Pensioen 1-2-3

You take part in the pension scheme of Pension Fund WKNL through your employer and you accrue retirement pension. You will receive retirement pension when you turn 68 years old. Your pension is a supplement to the AOW. The AOW is a pension that you will receive from the government once you reach the state pension age. Click here to see when you will reach the state pension age.

How much pension you will receive from Pension Fund WKNL mainly depends on the salary you earn, the contents of the pension scheme in which you participate, and the number of years that you participate. The retirement pension is paid on a monthly basis from your 68th year onwards, as long as you live. The amount of the retirement pension is mentioned in your Uniform Pension Statement (UPO) and on www.mijnpensioenoverzicht.nl.

The pension scheme in which you participate is a defined benefit agreement. Each year you accrue pension rights on a part of the salary you earned in that year, not on the entire salary. Your pension provider takes the AOW into account, which you will receive from the government once you reach the state pension age. The part of your salary on which you do not accrue pension, is called the 'deductible'. You annually accrue 1.875% in retirement pension on your pensionable salary minus the deductible.

For example: you earn € 24.802,- per year. The deductible is € 14.802,-. In that year, you can accrue 1,58% in pension on a pension base of € 10.000,-. That is € 158,- in that year. The retirement pension that you will receive upon retirement is the sum of all years, plus any indexation.

As long as you work at one of the Wolters Kluwer companies in the Netherlands and in doing so participate in the Pension Fund WKNL, a partner pension is insured for your partner, and orphan's pension for your children. The partner pension is paid in the event of your death, for as long as your partner is alive. The orphan's pension is paid in the event of your death until your child is 18 years old, or, if your child is still studying, until your child is 27 years old. You can read more about this in the pension rules and the pension brochure. The amount of the pension for your partner and your children upon your death is stated in your Uniform Pension Statement (UPO) and at  www.mijnpensioenoverzicht.nl.

Please note: there is no partner's pension for your partner if you die when you are no longer employed at one of the Wolters Kluwer companies in the Netherlands.

On your retirement date or when you leave your WKNL employer, you can convert a part of your retirement pension into a partner's pension. Of course, your retirement pension will then become less. In the event of your death after your retirement or after you have left your WKNL employer, your partner will get a partner's pension from the Pension Fund WKNL.

Your partner may then also be entitled to a statutory surviving dependant's benefit from the government: the ANW scheme. But there are certain conditions. Your partner must have lived or worked in the Netherlands, not have reached the state pension age, and must meet one of the following conditions: be caring for a child under the age of 18 years, or be more than 45% incapacitated for work. Certain other income of your partner will be offset against a surviving dependant's benefit. You can find more information about this on the website of the Sociale Verzekeringsbank (SVB).

Please note: Doesn't your partner qualify for a surviving dependent's benefit from the government or you want to insure something extra for your partner? Click here for the (in Dutch) Surviving Dependant's Act shortfall insurance via Wolters Kluwer Netherlands. For more information see ‘Additional income for your partner after your death?’. 

If you become more than 15% incapacitated for work, you are entitled to (partial) continuation of the pension rights for that part without you having to pay any premium. This non-contributory pension depends, among other things, on the degree of your incapacity for work. You can find more information about this in article 19 of the pension rules (in Dutch only) and in the pension brochure.

Would you like to know exactly what our pension scheme has to offer? Click through to the pension rules (in Dutch only).

The pension scheme only provides a partner's pension as long as you work for a WKNL employer and participate in the Pension Fund WKNL. This means that there is no partner's pension for your partner from the time that you leave the service.

If you have a partner and you are planning to leave your employer, it is therefor important that you and your partner assess whether it is necessary to arrange something extra for that situation. For example, you could take out an insurance, or you might convert a part of your accrued retirement pension into a temporary partner's pension insurance. Of course, your retirement pension will become less as a result. The choice for a lower retirement age pension in lieu for a partner's pension is one you make when you leave your employer.

At the time of your retirement, you again have the possibility to choose for ensuring a partner's pension, or not. Please also see ‘What choices do you have? ‘.

If you die when you no longer work for a WKNL employer, there will not always be a partner's pension insurance.

