Funding ratios as at October 2020 are known
ING CDC Pensioenfonds’ funding ratios as at 31 October 2020 are known. The funding ratio is 99% and the policy funding ratio is 98%. Read the news update on the impact the coronavirus is having on the world economy and the pension fund's funding ratios. You can also check the quarterly results of the fund.
Autumn newsletter published!
In this edition, you will find some sample calculations to help you estimate how the reduction of pension accrual in 2021 will affect you.
No indexation for 2020
ING CDC Pensioenfonds tries to increase the pensions of ING’s current and former employees and pensioners on an annual basis, in order to stay in line with the consumer price index. The pension fund takes its policy funding ratio on 30 September as the reference point.
Less pension accrual in 2021
As a result of persistently low interest rates, the pension accrual rate will have to be lowered in 2021, just like it was in 2020. This means that next year, employees of ING will not accrue pension at 1.784% but at 1.196%, which means a cutback of 33%. This reduction will only apply to 2021.