When Will I Receive My Pension? | ING CDC Pension | Over 58

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 2025 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 (€ 18,475 with effect from 1 January 2025). 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 2025 the pension accrual rate is 1.776% of your pension base per month.

Calculation example: 
Say, the components of your salary that qualify for pension accrual in 2025 total € 3,000.00 per month.

Your monthly franchise (the state pension offset, which does not accrue pension) is € 1,462.

Your pension base is therefore € 1,538 (pensionable salary net of the franchise: € 3,000 - € 1,462). 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 2025, your old age pension accrues on a monthly basis at 1.776% 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 2025. 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 2025, this amounts to € 20,354,64 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.

What type of pension does ING CDC Pensioenfonds provide?
ING CDC Pensioenfonds is the administrator of ING's pension plan. As such, we’ll provide you with an old age pension which will be paid out to you alongside your Dutch state pension (AOW). We’ll also provide your partner and children with a pension in the event that you pass away. And should you become incapacitated for work, your pension will continue to accrue (partly or fully, depending on the degree of your incapacitation). More information on these specific types of pension is available under the tab ‘What will I receive?’.

Retirement age: now and later
The pension fund's standard retirement age is currently 67, but that doesn’t necessarily mean you’ll be retiring at that age. By law, the standard retirement age will rise if life expectancy in the Netherlands rises. So by the time you retire, the standard retirement age might have gone up. It goes without saying that you can always choose to retire early, from your 60th birthday, but that means your pension benefits will be lower.

Fixed contribution
ING pays a fixed contribution to the pension fund on an annual basis. Every year, the pension fund assesses whether the fixed contribution will be sufficient to cover the pension accrual targeted for the year ahead. If the fixed contribution is insufficient, the accrual rate of your pension is lowered.

Your contributions to the pension plan are deducted from your pre-tax salary.
The amount of your contribution is specified in ING's collective labour agreement.

The CDC pension plan is the same for all employees of ING, which means changes are applied collectively. What is not the same is your individual pension accrual. Read more under the tab ‘What will I receive?’.

Former pension plan Pensioenfonds ING
You may have accrued a (minor) pension in Pensioenfonds ING. Pension accrual in this former pension plan was discontinued with effect from 31 December 2013. Pension accrued until that date is being retained in Pensioenfonds ING and is eligible for indexation. For more information, please contact Pensioenfonds ING.

By default, your pension starts paying out when you turn 67 – the standard retirement date. However, there are other options you could consider, such as retiring early. The following pension options are available to you:

• Early retirement. You may opt for early retirement from the day you turn 60. From the day your retire you no longer build up pension, which means you’ll have a smaller pension. Your monthly pension benefits will be lower because they will be spread over a larger number of years.
• Part-time retirement. This option is available from the day you turn 60. You may opt to have 25%, 50% or 75% of your pension paid out early. The starting date of your full-time retirement is your own choice. Note, however, that you must retire fully when you turn 67.
• Convert partner pension into additional old age pension. This means you’ll receive more pension benefits, while your surviving dependants receive less or nothing if you pass away. This option is only available with the approval of your partner.
• You opt for withdrawal of a lump sum.The maximum is 10% of your pension. You can only do this if your pension does not fall below € 613.52 gross per year (2025) after the withdrawal. This option cannot be combined with varying amounts of pension benefits (high at first and then lower amounts) or higher old age pension benefits until your Dutch state pension (AOW) starts (and vice versa). Important note: withdrawing a lump sum from your pension could have negative consequences. You could be subject to a higher tax bracket. Moreover, any benefits you are receiving, such as health care benefit or housing benefit, could be reduced or discontinued. We expect that this new pension option will become available as of 1 January 2024.
• Variable pension benefits. This means your pension benefits in your first years of retirement are higher (or lower) than in subsequent years. The ratio between high and low benefits is 100:75.
• Early variable pension benefits. If you retire before your retirement date and are not yet receiving your Dutch state pension benefits (AOW), you could opt for higher pension benefits until your AOW starts paying out and lower pension benefits after that.

Whichever option you choose, there is always an impact on your pension benefits.
If you wish to retire early or on a part-time basis, you must report this to ING and ING CDC Pensioenfonds at least six months before the starting date of your choice. You must take your early retirement in full months, counting back from the date of your 67th birthday.

All other pension options must be reported to ING CDC Pensioenfonds at least four months before the starting date of your choice. The fund will recalculate your pension entitlements, taking into account the choices you’ve made.

If you have any questions regarding your pension options, or need any help, call the Pension Desk at: 088 - 1162 411 or send an email to pensioenloket@ing.cdcpensioen.nl.