A. AOW: this pension you will receive from the government
The AOW is the statutory pension from the government. You accrue AOW in 50 year. You only accrue AOW if you live and/or work in the Netherlands. At which age you will receive AOW, depends on your date of birth. The state pension amount is not the same for everyone. The AOW amounts are adjusted annually. Look for the amounts and for further information on the AOW on www.svb.nl. For your state pension age click here.

Please Note: If you haven’t always worked or lived in the Netherlands your AOW may be lower, check this on the website of the www.svb.nl.

B. The pension that you accrue via your work
How much pension you accrue via the pension scheme of your employer, is stated on the Uniform Pension Statement (UPO). You will receive the UPO once a year as long as you accrue pension with Pension Fund WKNL. The UPO states the retirement pension that you have accrued right now, as well as the pension you will have accrued at age 68 if you continue to accrue pension with Pension Fund WKNL until that time. The UPO also contains information on the partner's and orphan's pension, pension for your partner and children in the event of your death.
Please visit www.mijnpensioenoverzicht.nl where you will find a summary of all the pension that you have accrued in the various jobs that you have had, as well as your AOW.

C. The additional pension you arrange yourself
You can arrange your own supplement to your AOW and the retirement pension that you accrue with your employer. There are several possibilities to supplement your pension. For instance by a tax efficient blocked bank savings account, or by taking out an insurance – such as an annuity. Whether this is necessary depends on your personal financial situation. A financial advisor can help you to make a choice. You can check this on the online tool from www.nibud.nl the Pensioenschijf-van-vijf (in Dutch only). You can import the www.mijnpensioenoverzicht.nl information.

The annual pension accrual is linked to the salary you earned in that year. Your resulting pension is a reflection of what you earned in the years that you participated in the pension scheme. But you do not accrue pension on the entire salary. Your pension provider takes the AOW into account, which you will receive from the government once you reach the state pension age. The part of your salary on which you do not accrue pension, is called the 'deductible'. The deductible for 2022 is € 14.802.

The pension scheme understands pensionable salary to mean: twelve times the fixed full-time gross salary, increased by 8% holiday allowance. You annually accrue 1.58% in retirement pension on your pensionable salary up to € 114,866, minus the deductible. The total pension that you accrue, is the sum of all those years plus any indexation. This is called an ‘average pay plan’. You will receive this retirement pension each year in 12 equal monthly instalments for as long as you live. 

Each year, you accrue pension on a part of the salary you have made in that year. The part of your salary on which you do not accrue pension, is called the 'deductible'. The pensionable salary minus the deductible is the pension base. You annually accrue 1.58% in retirement pension on your pensionable salary minus the deductible.

For example: you earn € 24.802,- per year. The deductible is € 14.802,-. In that year, you can accrue 1,58% in pension on a pension base of € 10.000,-. That is € 158,- in that year. The retirement pension that you will receive upon retirement is the sum of all years, plus any indexation.

Each month, you and your employer pay pension contributions. You pay 1/3 and your employer pays 2/3. The premium is, in fact, the price of your pension. For 2022, the contribution you pay is 8% of your pension base and your employer pays 16%. Your employer withholds your part of the monthly pension contributions from your gross wages. The exact amount is on your wage slip. The premium that your employer pays is also included on your wage slip.

Are you changing jobs and as a result transfer to another pension scheme? Then the amount of  your accrued pension per year determines what happens to your pension.

If  your accrued pension is over € 520,35 gross per year, you can choose to take your accrued pension with you. This can be beneficial if your new employer has a better pension plan, for example. Or maybe you want all your pension with one pension provider. You should let your new pension provider know you are interested in a value transfer. You apply for a value transfer at your new pension provider. You do not want to arrange a value transfer to a new pension provider? Your pension will remain with the Pension Fund WKNL and will be paid to you from age 68 onwards. Do you need help in making your choice? Your financial adviser would be happy to help you.
If your accrued pension is under € 520,35 gross per year, but over € 2.-- gross per year, Pension Fund WKNL will arrange an automatic value transfer to your new pension provider, if you have left your employment after 1 January 2018. That is why Pension Fund WKNL will check www.mijnpensioenoverzicht.nl every year if you accrue pension at a new pension provider. If you do not have a new pension provider, your pension will remain with Pension Fund WKNL.

