The government has been tightening the rules for pensions since 1 January 2015. This could affect your pension scheme. We will always inform you of any amendments to your pension scheme if you have a pension with a.s.r.
The government has been progressively reducing maximum accrual percentages since 1 January 2015. This could mean the amount of pension you are permitted to accrue will be reduced, depending on the accrual percentage specified in your pension scheme. The pension you have accrued so far will, of course, remain intact.
If your pension scheme has a provision for a mandatory reduced accrual percentage, you will, on average, accrue 10-15% less pension annually. This means you will receive a lower pension benefit when you retire. The accrual percentages for the surviving dependants’ pension will also be reduced, meaning your surviving dependants will receive less pension in the event of your death.
If your salary exceeds the tax-facilitated amount, you will not be entitled to accrue pension and enjoy tax benefits over that portion of your salary that exceeds the tax-facilitated amount. The partner’s pension may be significantly lower as well. In 2015, the tax-facilitated amount for salaries equalled € 100,000. This was increased to € 101,519 on 1 January 2016. If your pension accrual amounted to more than € 100,000 before 1 January 2015, this amount will remain intact. A salary cap has not been set for any included disability pensions.
If you wish to accrue pension over that portion of your salary that exceeds the tax-facilitated amount, you have two options open to you:
• You can top up your pension via a.s.r.’s Annuity Savings Account (Dutch only) or via a.s.r.’s Additional Pension Investment (Dutch only).
• You can join a group pension scheme via your employer. An example of such a pension scheme is De Amersfoortse’s Net Pay Employee Pension (Dutch only).
Both options ensure the premium is paid from the net income, which means you will not be required to pay income tax on your annuity benefit or pension benefit when you retire.
The entitlement age for the state pension is gradually being increased: in 2018 it was 66 and in 2021 it will be 67. From 2021 onwards, the statutory retirement age will be linked to average life expectancy. This means you can expect the entitlement age for the state pension to increase, on average, by three months every three years. The increase is eventually expected to stabilize at a statutory retirement age of 70.
This means you might receive a pension before receiving the state pension. The reverse could also occur: that you receive the state pension before receiving your pension. Whether you receive the pension first or the state pension first depends on the retirement age specified in your pension scheme. The fact of the matter is that both situations will result in a temporary loss in income. You may be able to defer your pension or take early retirement.
Click here to find out more about the statutory retirement age increase and how this will affect you (Dutch only).