1. What does our pension scheme give you?

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1 Welcome to Pensioenfonds PGB! You are currently accruing a pension with us. You do this through your employer in the sea fishing sector. In this Pension you can read about the arrangements that have been made for your pension. Read more about your pension in 3 steps The Pension is made up of 3 layers. This is layer 2. It explains in 30 minutes what pension arrangements have been made for you. Do you wish to spend just 5 minutes to learn about the arrangements? Then go to layer 1. Do you need legal information on your pension? Then go to layer 3. You can find layer 1 and 3 at View your personal pension information at In this Pension you will find the details of your pension scheme. At you will find information on your personal pension situation. You can also take a look at your Uniform Pension Overview. You receive this overview once a year. At you can find the pensions that you have accrued with all your employers. 1. What does our pension scheme give you? Retirement pension Via your employer you accrue a capital sum with us for your old age. Using this capital sum, we buy a retirement pension and a partner's pension when you retire. Your pension supplements the AOW benefit. This is the benefit you receive later from the state. How much retirement pension and partner's pension you receive later for your capital sum, we do not know yet. This depends on the contributions you and your employer pay together, the costs we incur and the investment return on your capital sum. And on the rates that apply when we purchase your pension using your capital sum. The contribution you and your employer pay together, is however fixed. We refer to this as a defined contribution scheme. On your Uniform Pension Overview you can find an estimate of the pension that you can receive. From 2017, at you can also find an estimate of the amount of pension you can accrue. From 10 years before you retire, we convert a portion of your capital sum into retirement pension and partner's pension. We do this to spread your investment risk and your risk of a low interest rate. You can read more about this in How secure is your pension? Partner s pension You also have a pension for your partner with us: the partner's pension. Your partner will receive this when you die. Each month, for the remainder of his or her life. By partner, we refer to: the person to whom you are married or with whom you have entered into a registered partnership; the person with whom you are living together and who has been registered with us as partner. Look under when do you need to take action?' for more information on registering your partner with us. How much pension your partner will receive from us depends on your situation. You die when still employed in sea fishing. We calculate how much partner's pension you could have accrued until your retirement date. This is 1.089% of the pensionable earnings for each year you have accrued a capital sum with us. Plus 1.089% for each year you could have accrued a capital sum until your AOW age. You die when you are no longer employed in sea fishing. Your partner will receive the partner's pension that we can purchase using your capital sum. You die when you are retired. Your partner will receive the partner's pension that you have accrued with us. Please note: What if you get a (new) partner after you retired? In that case this partner will not receive a partner's pension from us when you die. Layer 2- page 1 of 8

2 1. What will you receive in our pension scheme? (continuation) Partner s pension (continuation) A benefit under the Surviving Dependants Act (ANW) from the state The benefit under the Surviving Dependants Act (ANW) is a benefit from the state for your partner when you die. Your partner will receive this benefit if he or she does not yet receive AOW and meets 1 of these conditions: - your partner takes care of 1 or more children younger than 18; - your partner is disabled for more than 45%. Only few people receive a benefit under the ANW. This is because there is an income limit. Do you want to know more about the ANW? Then go to the website of the Social Insurance Bank (Sociale Verzekeringsbank) at Orphan's pension You also have a pension with us for your children: the orphan's pension. Your children will receive this when you die. Each month, until they turn 18. Or no later than age 27, if they are going to college or university or follow professional education. How much pension your children will receive from us depends on your situation: You die when still employed in sea fishing. The children each receive 20% of the partner's pension. You die when you are no longer employed in sea fishing or are retired. Your children each receive 20% of the partner's pension that we can purchase using your capital sum. You die when you are retired. Your children each receive 20% of the partner's pension. If you and your partner die while you were still employed in sea fishing, then we double the amount of orphan's pension for your children. Please note: We pay the orphan's pension for up to five children. If you have more children, we will divide the orphan s pension over your children. Non-contributory continuation of your pension accrual in the event of disability Are you disabled for more than 35%? In that case you can continue to (partly) accrue a capital sum with us. For the number of hours that you work, you and your employer pay together. For the number of hours you are disabled, we pay. We do this until you retire or until you are less than 35% disabled again. Pension regulations Would you like to know more about your pension? Look at the pension regulations. These contain the arrangements made by your employer. You can find the pension regulations at If you prefer these in hard copy, please send us an via info@pensioenfondspgb.nl or call us on What does our pension scheme not give you? You do not accrue pension over your salary in excess of 52, Does your full-time gross annual salary in 2016 exceed 52,780.00? In that case you do not accrue pension over the salary above this amount for yourself and your partner. You do not receive a disability pension Are you disabled? In that case you do not receive a disability benefit from us. Possibly you will receive a benefit from the UWV (the Employee Insurance Agency). Go to for more information. Layer 2- page 2 of 8

