What your pension scheme looks like

You participate in a pension scheme through your employer, and will receive the old-age pension when you retire. Old-age pension, together with the state pension (AOW), is your monthly income when you stop working and retire. You will receive this pension as long as you live. We cannot say the amount of the old-age pension right at this time, as this depends on the amount of your pension capital at the time you retire, and how much pension you’re able to purchase with this. You can find an indication of this on www.mijnpensioenoverzicht.nl (in Dutch). The pension scheme in which you are participating is called a defined contribution scheme. The contribution rate used for the accrual of your pension capital is fixed, how high the pension capital will be on your retirement date is uncertain.

If you die, your potential partner and children will receive 90% of the value of the pension capital accrued up to the time of your death. This capital will be used to purchase a partner's pension and/or orphan's pension. How much your partner and your children will receive in the event of your death can be found on Scildon Online Pensioenen.

Do you want your partner to receive a pension even if you die after you retire? This is possible. You can use a part of your pension capital for this to buy a partner's pension. Your partner will receive this pension after your death for as long as your partner lives. We cannot determine now how high that partner's pension will be. Would you like to arrange this? Then you will receive a lower retirement pension. After all, you have less pension capital left for an old-age pension. You can make this choice when you retire.

Your partner and children can receive a survivor's benefit from the government under the Surviving Dependents Act (Anw-benefit). The partner and children must then meet the conditions. More information about this Anw benefit can be found at www.svb.nl.

In the pension scheme you can read exactly what you get in our pension scheme.

This pension scheme does not provide for a contribution waiver in the event of incapacity for work. This means that Scildon does not take over the contribution payment and you are not entitled to (partial) continuation of your pension accrual in the event of (partial) incapacity for work without paying any contributions.

You will not receive a supplementary disability pension from us if you become disabled. You will then not receive any additional income from us should you become disabled. It is possible that you will receive a benefit from the government. This is regulated in the Work and Income Act (WIA), and called a Return to Work (Partially Disabled Persons) (WGA) benefit or an Income Provision Regulation (Fully Disabled Employees) (IVA) benefit. This depends on the extent to which you are incapacitated for work. For more information, please refer to www.uwv.nl (in Dutch).

There is no Anw shortfall insurance in this pension scheme. This means that, should you die before the insurance elapses, there will be no Anw shortfall pension for your partner.

You accrue pension over the salary up to a maximum of €0. If you earn more than this, you will not accrue pension over the excess with Scildon. In that case you can choose to accrue additional pension. Would you like to know more about this and help in making your decision? your financial adviser will be happy to help you.

There are three ways to accrue pension (i.e. your income for later on):

A. AOW: you receive this pension from the government.
You accrue AOW in 50 years. However, you only accrue AOW if you live and/or work in the Netherlands. The age at which you begin receiving AOW will depend on your date of birth, because the state pension age will increase in the coming years. The amount of pension is not the same for everybody, either. The AOW amounts are adjusted every year. For more information about AOW, please refer to www.svb.nl.

Please note: If you have not lived or worked in the Netherlands the entire time, your AOW may be lower.

B. Pension via your employer
You can see how much pension you accrue through your employer’s scheme on your Uniform Pension Overview (UPO). We will send this to you every year. If you want an overview of the pensions you have accrued with other employers, please refer to www.mijnpensioenoverzicht.nl (in Dutch).

C. Pension that you arrange yourself
There are various ways to supplement your pension. For example, through an annuity insurance or bank savings. Whether you consider this necessary depends on your financial and personal situation. A financial adviser can help you make choices. You can also check out the calculation tool from the Consumer Credit Counselling Service (NIBUD) on their website: www.nibud.nl (in Dutch).

Every year your employer pays a contribution into your pension investment insurance. The contributions are invested for you and form a pension capital upon your retirement date. You will use this capital to purchase an old-age and/or partner's pension. This is called a defined contribution scheme.

Scildon invests the money from your pension investment insurance. If you have almost reached your date of retirement then the investment risk must be limited. As your retirement date approaches, Scildon will take gradually lower risks when investing: This is called a lifecycle investment.

