On 1 January 2018, the actuarial required retirement age for tax purposes has risen from 67 to 68. These changes follow from legislation that applies to all pension funds. NN Group and the trade unions have agreed not to raise the actuarial retirement age in 2018. As a result, the pension accrual rate needs to be lowered from 1.875% to 1.738%. What does this mean for your pension?

The social partners - NN Group and the trade unions CNV Vakmensen, FNV Finance en De Unie – have decided not to raise the pension plan’s actuarial retirement age for employees of NN Group, leaving it at 67 instead. This implies that the pension accrual rate needs to be lowered from 1.875% to 1.738%.

What this means for your pension
Below is a list of the implications for your pension:

• If you were you born after 1954, the rising AOW retirement age will have implications for you. Click here to calculate your AOW retirement age.
• In 2018, NN CDC Pensioenfonds’ pension accrual rate will be 1.738%.
• Would you like to align your AOW retirement date with your pension fund retirement date? Go to the Pension Planner to find out what your options are.

What will remain the same
Below is a list of things that are not set to change:

• The pension fund's standard retirement age will remain 67. You may choose to retire before you reach the age of 67, but you cannot choose to retire after that age.
• You may opt for early retirement starting at the age of 60. It is important for you to realise that your pension benefits will be lower if you opt for this. After all, you will have fewer years to accrue pension, your pension accrual will need to be paid out over a longer stretch of time, and you will not yet be receiving Dutch state pension (AOW). Moreover, you will accrue less partner pension.
• If you were already employed by NN Group before 1 January 2014, you also have a pension accrual in Pensioenfonds ING. That part of your pension starts paying out from the day you turn 65 or 62, depending on which plan you were participating in. The current changes have no implications for your pension or actuarial retirement age in Pensioenfonds ING.

More information
For more information regarding the actuarial retirement age and frequently asked questions, click here.