Changes

Two changes have been implemented in 2018. First, the target retirement age for tax purposes has been raised from 67 to 68. We covered this in the previous issue of Life & Pension. As agreed, we will now explain the other change. You will namely need to check your profile and take action in due time for post-retirement investment.

Note: this applies only if you have supplementary pension or TOP.

At TNO Pension Fund, you first accrue an old-age pension. You then have the choice to supplement your pension. You can arrange this yourself, for example with a savings account or an annuity. It is also possible to supplement your pension through us by participating in the Extra Pension or Net Pension Scheme. Or previously the TOP scheme.

You invest the pension capital from your supplementary pension scheme or TOP with NN IP via LifeCycle Mixes. These LifeCycle Mixes were renewed on 1 January 2018 so they better meet the current wishes of our participants, are cheaper, and yield a better end result.

As from 2018, it is possible to continue investing your accrued capital after you retire. You then buy a variable pension and no longer depend on the offer made when you retire.

You can use your pension capital to purchase a pension benefit from NN IP or elsewhere. The amount depends on the offer you receive. That’s where shopping around comes in. It enables you to buy a variable pension and continue partially investing after you retire. If you decide after closer inspection that a variable pension is not for you, you can, of course, also buy a fixed pension benefit. You cannot shop around with your old-age pension.