Your defined contributions are determined based on a part of your gross annual salary. In some cases certain parts of the salary will not count towards the pension accrual, such as a shift allowance. The salary that is taken into account for pension accrual is the pensionable salary. Ask your employer which part of your salary counts as pensionable salary. The defined contribution is a percentage of your pensionable salary minus the franchise (the part of the salary over which you do not accrue pension because you receive AOW). The table shows you what percentage we use according to your age. We use this percentage to calculate your contribution.

Your employer pays the pension contribution to Scildon. The contribution paid by the employer is not on your payslip. Ask your employer how much they pay for your pension.

If you’re getting a new job and want to take your pension with you, you can do so under certain conditions. This could be beneficial to you, as your new employer may have a better pension scheme, or perhaps you would like to place all pensions with one provider. Let your new pension provider know that you want to transfer your pension. You can arrange the transfer of your pension with your new pension provider.

If you do not want to transfer your pension, then your pension will remain with Scildon. If you would like help making your choice your financial adviser will be happy to assist you.

Would you like to compare your pension scheme? Just use the Pension Comparison Tool.

If you retire and there is no or too little partner's pension for your partner when you die, you can exchange part of your old-age pension for a partner's pension. You will then receive a lower old-age pension, but your partner will receive a higher pension from Scildon if you die after you have retired.

This is a one-off decision! Once you have decided whether or not to exchange your pension, it cannot be undone. More information about exchanging pensions can be found in the pension regulations.

Alongside the old-age pension you will also accrue a partner’s pension. There might be reasons why you’d like to exchange the partner’s pension for a higher old-age pension. Your partner may have a good pension him/herself, or you may not or no longer have a partner.

This is a one-off decision! Once you have decided to exchange, it cannot be undone. If you have a partner, he/she must agree with this choice. More information about exchanging partner's pension for a higher old-age pension can be found in the pension regulations.

Instead of retiring fully on your planned retirement date, you can also choose to have a part of your pension take effect earlier. This does mean that the part of the old-age pension that you begin to receive earlier will be lower. Partial retirement does therefore have financial consequences: The pension accrual will partially end, and the old-age pension will be reduced. You will continue to accrue pension for the remaining work that you do.

You can also choose to continue working part-time after your planned retirement date. You can then have a part of your pension take effect on your retirement date. The payment of the remainder of your old-age pension can be deferred until you retire in full. Your accrued old-age pension will be increased for the portion you will be retiring at a later date. In addition, the pension accrual is continued insofar as you continue to work. You can find the conditions for deferring your pension in the pension regulations.

Instead of retiring on your planned retirement date, you can choose to work longer. In that case, it is possible to postpone the old-age pension payments until the moment you actually do retire. If you defer your retirement, your accrued old-age pension will be increased. For more information about increasing your accrued pension, please visit Scildon Online Pensioenen. In addition, the pension accrual will carry on if you continue working. You can find the conditions for deferring your pension in the pension regulations.

You can also choose to have your pension take effect earlier than your planned retirement date. This does mean that your old-age pension will decrease. Retiring earlier therefore has financial consequences: The pension accrual will end earlier, and the old-age pension will be reduced. You must also take into account that the AOW might start later than your early retirement. Go to www.svb.nl to see when your AOW will take effect.

You can choose to receive a higher old-age pension for the first few years, followed by a lower old-age pension. From the second stage onward your old-age pension will be lower than stated on your Uniform Pension Overview (UPO).

This is a one-off decision! Once you have selected this option, it cannot be undone.

Your pension capital is released upon your retirement date, and you must then purchase a pension benefit from a pension insurer. This is a legal requirement. A pension benefit is a periodic benefit that you will receive for the rest of your lifetime. You decide which pension insurer to purchase a pension benefit from yourself.

You also determine yourself how your pension benefit will look: e.g., you can choose to be paid monthly or quarterly. You also choose whether to receive a higher amount for the first five years or to receive the same amount for the rest of your life.

You will receive a pension for yourself, and in many cases a partner’s pension is arranged besides this. This will provide your partner with a pension when you die. If you do not want to purchase a partner’s pension or if you do not have a partner, then you can add the partner’s pension to your own pension. Your pension will then be higher, but your partner, if you have one, will not receive anything after your death. Your partner must agree to this exchange.

