The pension benefits you’ll receive when you retire are not fixed in advance. We have set out below what you’ll receive in various situations, so you know what to expect.

What will the fund pay out? 
ING CDC Pensioenfonds aims to build up your pension on a monthly basis, at the maximum accrual rate allowed under Dutch tax law, provided the pension contributions are sufficient. Your pension accrual is based on an average salary system, which means you’ll build up a pension based on your average pensionable salary over all your years of employment at ING.

While the pension benefits you get when you retire are partly funded from contributions, they are chiefly funded from return on investment. ING CDC Pensioenfonds also needs that return on investment to enable increases of your pension, which ensure your pension retains its purchasing power despite inflation and price fluctuations.

What is your individual pension accrual?
Your individual pension accrual depends on your personal situation, comprising:

• Your income that qualifies for pension accrual (pensionable salary). The maximum amount of pensionable salary for 2024 is € 11,483 per month. This amount is adjusted annually in line with the maximum amount allowed for tax purposes. Any salary you earn in excess of this amount does not qualify for pension accrual.
• The minimum amount which does not qualify for pension accrual. This is the state pension offset (‘franchise’), which is the same amount for everyone. If you work 36 hours a week or more, your franchise is equal to the minimum franchise level set by tax regulations (€ 17,545 with effect from 1 January 2024). If you work on a part-time basis, your franchise is proportionately lower.
• Your pensionable salary net of the franchise is your pension base.
• For 2024 the pension accrual rate is 1.768% of your pension base per month.

Calculation example: 
Say, the components of your salary that qualify for pension accrual in 2024 total € 3,000.00 per month.

Your monthly franchise (the state pension offset, which does not accrue pension) is € 17,545.

Your pension base is therefore € 1,462 (pensionable salary net of the franchise: € 3,000 - € 1,639). In 2024, your pension accrues at 1.768% of this amount, which equals € 27.19 per month in this example.

Changes to your pension: stay up to date!
As a result of rising life expectancy and volatile financial markets, pension contributions paid by ING may be insufficient and return on investments may be disappointing. This could lead to less pension accrual, less indexation or none at all and, ultimately, lower pension benefits. In a CDC pension plan, these risks are borne by the participants. This is why you should take time to study your pension and enquire about the choices you’ll have when you retire, so you can ensure you’ll have enough income to live comfortably.

Old age pension, partner pension and orphans pension

ING CDC Pensioenfonds provides old age pension as a supplement to your Dutch state pension (AOW), as well as partner and orphans pension in the event that you pass away. Should you become incapacitated for work, you will continue to build up your pension (partly or fully, depending on the degree of your incapacitation).

As long as you are employed by ING and are an active participant of the pension plan, the following applies:

Old age pension
In 2024, your old age pension accrues on a monthly basis at 1.768% of your pension base, which is your monthly pensionable salary net of the state pension offset (franchise). If you want to calculate your pension base, see the explanation under the tab ‘What does pension mean for me?’.

Your pensionable salary comprises 12x your gross personal monthly salary plus holiday allowance,13th month and any allowances you qualify for. See the pension regulations for a detailed list of the components of your pensionable salary.

Partner pension
If you pass away during employment, your partner will be entitled to partner pension. Partner pension accrues automatically, at 1.313% of your pension base in 2024. ING CDC Pensioenfonds bases its calculation on the old age pension you already accrued plus the old age pension you would have been able to build up if you had not passed away during employment. The maximised average pension salary you earn in the 12 months preceding your death and a part-time factor (if applicable to you) are taken as the reference.

If you were working fewer than 36 hours a week, your contractual working hours directly preceding your death will apply. Partner pension benefits are paid out from the first day of the month following your death. ING CDC Pensioenfonds will pay out partner pension benefits until the month in which your partner passes away.

Temporary partner pension
If you pass away while you are still employed, your partner will receive temporary partner pension every year. In 2024, this amounts to € 19,080.24 per year. The pension fund will pay out this benefit until your partner reaches his/her Dutch state pension (AOW) retirement age. Premium for this insurance is fully paid for by your employer.

Who qualifies as a partner? 
Your partner is the person to whom you are married or with whom you have entered into a registered partnership. You can also apply for partner pension on behalf of the person with whom you are living together. This is subject to certain conditions, which you can find in the pension regulations.

Orphans pension
You build up orphans pension for your children. If you pass away during employment, each of your children will receive orphans pension equivalent to 20% of the partner pension. ING CDC Pensioenfonds bases its calculation on the old age pension you already accrued and the old age pension you would have been able to build up if you had not passed away during employment. The maximised average pension salary you earn in the 12 months preceding your death are taken as the reference. If you were working fewer than 36 hours a week, your contractual working hours directly preceding your death will apply.

Orphans pension benefits are paid out from the first day of the month following your death. ING CDC Pensioenfonds will pay out orphans pension until the month in which your child turns 18. The right to receive orphans pension may be extended, for example if the child goes to school or runs the family household. In all cases, the orphans’ pension ends when the child turns 27. If you leave employment, orphans pension is discontinued.

Occupational disability 
The situations above also apply if you become occupationally disabled. Should you become incapacitated for work, you will continue to build up your pension (partly or fully, depending on the degree of your incapacitation).

The amounts the pension fund ultimately pays out for old age pension, partner pension and orphans pension depend on the overall return on pension contributions made over the years.