A short introduction
We are the IFF Pension Fund:
- 1.099 IFF employees are accruing a pension with us.
- Each month, we pay out a pension to 557 pensioners. You might assume this involves retirement pensions, but we are also responsible for paying the pensions of your surviving dependants if you are no longer with us.
The Pension Fund Board of Trustees
Who we are
The Pension Fund Board of Trustees (‘the Board’) consists of people who you and IFF know very well: three members of the executive board represent the employer, two members represent the employees and one member represents the pensioners. It is a joint board, with half its members appointed by IFF and the other half appointed by the members.
What do we believe in?
To protect the interests of all stakeholders in the IFF Pension Fund in its administration and recommendations and thus to provide the best possible pension benefit through an independent pension fund for members and former members, pensioners and surviving dependants.
The IFF Pension Fund strives to offer a good benefit that maintains its purchasing power and is in line with the pension targets as agreed with IFF’s social partners.
"We invest your contributions to ensure that you will get the agreed pension. We also ensure that your pension is administered properly, and we maintain close contact with our members."
Ilse Brundel, IFF Pension Fund Trustee
Decisions and influence of the Board
The Board is not involved in the design of your pension scheme. This is arranged by IFF in consultation with the social partners. Your pension is actually an employment benefit.
The Board administers the pension scheme and monitors that the scheme continues to be in line with legislation, is soundly financed and practicable. The Board makes decisions regarding the investments and whether indexation of the pensions is possible or not. In all its decisions, the Board considers whether the interests of all members - both young and old - are sufficiently represented and makes a responsible assessment of risk.
Supervision and monitoring of the Pension Fund
The Pension Fund is supervised and monitored by various internal and external parties.
Internal monitoring: Accountability Body and Visitation Committee
External monitoring: De Nederlandsche Bank (DNB), The Dutch Authority for the Financial Markets (AFM), the Dutch Personal Data Authority, as well as an auditor and an actuary.
The Pension Fund incurs costs
There are costs involved in arranging your pension properly. There are costs for the administration, the asset management and the Board of Trustees. Controlling these costs is an important item of attention for the Board.