If you stop working

Ill or incapacitated for work
Being ill or incapacitated for work is very unfortunate. Not only in physical or mental terms; being ill or incapacitated for work can also have an adverse effect on your income and your pension.

Being ill or incapacitated for work while you are employed by ING
If you become ill or incapacitated for work, you will receive an income from ING over the first two years of your absence. This income accrues pension. In addition, you will pay your own share of het pension contribution. After the first two years, your income is dependent on your situation. The Institute for Employee Benefit Schemes (UWV) will conduct a medical examination to assess how much paid work you are able to perform.

During your incapacitation, you do not need to report your situation to ING CDC Pensioenfonds. The pension fund will receive this information from ING. 

Partial incapacitation for work
If the Institute for Employee Benefit Schemes (UWV) considers you partially unfit for work and you are receiving benefits under the Resumption of Work (Partially Fit Persons) Regulation (WGA) from the UWV, you do not need to report your situation to us. ING CDC Pensioenfonds will receive this information from the UWV. They will also report a change in your percentage of incapacitation. 

In principle, you will stay employed by ING. Your pension accrual will be continued as usual. If your employment is terminated after all, your pension accrual will end.

The employee’s share of the pension contribution that you have to pay is reduced in proportion to your incapacitation for work. If your employment ends, you will retain your right to contribution-free pension accrual up to the percentage that you are incapacitated for work when your employment ends.

Full and permanent incapacitation for work
If you are entitled to benefits because you are fully and permanently incapacitated for work, you do not need to report your situation to ING CDC Pensioenfonds. We will receive this information from the Institute for Employee Benefit Schemes (UWV). The UWV will provide you with benefits under the Income Provision to Persons with Full Incapacity for Work Act (IVA) as part of the Work and Income (Ability to Work) Act (WIA).

You will continue to build up pension in ING CDC Pensioenfonds based on the level of your former income, which was higher. You will no longer need to pay the employee’s share of the pension contribution. As from the first day of the month in which you turn 67, you will receive old-age pension from ING CDC Pensioenfonds. If you pass away, your partner will be entitled to partner pension and your children to orphans’ pension.

If you resign from ING, you will cease to build up pension in ING CDC Pensioenfonds. Pension already accrued in this pension fund will be kept there for you. Each year, you will receive a pension statement, specifying the amount of pension ING CDC Pensioenfonds will probably pay out to you as from your 67th birthday and how much your partner will probably receive if you should pass away.

Value Transfer
If you find a new job, you will probably start building up pension again. You may then transfer your pension accrual in ING CDC Pensioenfonds to your new pension fund or insurer. You must send your request to your new pension fund or insurer.

What to consider when you make your decision:

• The type of pension plan provided by your new employer (final salary system, average salary system, defined contributions).
• The method used by your new employer for increasing your pension (indexation of your pension).
• The financial position of your new pension fund or insurer.
• Options available under your new employer’s pension plan.
• Whether you want to spread your pension across multiple pension administrators.

For a well-informed decision concerning value transfer, you could of course consult an advisor or use the Pension Comparison Tool.

If you decide to resign from you job, you will no longer build up pension in ING CDC Pensioenfonds. Pension you’ve already saved in our fund will be retained on your behalf.

If you find a new job, you will probably start building up pension again.

You may then transfer your pension accrual in ING CDC Pensioenfonds to your new pension fund or insurer. You can request a value transfer up to six months after you start participating in the new pension plan. You must send your request to your new pension fund or insurer.

What to consider when you make your decision:

• The type of pension plan provided by your new employer (final salary system, average salary system, defined contributions).
• The method used by your new employer for increasing your pension (indexation of your pension).
• The financial position of your new pension fund or insurer.
• Options available under your new employer’s pension plan.
• Whether you want to spread your pension across multiple pension administrators.

For a well-informed decision concerning value transfer, you could of course consult a advisor.

If you resign from you job at ING to start your own business, you will no longer build up pension in ING CDC Pensioenfonds. Pension you’ve already saved in our fund will be retained on your behalf.

If you start your own business, you can make your own pension arrangements. However, you will not be able to transfer pension you built up in ING CDC Pensioenfonds.

The standard pensionable age is 67. However, as from the day you turn 60, you can opt for early retirement.

You must realise that your decision will cause your income to decrease, because:

• You will build up less pension, because you will stop working earlier.
• The pension you built up will need to cover more years.
• You will not yet receive state old-age pension (AOW).

Retiring early will also result in less partner pension accrual.

What you need to do
If you opt for early retirement, you must report this to your employer and to ING CDC Pensioenfonds at least four months before the date you wish to retire. Before making your decision, it is advisable to check when your state old-age pension (AOW) will start.

Are you leaving employment and is your pension in ING CDC Pensioenfonds (as at 2024) so small that it will pay out less than € 592.51 per year (pre-tax) when you retire? In that case, the fund will automatically transfer the value of your pension to your new employer's pension fund. This is referred to as 'automatic value transfer'. You do not need to take any action for this. Automatic value transfer is convenient if you have small pension accruals in multiple pension funds. Your current pension fund will bundle these small pensions into one large amount. Before your current pension fund makes the value transfer, you will be duly informed. After the transfer, you will no longer have a pension in ING CDC Pensioenfonds. 

If your pension accrual is less than € 2,00 it will be cancelled altogether. After the transfer, you will no longer have a pension in ING CDC Pensioenfonds.