A new job
Did you recently join ING? Congratulations on your new job! Not only will you have a challenging job at an interesting employer, you’ll also start building up pension in ING CDC Pensioenfonds. It makes sense to know what the company offers in terms of pension and what you can do in addition to ensure that you’ll have a good pension at the end of your career.
Frequently asked questions
I am a new employee. When will my pension start to accrue?
From the date on which you enter employment.
Do I need to take any action to register with the pension fund?
You do not need to take any action, as your employer will report your details to ING CDC Pensioenfonds.
How much pension do I build up in the pension fund?
Provided the pension contributions are adequate, you will accrue old age pension in the CDC pension plan annually, at a rate of 1.780% of your annual pension base.
Your pension base is equal to your pensionable salary minus the non-pensionable portion of your salary over which you will be receiving old age pension from the Dutch state (‘AOW franchise’).
You will receive a Uniform Pension Overview (UPO) each year, stating the amount of pension you accrued over the year and the amount you could still accrue if you were to remain employed.
I requested a value transfer. When will my pension fund respond?
Within one month of your request, you will receive confirmation that your request is being dealt with. The process of settling the value transfer between your previous pension fund and ING CDC Pensioenfonds could take several months. We will keep you informed during the process.
Is a pension planner available for employees?
Sure! This handy tool enables you to check online whether your pension is on track. You will also be able to calculate the effects of the choices you make when you retire.
Use your DigiD to log in.
Where do I find the form to request a value transfer?
You will find the form ‘Waardeoverdracht’ (Dutch only) enclosed in the welcome letter sent to you by ING CDC Pensioenfonds. You can also download the form from our website. Contact the Pension Desk in case you need help to complete the form.
Partner pension is very important to me. How do I arrange for this?
If you get married or register your partnership
You do not need to take action to register your partner for partner pension.
If you start cohabiting, you can register your partner by submitting the form ‘Aanmelden partner’ (Dutch only). You can also register your partner online. Go to ‘My Pension’ and login with your DigiD.
Below you will find a summary of the relevant elements of this life event. Click on the header title to unfold it and see the information.
Your employer has made agreements concerning our pension plan with the trade unions. ING CDC Pensioenfonds will be the administrator of this pension plan. CDC is short for Collective Defined Contribution. In a CDC pension plan, annual contributions are fixed, while the resulting pension is not. As our average life expectancy is rising and financial markets are too volatile to predict, we don’t know in advance whether pension contributions and return on pension fund investments will be adequate. Your pension accrual, pension benefits and future indexations are not guaranteed. They are dependent on the financial resources held by ING CDC Pensioenfonds. The risk that your pension may ultimately be too low to meet your needs or expectations is your risk.
While the CDC pension plan is the same for all employees of ING, everyone’s personal situation is different. Solidarity is a fundamental principle of the CDC pension plan, meaning that all results, positive as well as negative, will have to be shared by all employees and former employees such as pensioners (note that this applies only for pension accrued after 1 January 2014).
The CDC pension plan works as follows:
- ING pays a fixed contribution to ING CDC Pensioenfonds every year; the contribution is based on a fixed calculation method.
- You build up pension entitlement for the salary you earn (up to € 9,176 per month in 2020. This amount is adjusted annually to correspond with the maximum amount allowable for tax purposes). This is referred to as your pensionable salary.
- Your state old-age pension accrual (AOW) is taken into account, which is why a part of your salary does not accrue pension. This part is called the threshold for pension accrual (franchise).
- The accrual ambition is 1.780% of your pension base per year, provided the contribution is sufficient. Your pension base is equal to your maximum amount of pensionable salary minus the threshold for pension accrual (franchise).
- As long as you remain employed by ING, the pension base that corresponds to your pensionable salary accrues pension every year. This is what we call an average salary system.
- The contribution is invested. Return on the investments is needed to pay your pension benefits and to fund future indexation. Indexation is important because it helps maintain the purchasing power of your pension despite inflation. Return on investment is unpredictable, which is why (full) annual indexation of your pension cannot be guaranteed and you cannot be sure your pension will keep pace with annual inflation rates.
- Contributions may be insufficient and return on investments could be disappointing. This will result in less pension accrual and less indexation, or none at all. Ultimately, your pension may be lower than expected. In the CDC pension plan, this risk has been shifted to you personally. Your pension accrual and indexation are conditional upon the level of ING CDC Pensioenfonds’s financial resources being adequate.
This means that if the result is below expectations, the employer will not make supplemental payments. Reason enough for you to spend some time studying your pension.
ING CDC Pensioenfonds will guide you by providing information that specifically addresses your situation.
If you already built up pension through a former employer, you can transfer your pension accrual to ING CDC Pensioenfonds, subject to certain conditions. This is referred to as ‘value transfer’ and it’s up to you to decide if you want to do this. If you want to transfer partner pension, your partner will need to give his/her approval.
What to consider when you make your decision:
- The type of pension plan provided by your former employer (final salary system, average salary system, defined contributions).
- The method used by your former employer for increasing your pension (indexation of your pension).
- The financial position of your former pension fund or insurer and guarantees given by your former employer, if any.
- Options available under your former employer’s pension plan.
- Whether you want to spread your pension across multiple pension administrators.
If you are thinking of transferring your pension, you must request ING CDC Pensioenfonds to execute a value transfer after you join ING. A form 'value transfer' (Dutch only) is available for this purpose. You will receive a proposal for the value transfer at your home address. When you have confirmed that you approve the proposed value, your pension will be transferred.
For a well-informed decision concerning value transfer, you could of course consult an advisor. Or use the Pension Comparison Tool.
As a new participant, you will automatically receive an introductory letter from ING CDC Pensioenfonds, providing information about matters such as:
- Your pension plan and its starting date.
- Whether and when your pension will be adjusted to price and wage increases (indexation) and the conditions that will apply. In other words, what will indexation depend on?
- Partner pension and situations in which partner pension is cancelled.
- The pension fund’s financial position (funding ratio).
- Options provided by your pension plan and how you can tailor your pension to your needs.
- You have access to the Pension Planner and you can find personal information on the website provided by the state: ‘Mijn Pensioenoverzicht’ (‘My Pension Summary’).