If you work at NN Group, you and your employer both pay contributions towards your pension. The amount you pay into your pension is specified on your salary slip each month. How does this work? How does your employer calculate the amount of your contribution? Some things have changed with effect from 1 January 2018.

The contributions you pay into your pension and the amount of pension you build up are linked primarily to your salary. If you started your career only recently, your salary is likely to be lower than that of a colleague with several years of experience. It was agreed under the collective labour agreement that in 2018 your pension contribution would amount to 6% of your pensionable income. The first € 15,945 of your pensionable income is exempt from contribution. This contribution-free amount grows annually to keep up with the increase of the pension paid by the Dutch state (AOW).

What parts of your income are pensionable?
The following parts of your income constitute your pensionable income and therefore qualify for your pension accrual:

• Monthly salary
• Personal Choice Budget (PKB)
• Gradually reduced personal allowance

How do we calculate the amount of your pension contribution?
The amount you contribute towards your pension is calculated every month and is based on your monthly salary plus the allowances listed above. A threshold applies, meaning you do not pay any contribution for the first € 1,328.75 (1/12 of € 15,945 ) of your salary. If you work fewer than 36 hours a week, the threshold is proportionate to your working hours. 

Is there any limit to your pension accrual?
Yes, there is. The maximum amount of pensionable salary for 2018 is € 8,756.25 per month. This amount is adjusted annually to correspond to the maximum amount allowed under tax regulations. Any salary you earn in excess of this amount does not accrue pension. A detailed list of the components of your pensionable salary is available here: Pension Regulations. If you work fewer than 36 hours a week, your maximum pensionable salary is proportionate to your working hours.

How much is your tax allowance for supplemental private pension savings?
Your annual pension accrual is specified as factor A on your Uniform Pension Overview (UPO), which is sent to you once a year in summertime. If your annual salary grows, your pension accrual grows accordingly. Factor A is the tax-deductible amount you can spend on annuities to supplement your pension. To calculate the total amount of tax-deductible annuities you could buy, use the tool provided by the Dutch tax authorities: ‘Rekenhulp Lijfrentepremie’, which is available at www.belastingdienst.nl.

Do you want quick and secure insight into your pension?
Go to ‘My Pension’, where you will find your digital Uniform Pension Overview (UPO) for 2017. Here, you can make pension arrangements and check the status of your pension. Use your DigiD to login and then activate My Pension using your email address. Make sure you change your email address in time if you leave employment in 2018, so we can contact you digitally and keep you informed of your pension at NN Group.