Pension fund looks back on 2015

Is pension a topic you never think about? In 2015, your pension fund published numerous news items! To name a few, the pension plan was modified, the Pension Planner went live and the fund has been confronted with a reserve deficit since 30 September.

During the second year that ING CDC Pensioenregeling administered your pension, you encountered many changes. The pension fund looks back on 2015.

Modified pension plan

Following several legislatory and regulatory changes, the social partners (the employer and the trade unions) decided to modify the pension plan with effect from 1 January 2015. These modifications had an impact on the accrual and indexation of your pension. After having reviewed the proposed modifications, ING CDC Pensioenfonds came to the conclusion that the modifications were financially feasible, justifiable and suitable for administration. You can still read the scope of the modifications in the news item dated 28 May.

Pension Planner went live

The joint Pension Planner of ING CDC Pensioenfonds and Pensioenfonds ING went live on 20 July. Since that date, some 2,500 employees have visited this tool at least once. In the TNS NIPO survey, 85% of the respondents indicated that they were satisfied or very satisfied with this online tool. 

Decline in funding ratio

In 2015, ING CDC Pensioenfonds was confronted with a decline in its funding ratio. The decline was caused mainly by the decision of the Dutch central bank (DNB) to implement a new method for calculating future pension commitments. This led to a strong increase in the prescribed valuation of pension commitments and an 8% decline of the pension fund’s funding ratio. You can still read the news item of 21 July here.

Funding deficit since 30 September

At the end of the third quarter, the policy funding ratio dropped below the 118% funding-ratio level required by law. This means that ING CDC Pensioenfonds has had a reserve deficit since 30 September. Within three months, the pension fund must submit a recovery plan to the Dutch central bank (DNB), explaining how the pension fund expects to regain the required buffer within the legal term of the next twelve years. Read the news item here.

Pension triangle

In 2015, the parties of the ‘pension triangle’ regularly consulted with one another. The triangle comprises the employees (represented by the trade unions), the employer and the pension fund. Each of these parties plays their own role, for example when the pension plan is modified. For example, this interaction took place with regard to the modification of the pension plan with effect from 1 January 2015. 

Digital newsletters

Last June, the fund started sending digital newsletters containing information about your pension, news about your pension fund and background stories about your colleagues. If you work for ING Bank, you automatically receive this newsletter. If you do not or no longer work for ING Bank, you can register for the newsletter here.

Staying involved

This past year has been quite eventful for ING CDC Pensioenfonds. In the year ahead, the pension fund will continue to make every effort to explain to you the pension plan and how certain changes affect your pension.

The pension fund would like you to stay actively involved. You can provide your feedback through various channels. For example, you can contact the Pension Desk if you cannot find the information you need. You can sign up for the pension sounding board if you wish to give your opinion on the pension fund’s information tools on a regular basis. You can also request the pension fund to visit your department to give a presentation about the pension plan and the Pension Planner.

Best wishes

The board members and pension fund staff wish you a merry Christmas and all the best for 2016!