred to the new pension. The pension you have accrued to date is 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.
Have you already accrued a partner’s pension with us? This will remain in force. If you die, your partner will receive the partner’s pension accrued to date, together with the partner’s pension from the new pension scheme.
Social partners from the industry in which you work 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, please check this overview of the choices.
