How do you view your pension?
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It’s good that we know how much risk you would be prepared to run with your pension. That’s why in early 2022, we asked all members, deferred members, and pension beneficiaries about their pension risk appetite. You can read the results of the survey conducted by IG&H here.
Risk appetite
Are there differences in outcomes between employees at TNO and the other affiliated companies?
No. There are no differences. As there are no significant differences, the survey conclusions apply to all members.
What are the differences in outcomes per age category?
There are no significant differences between young (under 78) and older (≥78) pension beneficiaries. Younger members (below 38 years) are prepared to accept a higher risk than the two older age groups. There is also generally not much difference with colleagues who have left work and still have their accrued their pension at TNO Pension Fund.
And if you look at income?
When people’s income increases, their risk appetite increases too. We also see that single employees are on average prepared to accept higher risks.
Risk resilience
Suppose your pension payment including state pension is over 20% lower than expected. Could you compensate for that?
Some 10% indicated that they could not compensate for this. We also see that the oldest group (≥58) can carry less risk. The difference between employees and former employees and pension beneficiaries is high. 18% of pension beneficiaries indicated that they could not compensate for a 20% lower pension, against 7% of employees.
How much pension do you expect to receive on your retirement date?
What is striking about this question is that participants with a lower resilience expect on average a higher percentage of pension. That means they may not be estimating their pensions realistically.
New pension system
What kind of pension scheme would you prefer? A scheme that influences your risk profile or not?
This question concerns the arrival of the new system, in which flexible schemes are an option. You can make various individual choices in this scheme, such as setting your risk profile. Based on the answers, it can be concluded that there is no specific preference for such a scheme. Pension beneficiaries indicate that they would much prefer the pension fund to determine the risk profile.
Suppose you could choose between a more fixed or a more variable pension that moves with the economy every year. The variable pension pays out more when things are going well and less when things are going badly. What would you prefer?
Most members indicated that they’d prefer a more or less fixed pension. Members with a low risk appetite also have a stronger preference for a fixed pension.
What consequences do you think the new pension system will have for you?
Particularly younger people (up to 37) indicated that they did not know. 10% thinks that they will receive a higher pension. Older employees (above 58) expect that this will remain the same. On average, employees younger than 58 think that their pension will be lower.
Solidarity
You contribute to other people’s pensions when things take a turn for the worse for them. And others contribute to your pension if things take a turn for the worse for you. What do you think of this?
The majority thinks solidarity, as stated in the question, is good.
If you’d like to know more...
Why will there be a new system, what does TNO Pension Fund do and, above all: what do you need to know?
We will be collecting and storing all kinds of important information for you in the coming period, so that you can stay informed of developments relating to your pension scheme.
Read more in the Special about the new pension system and TNO Pension Fund.