Did your pension accrual end after 1 January 2018 and is the amount of your accrued pension under € 2.-- gross per year, you will not receive this pension. This is legally determined.

 An application form for a value transfer from your old pension fund to the Pension Fund WKNL can be downloaded here.

Do you want to compare your pension scheme? Click here for the Pension Comparison Tool.

When you retire or you leave the service of your WKNL employer before that date, no partner's pension will be insured from that moment onwards. In the event of your death after your employment ends, or after your retirement date, your partner won't receive a benefit just like that.
If you have a partner and you are planning to leave your employer, it is important that you and your partner assess whether it is necessary to arrange something for that situation. For example, you could take out an insurance, or you might convert a part of your accrued retirement pension into a temporary partner's pension insurance. As a result, your retirement pension will become less, of course. The choice for a lower retirement age pension in lieu for a partner's pension is one you make when you leave your employer.

At the time of your retirement, you again have the possibility to choose whether or not to insure a partner's pension. You can convert a part of your retirement pension into a partner's pension, and in that case will receive less retirement pension. But your partner will get a pension benefit from the Pension Fund WKNL when you pass away after your retirement.

Please note:  This is a one-off choice! Once you have made your decision on whether or not to convert, the decision cannot be reversed. You can find more information on the conversion of pension in the pension rules (in Dutch only). See also www.mijnpensioenoverzicht.nl for the amounts of the pension after the conversion.

Do you want to convert part or all of the partner's pension for your partner back into retirement pension for yourself?  That is no longer possible. Once made, a choice made by you and your partner is irrevocable.

Instead of retiring at age 68, you might choose to have your pension benefits start sooner. Your retirement pension will become less: an early retirement does have financial consequences. The pension accrual stops sooner and the old age pension will be reduced. You must also take into account that the AOW may start later than your early retirement pension. Please visit www.svb.nl to see when your AOW commences.
For more information (in Dutch) on an early retirement and a calculation module, please click here.

Of course, it is also possible to continue working after your 68th year. However, the accrual of your pension will stop no later than on the last day of the month before your 68th year. Also the payment of your retirement pension, in accordance with the pension rules (in Dutch only), may not be postponed until after your 68th year. The retirement pension payments must commence no later than on the first of the month of your 68th birthday.

If you expect to need more income during the first years after your retirement, for instance because you want to travel or you want to redecorate your house, it can be arranged. Your retirement benefits may, for a period of five or ten years following the pension commencement date, be higher than in the period thereafter. The opposite is possible too, if, for instance, you continue to work after your retirement date. The pension benefits can be lower in the initial period, and higher in the period thereafter. However, you cannot vary the amounts unlimitedly. The lower amount cannot be less than 75% of the higher amount.

Please note:  this is a one-off choice! Once you have made your choice, it cannot be reversed.

You can choose for semi-retirement. This opportunity is available before your retirement date, but no sooner than the moment you become 58 years of age and as long as you have an employer. For the part you are going to work less, you can use semi-retirement. You will need a written declaration of your employer with your working hours. Your accrued old age pension will become lower, because you will receive a part earlier; but also your partner's pension will be lower. For example if you work 25% less, you can only continue to built up pension for the part you keep working (75%).

Please note:  you will receive a part of your pension earlier, but because of semi-retirement your total pension will be lower. The partner's pension is also reduced if you go on semi-retirement.

A Surviving Dependant's State (ANW) benefit  is a financial support from the government for your partner (or for your children) in the event of your death. To qualify for this benefit, your partner (or children) should meet a number of conditions. See also ‘Partner and orphan's pension’. 

In practice, only few people can invoke the ANW. Your partner must face a substantial drop in income. This is called the ANW-gap. This income gap can be insured against through Wolters Kluwer Netherlands, on a voluntary basis. To this end, a collective ANW-gap insurance has been taken out with ASR Verzekeringen. If you insure yourself, the benefit will commence immediately after your death. Your partner will receive the benefit until he or she reaches the state retirement age. Depending on the personal circumstances, you can choose to insure a sum of € 16,500 gross per year. You can apply on commencing your employment, or as soon as you get a partner. For more information on the collective ANW-gap insurance, please visit the website here (in Dutch), read the ANW-gap insurance brochure here (in English) or visit the pension desk.

