How is your pension arranged?

How certain is your pension?

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The amount of your pension is not certain. There is a possibility that we will not be able to adjust your pension to inflation. Our pension fund faces risks including the following:

  • People are living longer on average. As a result, we have to pay pensions for longer.
  • Low interest rates make pensions more expensive. Our pension fund therefore needs more money to pay the same pension.
  • Our investment results may fail to meet expectations.
  • Please see our website for more information about our financial situation and the policy coverage ratio. These aspects could affect your pension.
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We make every effort to ensure that your pension keeps pace with annual inflation. This is known as indexation. This is possible only if the pension fund’s financial situation is good enough. In recent years we have indexed our members' pensions as follows:

   

 

Indexation

Price rise*

   

2016

0.00%

0.32%

   

2015

0.00%

0.64%

   

2014

0.00%

0.98%

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To address our current deficit, we are subject to a recovery plan with the following measures: 

  • Your pension is not entirely keeping pace with inflation.
  • Your contribution is being increased.
  • In the most extreme, we will lower your pension. In 2013 we lowered the pensions by 1.50%.