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Home Pension scheme Pension 1-2-3 IFF Pension Fund How do you accrue a pension? In three ways

Pension 123 Layer 2

You accrue pension in three ways

You accrue pension in three ways:

A. AOW: this is the pension you receive from the government. Further information on the AOW is available at www.svb.nl.

B. Pension with the IFF Pension Fund. You are accruing this pension through your employer IFF. This is the pension we are discussing in this Pension 1-2-3.

C. Pension that you arrange personally, such as an annuity or bank savings.

A. The General Old Age Pensions Act (Algemene Ouderdomswet, or AOW)

The AOW is the statutory pension from the government for everyone who has lived or worked in the Netherlands during the 50 years prior to reaching the AOW age. The AOW age is no longer the same for everyone. You can find your AOW age on the website of the Social Insurance Bank (SVB). The amounts of the AOW are adjusted each year. For the amounts and further information on the AOW, go to www.svb.nl.

Please note: if you have not always lived or worked in the Netherlands, your AOW pension may be lower. 

B. The pension you accrue through your employment

The amount of this pension is shown in your Uniform Pension Statement (UPO). You receive a UPO once a year. The UPO shows the retirement pension you have accrued, as well as information on partner’s and orphan’s pension. This is the pension for your partner and children in the event of your death. You can also go to www.mijnpensioenoverzicht.nl, where you will find an overview of the pension you have accrued with your employer(s).

C. Supplementary pension you have arranged yourself

You can arrange for a supplementary pension in addition to your AOW and the pension you accrue with IFF. This can be in the form of bank savings or by concluding an insurance, such as an annuity.

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