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NN Group pension scheme

On November 7, 2019, employees received a message from the employer about the decision of the NN CDC Pension Fund to shorten the accrual in the pension fund for the year 2020. In the year 2020, the employee accrues 1,552% of the pension instead of 1,875%. The pension fund had to take this decision because the agreed premium of 30% is not sufficient for the agreed pension accrual.

Role of De Unie

The fixed pension premium of 30% has been agreed in the NN CLA 2019-2020. More information about the collective labor agreement can be found here. De Unie has countersigned this agreement. I, advocate Inge de Vries, therefore think it is appropriate to inform members about this. By agreeing on a fixed premium, part of the risk of a low interest rate was placed on the employees. This risk has now become a reality. It is disappointing that this decision is necessary. At the time of the collective labor agreement negotiations, we already accepted a retrenchment of the scheme. In the new pension scheme we have agreed to arrange the partner's pension on a risk basis instead of the partner's pension on an accrual basis. In fact, this means that employees accrue less pension in total. Under the circumstances known at the time, the new pension scheme was feasible and the premium of 30% sufficient. The NN CDC Pension Fund has therefore accepted the assignment to implement the pension scheme. Unfortunately, interest rates dropped to a very low level after the summer and have not recovered sufficiently. The low interest rate makes building up a pension very expensive. As a result, the premium of 30% is no longer sufficient from 1 January 2020.

What will be cut?

It is important to emphasize that there is an accrual discount for the year 2020. The pension that the employee has built up up to and including 2019 will not be affected. This only concerns the accrual for the year 2020. In the autumn of 2020, a decision will be taken on the pension accrual for 2021. If the interest on September 30, 2020 is still this low, the pension fund will have to reduce the accrual again. If the interest rate rises to an acceptable level, the 30% pension contribution may be sufficient.

Who does this apply to?

The accrual discount applies to all members of NN CDC Pensioenfonds who participate in the pension fund from 1 January 2020, including former Delta Lloyd colleagues. The accrual discount has no effect on previously accrued pension with NN CDC Pensioenfonds or with other pension funds, such as the closed Pension Fund ING or the Delta Lloyd pension fund. In addition, the discount does not affect the partner's pension, which the partner will receive if you die during your employment.


In the letter from the employer, employees are invited to follow a webcast on 12 November 2019. In this webcast, an explanation is provided and there is an opportunity to ask questions. On this day, the employee also receives a pension special from the NN CDC pension fund. More information about pensions can be found on our website.


For questions or remarks send me an e-mail inge.de.vries@unie.nl or call 06-5252 2091.