All about your pension in 2022
On this overview page we provide you with all the information you need to keep track of your pension. Select the different topics in the buttons:
Less pension accrual in 2022
Next year your pension will not accrue at 1.784% but at 1.254%
Four sample calculations
Less pension accrual for you in 2022?
How much less pension accrual next year?
The effect of the reduced pension accrual rate in three consecutive years.
Grip on your pension
The fund helps you to make a quick start.
Frequently asked questions
Will the fixed contribution for 2022 be sufficient to prevent a cutback of pension accrual?
On 30 September, the pension fund assessed whether the fixed contribution would be sufficient to fund the targeted pension accrual. Unfortunately, it won’t be sufficient. The pension accrual will be cut back by 29.7%.
What was the aimed accrual for my pension in 2022?
The pension plan provides for pension accrual at the maximum rate allowable under Dutch tax law. Every year, the pension fund calculates how much that would be. It was 1.784% in 2022. This percentage is largely dependent on interest rates.
What will be my old age pension accrual in 2022?
Your old age pension will accrue at a rate of 1.254% instead of the targeted 1.784%.
What will be my partner pension accrual in 2022?
Your partner pension will accrue at a rate of 0.923% instead of the targeted 1.313%. Orphans’ pension is equivalent to 20% of partner pension.
If I pass away while I am employed by ING, will the reduction of pension accrual impact partner pension?
In that case, your partner will receive partner pension based on the amount of partner pension you built up plus any additional partner pension you could have built up. The reduction of pension accrual has no impact on your future partner pension accrual.
Could the pension fund change its policy in order to prevent a cutback?
No, it cannot change its policy. The pension fund has no influence on interest rates. It determines the pension accrual rate for 2022 based on contributions paid into the fund and the cost of pension accrual. The lower the interest rates, the higher the cost of pension accrual.
Why do low interest rates have so much impact on my pension?
The pension fund calculates how much cash it needs to set aside in order to pay out pension benefits now and in the future. These are our pension commitments. When we make that calculation, we are required to apply current interest rates. The lower the interest rate, the more cash we need to keep at hand. Given that interest rates have been extremely low for many years already, the pension fund needs to set aside a lot of money. This causes the pension fund's funding ratio to decline because the fund's pension commitments are higher than its pension assets.
Is it possible to use return on investments for pension accrual?
The pension fund cannot use return on investments to build up more pension. This is because these returns are needed to enable payment of pension benefits in the future and pension increases to keep up with inflation. For more details, please visit the website.
Is the level of the funding ratio relevant to the assessment of whether the 30,5% fixed contribution is sufficient to fund the targeted pension accrual?
No, it is not relevant. The level of the funding ratio is relevant to decisions regarding possible reductions of accrued pension rights. ING CDC Pensioenfonds is currently not in a situation of a possible reduction of accrued pension rights.
Could the employer increase its contribution in order to prevent a cutback?
No, it cannot. It has been agreed that the employer pays a fixed contribution of 30,5% into the pension fund. Your employee’s part of this contribution is 7.5% (in 2022). The employer pays the other part (23%). Moreover, the pension plan is a CDC fund, which means its participants bear the risks. In a CDC fund, the employer cannot make additional contributions when the pension fund’s financial situation declines. Conversely, the pension fund cannot return funds to the employer if the fund has a surplus.
How does the pension fund determine whether a cutback will be needed for the coming year?
Every year as at 30 September, the pension fund assesses whether the fixed contribution will be sufficient to cover the pension accrual targeted for the year ahead. Its assessment takes into account the composition of its participant base as well as market interest rates.
Will pension accrued in previous years be cut back?
No, the 29.7% cutback will only apply to pension accrued in 2022.
Will current pension benefits be cut back?
No, only pension accrued in 2022 will be cut back by 29.7%.
What about pension accrued after 2022?
If interest rates stay at extremely low levels over the next few years, pension accrual could be cut back in the years after 2022 as well.
Will I receive a personal message about the cutback?
Every year in December, you receive a personal letter regarding your pension accrual for the year ahead. This letter is posted in your secure My Pension.
What can I do to enhance my pension?
Find out how much your pension is worth and take action if your pension isn’t as much as you’d like it to be. Log into ‘MijnPensioenoverzicht’ provided by the Dutch government or to the Pension Planner provided by your pension fund.