We are quite well-informed on pensions and options

Do you know how much pension you'll get when you're retired? Or when you need to take action for your pension? What pension choices you can make? And are you happy with the choices you've made? Our customer satisfaction survey for 2022 has produced good scores, but has also revealed room for improvement.

Every year, ING CDC Pensioenfonds conducts a survey regarding the quality of its services and communications, the degree of trust in the pension fund among participants, their knowledge of pensions and their willingness to take action. This year's survey included some new questions for pensioners about the pension choices they made in the past and whether they were happy with those choices.

Quality of the services
The level of satisfaction about the pension fund and its customer services in 2022 was virtually the same as in 2021 among former employees and pensioners. Among employees of ING, however, there was a decline. That decline is partly attributable to the cutback of their pension accrual in 2022 and the preceding years. The pension fund expects that these scores will improve in 2023, because next year ING employees will accrue pension at the maximum level allowed under Dutch tax regulations (1.778%) and their pensions will be partly increased for 2022 (indexation). We are also working hard to improve the services provided by the Pension Desk.

Quality of communications
In comparison with 2021, appreciation for the pension fund's communications stayed high, with an average score of 8. Eight out of ten employees said they did not feel there was a lack of information. Suggestions for improvement of the information supply varied from introducing an app and using YouTube and animations to personal pension conversations.

Trust in the pension fund
Trust in the pension fund and its investment policy declined slightly among employees and stayed stable among the other target groups. The average score in 2022 was 75%, compared with 78% in 2021. The survey included some new questions about investments. A small majority of employees prefers to leave the investment of their pension money to the pension fund's experts over having to select their own investment profile or making their own investment decisions. Eight out of ten pensioners prefer leaving it to the pension fund's experts. The score given by former employees is somewhere in between.

Knowledge and action
ING employees are quite well informed about pensions and pension options. They talk about these things with their families, friends and colleagues. They are aware that they themselves are responsible for ensuring they will have enough pension and they know the risks of the pension plan. And importantly, they often know when they need to take action for their pension – for example before their retirement starts. Nine out of ten pensioners are happy with the choices they made regarding their pension. They made these choices mostly by themselves.

Follow-up
The survey gives the pension fund insight into concerns and needs among participants, enabling it to adjust its services accordingly. The pension fund is going to address these points. We will keep you informed via the usual channels: the website, newsletters, emails, webinars.