The options in your pension scheme are:

The amount of your pension is not fixed in advance. Not until the retirement date will you have certainty about the amount of your pension benefit. This is because your pension benefit depends on the amount of your defined contributions, the rate used by insurers when purchasing your pension and the returns on your investments.

Insurers base their rates on a number of components. These are:

• interest;
• life expectancy;
• compensation for the costs they incur.

For more information about the final amount of your pension, please refer to Scildon Online Pensioenen or www.mijnpensioenoverzicht.nl.

In return for managing your investments we charge management fees, and these costs will be offset against your investments. You can see these costs on your Uniform Pension Overview (UPO) which we issue annually.

As well as this, the fund manager also charges fees. All these expenses are settled within the fund itself, and the costs therefore are included in the price. The amount of these fund costs is fund-dependent and is detailed in the Scildon Funds Information. You can find more information about the costs at www.scildon.nl.

You can choose to transfer your pension if you change jobs. This could be beneficial to you, as your new employer may have a better pension scheme, or perhaps you would like to place all pensions with one provider. If you’d like to do so, inform your new pension provider. If you do not want to transfer your pension, then your pension capital will remain with Scildon. You will then use this capital to purchase a pension for yourself and your partner, if you have one, on your retirement date. See also the information under ‘What do you receive from this pension scheme‘. If you would like help making your choice your financial adviser will be happy to help you.

For the purposes of the pension scheme, marriage and registered partnerships are considered the same. You can read what has been arranged for your partner and any children you may have when you die in your Pension 1-2-3. If you don’t think this is enough then make sure to add to this.

If you live together and are not married then a partner’s pension is not automatically arranged. If you want your partner to be eligible for this then you and your partner must meet certain conditions. These terms and conditions are included in your pension regulations, such as entering into a cohabitation agreement, for example.

If you get divorced or terminate your registered partnership, your ex-partner is entitled to half of the old-age pension that you accumulated during your marriage or registered partnership. You may have made different agreements about this, which will then be detailed in your divorce covenant. Please inform us of these agreements within two years. You can do this via Scildon Online Pensioenen, where you can also upload the divorce covenant. If we do not receive a divorce covenant within two years then we will divide your pension as standard. Your ex-partner will then receive their own pension.

If you live together and are not married then you must make your own agreements about the distribution of the old-age pension, since the right to a part of the old-age pension does not apply to unmarried cohabitants.

The partner's pension accumulated up to the moment of divorce will be paid to your ex-partner upon your death, even if you lived together without being married. If you do not want this, then you should make proper divorce arrangements and record these in a covenant or a notarial deed and then pass this on to us via Scildon Online Pensioenen.

The options in your pension scheme are:

• Early retirement. This does have consequences for the amount of pension you’ll receive, because you will be paid your pension over a longer period of time;
• To receive a higher pension at the start of your retirement, followed by a lower amount;
• From whom you’d like to purchase your pension, which we call shopping.

If you move abroad, it may be that you stop accruing pension. Discuss this with your financial adviser and your employer.

If you start working more or less, this will have consequences for your old-age pension as well as for the partner’s pension and orphan's pension. Discuss this with your financial adviser and your employer.

If you become incapacitated for work, your employer will inform us. We may then pay (a part of) the contributions for your pension. The exact amount depends on the degree to which you are incapacitated for work. If you become more or less incapacitated for work this will have an impact on the contributions we pay, so please inform us in good time. Ask your financial adviser if you need to make any extra arrangements.

If you take interim leave, for example parental leave or pregnancy leave, this may have consequences for your old-age pension as well as for the partner’s pension and orphan’s pension. Discuss this with your financial adviser and your employer.

If you become unemployed, the pension accrual stops. The risk coverage for the partner's pension stays the same as if you had accrued a partner's pension as long as you are unemployed. It is important that you map out the consequences your unemployment will have for your old-age pension as well as for the partner's pension and orphan's pension. You do not have to inform us about your unemployment.

Check once a year how much pension you have accrued in total at www.mijnpensioenoverzicht.nl (in Dutch).

Please contact your employer or adviser if you have any questions or are going to take any actions or make a selection. Want to know more about your pension? Then take a look at level 3 of Pension 1-2-3. For further information, please go to Scildon Online Pensioenen or our website www.scildon.nl.