3 3. How do you accrue pension? A. The General Old Age Pensions Act (AOW) The AOW is the pension that you receive later from the state. Everyone who is a resident in or works in the Netherlands, is entitled to this benefit. On the website of the Social Insurance Bank (Sociale Verzekeringsbank) at you can find when you receive AOW for the first time. Here you can also find the current AOW amounts. Please note: If you lived or worked outside the Netherlands for some time, you may receive less AOW. B. The pension you accrue via your employment The capital sum that you accrue via your employer will supplement your AOW. In this Pension you can find the arrangements your employer has made for your pension. In your Uniform Pension Overview you can find how much capital sum you have accrued so far. At you can find the total pension that you have accrued with all your employers. Please note: You will receive your first Uniform Pension Overview in From 2017, at you can find an estimate of the capital sum that you can accrue. Would you like more information on your pension scheme? please send us an via info@pensioenfondspgb.nl or call us on C. The pension supplement that you arrange yourself You can also make your own arrangements for extra pension. For example via an annuity, savings or investments. Or by accruing extra pension with us. Go to for more information. Pensionable earnings You accrue pension over your gross monthly salary. This is the salary over which you have not yet paid tax. We multiply this by the number of months or salary periods per year. To this we add your holiday allowance. This is referred to as your pensionable salary. The maximum gross annual salary over which you can accrue a capital sum is 52, on a full-time basis. You only accrue a capital sum over a portion of your pensionable salary. This is because you will also receive AOW from the state later. For this reason we deduct 15, from your salary. This is called the state pension offset. The amount that is left is referred to as the pensionable earnings. We calculate the premium contribution for your pension over this amount. The contributions we invest for you depend on your age The amount of contributions that we invest for you depends on your age. Your employer has agreed this with us. Contribution percentage to be invested by age: Your age on 1 January Contributions to be invested % % % % % % % % % % % Model calculation Let s assume: you are 35 years of age and earn 30,000 gross per year. Your gross salary: 30,000 The amount over which you do not accrue pension: 15,600 -/- You accrue pension over: 14,400 The premium percentage is: 10.38% x We invest for you per year: 1, Layer 2- page 3 of 8

4 3. How do you build up pension? (continuation) Pensionable earnings (continuation) Do you work part-time? You can calculate your pensionable earnings by first calculating your salary on a full-time basis. From this you deduct the state pension offset. You accrue pension over this amount pro rata. This means that if you work half-time, you get half the pension. You accrue pension under a defined contribution scheme You and your employer pay contributions to us for the accrual of pension. With this money you accrue a capital sum. We invest your capital sum. This way we try to ensure that your capital increases. We refer to this as a defined contribution scheme. The ultimate level of your capital sum depends on the premium-contribution, our costs and our investment results. We use your capital sum to purchase pension. Therefore you do not know in advance how much pension you will receive. The amount of contributions that we invest for you depends on your age. This is your premium-contribution. The older you are, the higher your premium-contribution will be. This also applies the other way round. The younger you are, the lower your premium-contribution will be. This is because this capital sum has more time to increase. Would you like to know how we calculate the premium for your pension? You can find this under pensionable earnings. Life cycle In order to allow your capital sum to increase, we invest the premium-contribution for you. Consequently you run an investment risk, as your investment return can also be negative. To reduce this risk, we invest the contributions for your pension on the basis of a risk profile that suits your age. The older you are, the lower the risk we take. We call this life cycle investing. This is an automatic process, you do not need to make any choices for this. Your age Investments involving higher risk Investments involving lower risk Age % 20% Age % 30% Age % 50% From 10 years before you retire, annually we buy bits of retirement pension and partner's pension in stages, using your capital sum. When you retire, you choose whether you wish to exchange your partner's pension for a higher retirement pension. For this your partner needs to give permission. Would you like more information on the life cycle and the investments for your pension? Then go to Would you like more information on the balance of your pension scheme? Then send us an via info@pensioenfondspgb.nl or call us on You and your employer pay for your pension together You and your employer pay for your pension together. The contribution is 16.10% of the part of the salary over which you accrue pension. Your employer pays 5.6% and you pay 10.50%. On your salary slip you can find how much this is. These percentages apply for your pensionable earnings up to 8,401. Above this amount, you pay the full contribution. We use the contribution to invest for your capital sum. But also for the contributions of your partner's pension, the orphan's pension and your pension accrual in the event you are disabled. In addition, we use the contribution for administrative costs. Everybody pays the same amount of contribution. This is referred to as the flat-rate contribution. How much contribution will be paid into your capital sum depends on your age. This is because the contribution of a younger person has a longer period to generate a return than that of an older employee. This is your premium-contribution. 4. Which choices do you yourself have? Choice of pension scheme Once every year, you can choose to participate in the regular pension scheme for onshore staff. You must pass this on to your employer before 1 November. You can make this choice once every year. If we do not receive your choice you will continue to accrue pension under your current pension scheme. Layer 2- page 4 of 8

