The premise of the Wtp is that closed pension funds also transition to the new legislation. De Unie has regular discussions with ING and Pensioenfonds ING (PFI), the pension fund closed since 2014.
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If you have built up a pension with PFI, the following information is important to you.
Pension fund ING
To allow the pension fund to transition to the new legislation, social partners must submit a so-called entry request. In the case of PFI, the social partners are: ING, NN and trade unions involved in the CLAs of ING and NN. These parties must take into account the interests of all participants. This concerns the interests of retirees, of participants who are currently still employed by NN or ING, and of participants who are now working elsewhere.
“Sail in”, yes or no
If social partners decide to ask the pension fund board to change the fund to adjust to the new legislation, this decision must be carefully justified. We must demonstrate that the decision is in the best interests of the participants. We write up this justification in the transition plan.
The alternative is to decide not to change the current arrangement. However, the legislature expects social partners to opt for “entry. PFI is a very rich fund with a high coverage ratio. This makes it possible to distribute part of the buffer on the one hand. And on the other hand to maintain a high probability of indexation and keep the probability of reductions low.
For now, social partners are working on the option of asking the PFI board to commission the fund.
Entry objective
Social partners want to achieve a balanced transition. To this end, the following transition objectives have been formulated:
- A positive impact on the expected pension for all generations.
- The risk of reduction remains sufficiently limited
- Preservation of the market value of the pension agreement for all generations
- The actual expectation of the future allocation of current fund assets is sufficiently taken into account.
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Closed pension fund
PFI is, and remains, a closed pension fund. The pension fund informs members about the new pension system. You can read this on the pension fund's website: https://nieuwpensioen.pensioenfondsing.nl
How to proceed
Social partners are writing a transition plan; this transition plan will lay down how the introduction of the Wtp will affect the pension fund. The members of De Unie will be asked to cast their vote.
Contact
The De Unie it is important to hear the opinion of its members about these developments. Do you have any questions regarding this message? Then please contact me. This can be done by sending an e-mail to: inge.de.vries@unie.nl