The accrual and payment of pension take a very long time. There may be 80 years between the start of the accrual and the last pension payment. In such a period, the world will change and risks could arise that threaten your pension. Those risks may lead to a deficit.

Pension Funds tries to be as best-prepared as possible for the risks that might threaten your pension. In the past, that didn't always go well. For example, because of the rapid increase in life expectancy: the actual increase proved greater than the increase that had been taken into account. If, on average, participants live longer, their pension must be paid longer, too, and pension funds will need more money than was counted on in the beginning.

The interest rate also affects the value of pensions. Pension funds estimate ahead of time how much money they will need to make the pension payments. The lower the interest rate is, the higher the reserves are that the pension funds need to be able to make all the payments later on. A constantly low interest rate, therefore, makes pensions more expensive.

The investment performance may disappoint, too. That is why Pension Fund WKNL ensures that the investments are spread across several kinds of investment. A profit on one investment may make up the loss on another. A pension fund may also cover its investment risks, but at a cost.

There are even more risks that Pension Fund WKNL should take into account to protect your pension as much as possible. Pension Fund WKNL literally has to 'manage' those risks. More information about risk management of Pension Fund WKNL is stated in chapter 6 of the Actuarial and Technical Business Report (ABTN) only in Dutch.

From 2015, pension providers in policy decisions have to use the so-called policy coverage. The policy coverage ratio of the pension fund is among more important in decisions of the Board of the Pension Fund dealing with the amount of the premium and the granting of indexation. The policy coverage is an important indicator of whether the fund is forced to cut pensions. If the policy coverage ratio of the pension fund is less than 100% the pension fund should not participate in individual value transfers. The policy coverage is an average over twelve months. Learn more about our financial situation and the policy coverage, this can be found in current cover ratio (actuele dekkingsgraad in Dutch only) on our website.
 

Normally money gets slightly less worthy each year. You can buy less with the same amount in 2022 than in 2021. This is called "inflation." Due to inflation Pension WKNL tries to index every year the accrued pension. This means that the accrued pension grows annually by the general rise in prices. We call this an index-linked pension. It does not always manage to let the pensions rise with the increase in prices. In case of a financial adversity, it may be that Pension Fund WKNL can not or not fully index. This means that your pension will be less worthy. Thereafter,  when it goes financial well, the pension may be indexed to recover any additional purchasing power.
 
The last ten years, the Pension Fund WKNL indexed the pensions as follows: *

Year      Indexation  Price increase
2022     2,12%          2,7%
2021      0%             1,11% 
2020     0%             2.65%
2019     0.48%         1.88%
2018     0.04%        1.45%
2017     0%            0.07%
2016     0%            0.60%
2015     0%            0.88%
2014     0%            2.45%
2013     0%            2.30%
2012     0%            2.71%
2011     0%            1.58%
2010     0.38%        0.38%
2009     0%            3.06%  
2008     1.32%        1.32%
2007     1.1%           1.1%
* The figures for the price increases are based on figures of the CBS.

Despite all its precautions, Pension Fund WKNL may have insufficient funds to continue to pay all pensions in the long term, and something will have to be done. The Pension Fund has the task to consider its options with the utmost care, to find the best solution: a premium increase, no indexation or a decrease, or a decrease of the accrual. The Board may also choose a combination of measures, or even make different choices. In the extreme case, Pension Fund WKNL can decide to reduce your accrued pension or pension benefit.

Over the years,  Pension Fund WKNL has not had to decrease the pensions. 
Assuming the actual coverage rate at the end of the last quarter, we expect that we will not have to reduce your pension rights in the coming years. However, in case of unfavorable economic developments, a reduction of your pension rigths can not be excluded.

More information on the financial state of Pension Fund WKNL can be found (in Dutch only) on the website or annual report.  

Pension Fund WKNL makes various costs in the performance of the pension scheme, for example administration costs. They include the costs of the payment of pensions and the collection of the contributions. We also have communication costs, such as for the creation and distribution of this Pension 1-2-3 and the Uniform Pension Statement (UPO).

Then there are costs to manage the capital. The investment of a capital costs money. For example, we pay the parties that we ask to invest the capital. And then there are transaction costs, for instance, the costs attached to the purchase or sale of shares or bonds at the Exchange.