5 4. What choices can you make yourself? (continuation) Transfer of accrued benefits You can transfer the pension accrued earlier to us. This is referred to as a transfer of accrued benefits. You apply to us for the transfer of accrued benefits. Whether a transfer of accrued benefits is to your advantage depends on our financial situation and that of your new pension provider. And on the characteristics of your previous and new pension scheme. The other way round is also possible, of course. If you get a new job with another employer and consequently a new pension provider, you no longer accrue any pension with us. You can transfer the capital sum you accrued with us to your new pension provider. You can also leave your pension with your previous pension provider until you retire. Please note: Is our funding ratio lower than 100%? In that case your accrued benefits cannot be transferred. If our funding ratio subsequently is higher than 100% again, we can arrange for the transfer of your accrued benefits. Commutation If your pension is lower than the statutory commutation limit and you have not applied for a transfer of accrued benefits, after 2 years we will send you a proposal to pay out your pension to you by way of a lump sum. This is called commutation. For more information, go to ANW shortfall pension for your partner The ANW is a benefit from the state. This benefit is intended for your partner in the event you die. Only few people are entitled to this form of benefit. This is because for this benefit the Social Insurance Bank (Sociale Verzekeringsbank) will take into account your partner s income. For this reason you can insure an ANW shortfall pension for your partner. Your partner will receive this pension when you die, until his or her AOW commences. Your partner will receive this pension on top of the partner s pension. Your partner will only receive this ANW shortfall pension if: you die while still employed at your current employer; and your partner is not yet entitled to AOW. For more information go to and Early retirement or late retirement Under the standard procedure, you retire in the month in which you receive the AOW benefit for the first time. However, you can opt to retire earlier or later. Early retirement You can retire from the age of 55. This is only possible if you are no longer employed by your employer. You will receive less pension from us. This is because you stop accruing your capital sum prematurely. And because you receive pension from us over a longer period. Please note: You only receive AOW from the state from your AOW age. Look at to see when your AOW commences. Late retirement You can also retire later. This is possible up to 5 years after your AOW has started. This is only possible if you are still employed by your employer. In that case you will receive more pension from us. This is because you receive pension from us over a shorter period. However, from the moment you receive AOW, you no longer accrue any capital sum with us. Part-time pension You can also opt to retire part-time and continue to work part-time. You continue to accrue pension capital over the hours you accrue a capital sum. That is to say, as long as you don t receive AOW. Because once you receive AOW, you no longer accrue any capital sum with us. You make these choices when you apply for your pension. In the pension regulations you can find the conditions for early, late or part-time employment. For more information go to Layer 2- page 5 of 8

6 4. Which choices do you yourself have? (continuation) You can choose how your pension will be paid out later When you retire, you choose how you wish for us to pay your pension: Would you like more or less pension for your partner? Your partner must agree to this. Do you wish to temporarily receive a higher or lower pension? You make these choices when you apply for your pension. In the Pension Regulations you can find the conditions for these choices. For more information go to 5. How secure is your pension? What risks are there? You accrue a capital sum. The level of this capital sum depends on the contributions paid, the costs and the investment return. Investing involves risks. For this reason we invest the contributions for your pension applying a risk profile that suits your age. The older you are, the lower the risk we take. We call this life cycle investing. This is an automatic process, you do not need to make any choices for this. This is what the life cycle looks like: Your age Investments involving higher risk Investments involving lower risk Age % 20% Age % 30% Age % 50% From 10 years before your AOW age, we buy bits of retirement pension and partner's pension in stages, using your capital sum. This way we spread your risks. These include the investment risk, the risk of a low interest rate and the longevity risk. But this way you may also miss out on part of the investment return. Your retirement pension and partner's pension can also increase or decrease. If the financial situation is not according to plan, we cannot increase your pension. We may even need to reduce it. If our funding ratio is sufficiently high, we can increase your pension. This is called a supplement. For more information go to How much pension you will ultimately receive, is therefore not yet certain. This depends on your capital sum and the rates for purchasing pension when you retire. For this rate we take into account: the interest rate, the life expectancy of people in the Netherlands. If people live longer, the pensions also need to be paid out for a longer period. This costs more money. compensation of costs we incur. 6. What costs do we incur? Costs We incur costs for pension management. This includes all the costs for our pension administration. But also costs to inform you about your pension. And the costs of our management. We also incur costs for asset management. These are the costs for investing your capital sum. The stock exchange for example charges transaction costs when we buy or sell shares and bonds. At and in the annual report you can find an overview of the costs we incur. Layer 2- page 6 of 8

