This changed on 1 January 2024:

• The TNO’s social partners (TNO Board and the Works Council) decided to keep the pension premium the same (20.34%). A change in regulations also made it possible to increase pension accrual to the target level: 1.75%, as it was in 2021.
• The ‘threshold amount’ or franchise is €17,427 (this was €16,878) as of 1 January 2024. This is the amount over which you don’t accrue a pension. It’s roughly equal to the state pension you will receive from the government when you reach the state retirement age.
• The statutory maximum amount over which you can accrue a retirement and a partner’s pension is indexed annually. In 2024, this is € 137,800.
• You can only supplement your pension if you’re already participating in the Extra or Net pension scheme; Unfortunately, joining now is no longer possible. Goldman Sachs will stop with this arrangement as of 1 July 2026.

See what’s changing You can see the changes as of 2024 in the TNO Pension Fund portal. Go to ‘My Pension’ and log in with your DigiD. You can then use your data in the portal to determine for yourself whether you will ultimately accrue enough pension. If you have problems logging in, contact the AZL pension administrator.

The Pension Fund Disputes Authority (GIP) is a national, independent body to which TNO Pension Fund is affiliated. You can contact this authority if you disagree with our solution to a dispute. This dispute resolution authority examines the implementation of the pension scheme. You can also submit your dispute to the civil court.

Complaints procedure Although we hope you won’t need it, it’s useful to know how our complaints procedure works if you do have a complaint. If you have any tips on improving our services, please don’t hesitate to let us know by using the form on the website. There’s also a step-by-step guide on the site explaining how we deal with complaints.

Error in your pension calculation? Do you think that your pension has been calculated incorrectly against expectations? Or do you have a question? Let us know and contact AZL, our pension provider. We’ll look into it. You can read how this works in our correction policy here. After all, your pension information must be correct, clear and timely. As a pension fund, we’re responsible for managing your pension data.

The correction policy and a link to the complaints form can be found in the black bar at the bottom of our homepage.

Shares transferred to Climate Fund TNO Pension Fund’s goal is for its investment portfolio to be net-zero by 2050 at the latest. As a first step, TNO Pension Fund has therefore transferred all shares from the developed markets, worth approximately 750 million euros, to a fund that is aligned with the climate goals of the Paris Agreement.

This step is part of the multi-year ESG policy to be net-zero by 2050. This reflects the outcome of the study among participants into the sustainable investment policy of TNO Pension Fund, where climate action emerged as a key preference. Partly due to this, the percentage of investments by TNO Pension Fund that promote sustainability has increased. A nice milestone.

Significant sustainabilization of the investment portfolio In late 2023, another analysis into the sustainability of TNO Pension Fund’s investment portfolio was carried out. The ecological and social characteristics of the investment products were examined in accordance with the Sustainable Finance Disclosure Regulation (SFDR) and the European Taxonomy, a European directive applicable to pension funds. The percentage of sustainable investments increased from 45.2% at the end of 2022 to an impressive 73% at the end of 2023. For more, see the sustainability information on the site.

Note: This percentage only applies to TNO Pension Fund’s pension scheme. The Extra Pension, Net Pension and TOP schemes have no sustainability characteristics

Another good score in the VBDO Survey The results of the annual survey by the VBDO (Vereniging van Beleggers voor Duurzame Ontwikkeling - Association of Investors for Sustainable Development) have been published. Every year, the VBDO investigates how sustainable the 50 biggest Dutch pension funds are. The results reveal that we’ve moved up two places to position 31 in 2023.

More countries excluded from investments TNO Pension Fund does not invest in certain countries because they violate international treaties. In December 2023, the fund reinforced this policy, excluding 51 additional countries. These countries have been designated by Freedom House as the 'worst of the worst'.

Do you want to know how we invest? We believe in transparency about our investments and voting policy, so we provide you with regular updates on the website. You can follow the sustainability news via our news page, or check out the Documents page on the TNO Pension Fund website. There’s even an overview of the investment funds and corporate bonds in which we invest. You can therefore see what’s in the name of the Pension Fund, in which funds we invest, and which bonds are directly in the name of TNO Pension Fund. Do you want to know what we don’t invest in? See the exclusions on our site under Documents (ESG).

You may already heard about it. A law is being introduced that allows you to withdraw a lump sum at the start of your retirement. But you’ll need to be patient for a little longer. The expected new start date of the ‘Lump Sum’ act has been postponed until 1 January 2025. That’s important to know if you’re considering retiring soon.

If you want to retire in 2024 You can simply retire, of course. However, you’ll miss out on the opportunity to have up to 10% of your pension paid out as a lump sum. There are obviously other options, such as receiving a higher pension initially and a lower pension later (or vice versa) or a AOW (state old-age pension) bridging pension

If you’d like to take part of your pension in one go, you can choose not to retire until 2025. You will then probably have the option of withdrawing a lump sum. You can then use that sum for travel, renovations, a major purchase, or perhaps to pay off your mortgage, for example.

What you should keep in mind If you do opt for the ‘Lump sum’ in due course, there are a few points you should take into account:

• The pension you receive from our fund every month will be lower for the rest of your life.
• The amount you withdraw 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. The combination with an AOW (state old-age pension) bridging pension is also not possible.

Even though the new ‘Lump Sum’ scheme hasn’t started yet, it’s good to consider the advantages and disadvantages. If you want to know more, contact our AZL customer service. You can call them on +31 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.