You will find a specification of our costs (in Dutch only) on the website and in our annual report.

If you change jobs and therefore transfer to another pension scheme. The amount of  your accrued pension per year determines what happens to your pension.

If  your accrued pension is over € 503,24 gross per year, you can choose to take your accrued pension with you. This can be beneficial if your new employer has a better pension plan, for example. Or maybe you want all your pension with one pension provider. You should let your new pension provider know you are interested in a value transfer. You apply for a value transfer at your new pension provider. You do not want to arrange a value transfer to a new pension provider? Your pension will remain with the Pension Fund WKNL and will be paid to you from age 68 onwards. Do you need help in making your choice? Your financial adviser would be happy to help you.

If your accrued pension is under € 503,24 gross per year, but over € 2.-- gross per year, Pension Fund WKNL will arrange an automatic value transfer to your new pension provider, if you have left your employment after 1 January 2018. That is why Pension Fund WKNL will check www.mijnpensioenoverzicht.nl every year if you accrue pension at a new pension provider. If you do not have a new pension provider, your pension will remain with Pension Fund WKNL.

Did your pension accrual end after 1 January 2018 and is the amount of your accrued pension under € 2.-- gross per year, you will not receive this pension. This is legally determined.

An application form for a value transfer from your old pension fund to Pension Fund WKNL can be downloaded here.

If you become more than 15% incapacitated for work, you are entitled to a (partial) continuation of the pension rights without having to pay any premium for that part. This non-contributory pension depends, among other things, on the degree of your incapacity for work. It is important that you map out the consequences of your incapacity for work for your pension. You do not have to inform us about your incapacity for work yourself, your employer will do so automatically. You can find more information about incapacity for work and about pension in Article 19 of the pension rules (in Dutch only) and in the pension brochure.

Your pension scheme doesn't differentiate between getting married and entering into a registered partnership. You must consider carefully whether your partner is entitled to a partner's pension in case of your death. Also see ‘Convertion of retirement pension into partner's pension’.  If you decided that the partner's pension has not been arranged well enough, make sure that you arrange something extra.

If you have a partner and a cohabitation agreement, and you want to insure a partner's pension for this partner, you must register your partner with Pension Fund WKNL. You can do this by sending the cohabitation agreement to Pension Fund WKNL.

Please note: If you are living together with a partner, your partner is not automatically entitled to partner's pension in case of your death. For your partner to be taken into consideration for a partner's pension you must meet certain conditions, for example, a notarized cohabitation contract. If you have a partner and a cohabitation agreement, and you want to insure a partner's pension for this partner, you must register your partner with Pension Fund WKNL. You can do this by sending the cohabitation agreement to Pension Fund WKNL. The precise conditions are in the pension rules (in Dutch only).

Your ex-partner is entitled to half the retirement pension that you accrued during the marriage or the period of the registered partnership. You and your ex-partner can make other arrangements as well. The agreements should be recorded in the divorce agreement. To ensure that the ex-partner receives a part of the retirement pension, you or your ex-partner should inform the pension provider of the separation and the possible different arrangements within two years. The necessary form (in Dutch) can be downloaded here. You will find more information about the distribution of pension rights upon separation or termination of a registered partnership in the pension brochure.
 
Please note: The right to a part of the retirement pension does not apply to unmarried couples. Unmarried couples living together must make their own arrangements for the division of the pension.

Please inform your pension provider and discuss the consequences for your pension. Information about the consequences for the state retirement pension (AOW) is available at the Sociale Verzekeringsbank. Or go to www.svb.nl.

Please note:  Even if you move while living abroad, you must inform Pension Fund WKNL.

If you become unemployed, the accrual stops. It is important that you map out the consequences of your unemployment for your and your partner's pension. You do not have to inform us about your unemployment. When you leave the service of your WKNL employer, the employer will notify Pension Fund WKNL. 

If you want to make use of an option, please contact the pension desk pensioenfonds@wolterskluwer.com or call 0570-648081. 

Visit www.mijnpensioenoverzicht.nl once a year, to see how much pension you have accrued in total.

If you have any questions about your pension scheme, send us an email pensioenfonds@wolterskluwer.com, or call the pension desk (0570-648081 / 648083).