7 7. When do you need to take action? If you change pension providers You can transfer the pension accrued earlier to us. This is referred to as a transfer of accrued benefits. You apply to us for the transfer of accrued benefits. Whether a transfer of accrued benefits is to your advantage depends on our financial situation and that of your new pension provider. And of the characteristics of your previous and new pension scheme. The other way round is also possible, of course. If you get a new job with another employer and consequently a new pension provider, you no longer accrue any pension with us. You can transfer the capital sum you accrued with us to your new pension provider. You can also leave your pension with your previous pension provider until you retire. Commutation If your pension is lower than the statutory commutation limit and you have not applied for a transfer of accrued benefits, after 2 years we will send you a proposal to pay out your pension to you by way of a lump sum. This is called commutation. For more information, go to Please note: Is our funding ratio lower than 100%? In that case your accrued benefits cannot be transferred. If our funding ratio subsequently is higher than 100% again, we can arrange for the transfer of your accrued benefits. If you become disabled Are you disabled for more than 35%? In that case you can continue to accrue a capital sum with us. For the hours that you work, you and your employer pay together. For the number of hours you are disabled, we pay. We will do this until you retire or until you are less than 35% disabled again. You do not need to notify us that you are disabled. The UWV (Employee Insurance Agency) will do this for you. However, what you can do is think about your pension. If you are disabled, you may accrue less pension than if you worked full-time. It can therefore be a good idea to accrue extra pension yourself. For more information, go to or If you get married or enter into a registered partnership Are you getting married or are you entering into a registered partnership? If this is the case, the municipality will notify us. Therefore you do not need to do this yourself. Except if you are living abroad. In that case you need to notify us yourself. If you start living together Are you going to live together? If you do, the municipality will not notify us. Therefore we do not know who your partner is. You can register your partner with us yourself. When you do this, your partner will receive a partner's pension from us when you die. If you do not register your partner with us, he or she will not receive a partner's pension from us when you die. You can register your partner with us via This is subject to the following conditions: You are living at the same address and are both registered at this address with the municipality. You have shared a household for a period of 6 months or more. You and your partner are not married with another person and have not entered into a registered partnership. You and your partner are not: parent and child, grandparent and grandchild or parent-in-law and son/daughter-in-law. Layer 2- page 7 of 8

8 7. When must you act? (continuation) In you get a divorce or terminate your registered partnership If you get a divorce, you must also divide your capital sum. We will set aside part of your capital sum to purchase a retirement pension for your ex-partner. We will also set aside part of your capital sum to purchase a partner s pension for your ex-partner if you die. This has been arranged by law. We must be notified of your divorce and the arrangements made within 2 years. Do you want to divide your capital sum differently? If you do, follow these steps: Step 1: Arrange with your ex-partner about how you wish to divide the capital sum. Step 2: Lay down these arrangements in a divorce agreement with your lawyer or civil-law notary. Step 3: If so, these arrangements must be passed on to us within 2 years. Maybe your ex-partner does not want to have a portion of your capital sum. In that case he or she will waive this portion. You and your ex-partner are required to record this in the divorce agreement. And we must be notified of this. For more information, go to Were you living together and are you and your partner separating? Then we will only set aside part of your capital sum to purchase a partner s pension for your ex-partner if you die. This has been arranged by law. This only applies if your partner had been registered with us. Your ex-partner may waive the partner's pension. In that case the capital sum remains yours. This can be effected using the form Waiving the special partner's pension, which can be found on expartner may renounce the partner pension. The capital remains yours. This can be done with the form "Renouncing the specific partner pension' that can be found at If you move abroad It is important that we are notified of your new address. We must also be notified if you get married, start living together or enter into a registered partnership, for we do not receive a notification of these events from the municipality. You can notify us of these changes by or letter. If you become unemployed Have you lost your job? You do not need to notify us that you have lost your job. The UWV (Employee Insurance Agency) will do this for you. If you are unemployed, you no longer accrue any capital sum with us. Do you wish to accrue pension with us yourself because you do not accrue pension elsewhere? This is possible for up to 3 years. It is more expensive than pension accrual via your employer for you pay not only your own part but also the part your previous employer used to pay. Look at and in the pension regulations for more information and the conditions. Check at least once a year what your pension situation is. This way you avoid nasty surprises. It will take you about 15 minutes. You can do this when you receive your Uniform Pension Overview, for example. At you can find the pension that you have accrued with all your employers. From 2017, at you can also find an estimate of the amount of pension you can accrue. Do you have any questions? Would you like to know more about your pension? If so, please do not hesitate to contact us. We will be pleased to help you. info@pensioenfondspgb.nl telephone: internet: Layer 2- page 8 of 8