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.
You accrue a part of your final pension each year, but not on your whole salary. In 2020, you will not accrue pension on € 18,977 (2021) because you will receive AOW pension from the government when you reach the age of entitlement to AOW. You accrue pension at the annual rate of 1.875% of your salary up to € 66.261,- (2021) less the state pension offset.