Personal pension meeting: also for 62+
New at TNO Pension Fund is the pension meeting for everyone turning 62. Are you over the age of 62 and would you also like to make use of this service? That’s understandable. We have therefore also sent this offer to everyone who is above the age of 62.
A personal pension meeting (using Microsoft Teams) is the ideal opportunity to ask any questions you might have about the pension you've accrued at TNO Pension Fund. These meetings last about 45 minutes and are absolutely free. By the time the meeting ends, you’ll know:
- when you can retire
- whether you can partially retire or
- whether retiring later would be beneficial
- and what choices you have at that moment
So would you also like information regarding choices relating to your retirement and are you 62 or older? If so, please contact AZL (spreekuur@azl.eu) and ask about the possibilities.
Lump sum: 1 July 2025
The effective date of the new law allowing you to withdraw up to 10% of your accrued pension in one lump sum is 1 July 2025 at the earliest.
Perhaps you have already heard about it. A law is being introduced that allows you to withdraw a lump sum at the start of your retirement. The expected effective date of the Lump Sum Act has been postponed a few times, and is now 1 July 2025. That’s important to know if you’re considering retiring after this date.
If you want to retire in 2025 You can wait to retire until the new law actually takes effect, allowing you to take up to 10% of your pension in one lump sum. You can then use that sum for travel, renovations, a major purchase, or perhaps to pay off your mortgage, for example. But there are other options, such as receiving a higher pension initially and a lower pension later (or vice versa) or an AOW (state old-age pension) bridging pension.
What you should keep in mind
If you ultimately opt for the 'Lump sum', there are a few points you should take into account, among others:
- The pension you receive from our fund every month will be lower for the rest of your life.
- The amount you withdraw as a lump sum is considered income for tax purposes and other charges/benefits based on your income. As a result, you will pay more tax in the calendar year in which you receive the lump sum. Allowances you receive in that year (such as a rent or care allowance) may be reduced; you may even have to pay something back. A benefit may also be reduced.
- The healthcare premium deducted from your pension will increase.
- If you withdraw a lump sum, you can no longer opt for a temporarily higher or lower pension.
If you would like more information, contact our AZL customer service. You can call them on +31 (0)88 116 2401 or send an e-mail to pf-tno@azl.eu. As soon as we know more about the definitive effective date, we’ll let you know via the website and in Life & Pension.
Do you know a former colleague living abroad?
It can slip your mind: providing your e-mail address to TNO Pension Fund when you leave the company. After all, if you do not transfer your assets, you will still have accrued pension with TNO Pension Fund. If you live in the Netherlands, you'll be fine. It's different when you move abroad. In that case, the new address is often not communicated to TNO Pension Fund. We would therefore like to ask for your help if you know a former colleague who has moved abroad.
Take action Ask that former colleague to check whether the correct address or e-mail address is known to the Pension Fund (if they still have accrued pension with us). Normally, you can see this at 'Mijn pensioen' on our site, but if you live abroad, you can no longer log in to 'My Pension' without a DigiD. In that case, please contact our pension administrator, AZL.
Personal e-mail address Even if you do not live abroad, it is important that we have your personal e-mail address. So make sure you receive e-mail from TNO Pension Fund at your personal e-mail address. This is because if you change jobs or retire, we will no longer be able to reach you at your business e-mail address. So be sure to update that today. Log in to 'Mijn pensioen' (at the top right-hand corner of the TNO Pension Fund site) and change your e-mail address in your personal details.
How financially healthy are we?
We’ve listed the figures for you to give you an impression of how your pension fund is doing. That’s important, because it affects your pension and your future.
123.0%
Policy coverage ratio An important yardstick of a pension fund’s financial health is its policy coverage ratio. This is the average coverage ratio of the last 12 months. If the ratio is 100%, there’s exactly enough to meet all of the fund’s commitments. In October 2024, the ratio is 123.0%. That means we have enough reserves to absorb asset fluctuations well.
The white line in the graph shows the trend over the past period. The orange line is the minimum required coverage ratio (De Nederlandsche Bank’s norm). The light blue line is the coverage ratio that best matches the risks of TNO Pension Fund.
6.57%
Return Another important figure is the return. How are TNO Pension Fund’s investments doing? Currently, the yield stands at 6.57% (October 2024).
If you take part in the Extra or Net Pension Scheme, you accumulate capital at your own risk at Goldman Sachs Asset Management (formerly NN IP). In October 2024, the ratio was 0.11%. You can see how your capital is doing at Goldman Sachs: https://wn-mijnpensioen.gsam.com/log-in.htm.
How is the market changing? Looking back at the past period, for the time being, equity markets do not seem to be concerned about global geopolitical tensions. The share price gains were in double digits. Moreover, it was noticeable that, with the increasing chances of presidential candidate Trump, US interest rates rose. European interest rates, however, fell. This had an effect on financial markets.
If you would like more information, follow the news on our website.
News about TOP or Extra pension
After 1 July 2026, the capital you have saved with the TOP and Extra Pension Scheme will be converted into a capital for retirement pension. After all, the new pension scheme takes effect as of that moment; there will no longer be a TOP or Extra Pension scheme.
Do you want to use your saved TOP capital to retire earlier or work a bit less until your retirement and are you older than 59 years of age on the effective date? To do that, contact our pension administrator, AZL, soon and have that benefit take effect before 1 July 2026. After 1 July 2026, you can also stop working earlier, but then you will bring forward the entire pension. If you accrued TOP capital and/or Extra Pension Capital, you will receive another letter about this.