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ING: harmonization of PFI pension schemes


This message only applies to employees who have also accrued pension with Pensioenfonds ING (PFI).

PFI, employers ING & NN and the trade unions De Unie, FNV Finance and CNV Vakmensen have reached an agreement in principle on the harmonization of a number of pension schemes. In recent months, employees have received a message from PFI about the reason, upcoming changes and the effect on their personal situation. Below is an overview of the benefits and the changes that Union members can vote on. Note: not all changes are relevant to everyone. The changes that affect the personal situation are stated in the letter received by PFI employees.

Reason: fiscally and administrative correct implementation of the pension scheme and own choices

In order to be able to (continue to) administer the various pension schemes correctly in an administrative and fiscal manner, we have agreed on a number of adjustments as of 1 January 2020. In addition, PFI wanted to respond to the wish of participants to have more options in their pension schemes. These are now perceived as too limited.

Benefits as a participant

Because we had to make some adjustments, we were also able to realize a number of advantages for the participants. Some of these are below and the full list can be found here..

  • All participants are optimally able to match the pension benefits to their personal needs (customization).
  • The commencement date of the retirement pension has been extended. Entry is possible between the ages of 55 and 71.
  • The degree to which part-time retirement can be chosen has become more flexible. It is possible to opt for part-time retirement in steps of 10%.
  • The option of exchanging the entire partner's pension, including the portion built up before 2002, means that a higher entitlement to retirement pension can be realized.
  • Adjustments to the pension planner and the participant portal provide more information about the pension (including any CDC pension) and all options.
  • The regulations include the option for the board to decide to make a one-off payment to all (former) members and pensioners in the fund in the event of an exceptionally high funding ratio.

Disadvantage as a participant

The adjustments cost approximately 25 million euros. This is a limited expenditure on PFI's total assets. It leads to a slight reduction (0,13%) in the funding ratio. Tax risks about the past will lapse at the same time.

Changes: from 6 schemes to 1

As of January 1, 2020, six current pension schemes will be harmonized into one new pension scheme. We are thereby changing types of benefits, such as death benefit, temporary retirement pension and bridging pension. We have also added flexibility options such as bringing forward and postponing the starting date of retirement pension, exchanging retirement pension and partner's pension, part-time retirement and high-low and low-high pension benefits. The full list of changes to the schemes is here. to read.


The trade unions are now putting this agreement in principle to the vote de Uniemembers for. However, be aware that a possible rejection will lead to tax problems and negative consequences for the pension. De Unie therefore advises to agree. The vote is running until Monday 3 December 2019.

Questions or remarks

Are there any questions or comments about this post? Please contact me, advocate Emanuel Geurts, by e-mail or call 06-5252 2074.