NET PENSION SCHEME (NETTOPENSIOENREGELING)
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1 NET PENSION SCHEME (NETTOPENSIOENREGELING)
2 Introduction As of January 1, 2015, it is no longer possible to enjoy tax benefits on the accrual of pension on pensionable salary in excess of 100,000. You therefore accrue less (retirement) pension. The surviving dependents pension will also be lower. There are no effects for the height of occupational disability pension. ABP net pension scheme As of October 1, 2015, ABP offers a solution in the form of the ABP net pension scheme. This net pension scheme gives you the possibility of limiting the lower accrual of retirement pension. It also enables you to keep the surviving dependents pension on level as much as possible. What are the advantages of the ABP net pension scheme? Your pension remains in line with the existing pension scheme as much as possible. The convenience of your pension rights in one place. The surviving dependents pension remains on level. If you become occupationally disabled during participation, you can continue to participate without paying any contributions. The costs during participation in the net pension scheme are relatively low since optimal use is made of ABP s infrastructure. On your retirement date you can opt to purchase supplementary pension from ABP, or you can opt for a payment from an insurance company. What are the main features of the ABP net pension scheme? - It is a voluntary scheme: you decide whether you want to participate in this scheme. - It is a scheme that provides for supplementary pension accrual. - It is a contributory scheme. That means that the height of your pension is determined by the contribution and the returns achieved on that. These returns can fluctuate. - The ABP net pension scheme has the following options: - Total package: You save for capital that is converted into retirement and surviving dependents pension when you retire. You also save for extra surviving dependents pension for in the event you die while participating in the net pension scheme. - Accrual package: You save for capital that is converted into retirement and surviving dependents pension when you retire. - Risk package: You insure extra surviving dependents pension that is paid out if you die and are still participating in the net pension scheme at that moment. - With the so-called accrual portion (saving for capital) you can opt for participation of: 25, 50, 75 or 100%. The premium payments are determined with reference to the fiscal contribution scale. - It is a contributory scheme without investment freedom. As you get older, ABP decreases the investment risk (according to a so-called Lifecycle). - If you sign up within three months of becoming eligible for the net pension scheme, you will not be subject to a medical examination. If you sign up after the first three months, a medical statement may be necessary. If this statement gives reason for this, a medical examination will be performed. The costs of an examination are at your own expense. You can decide either to undergo this examination or to not participate in the scheme after all. What do you need to know about the contribution? - The maximum height of the contribution depends on your age (see Sliding scale below). - If you have a partner, you can also opt for risk-covered surviving dependents pension. This is part of the contribution shown in the table below. The contribution which is invested is the contribution from the table minus the risk premium. - On top of the contribution from the table, you pay a contribution for the event you become occupationally disabled. If this occurs, you can continue to participate in the scheme and are not
3 required to pay contributions any longer (for the percentage for which you are occupationally disabled). - You decide your participation percentage. You can participate for 25, 50, 75 or 100%. If you participate for 25%, you pay 25% of the contribution. A participation percentage of 100% is assumed as standard. You can change your participation percentage once a year. - If you opt for partial participation, the risk-covered surviving dependents pension is still always covered 100%. - You pay the contribution from your net salary. Your employer ensures that this net contribution is paid to ABP. - The contributions put in are saved. This is how you accrue capital. This capital is converted into pension no later than on your retirement date. Or earlier, if you stop participating or if you die. You can opt in this context for a pension from ABP or a facility at an insurance company. Sliding scale You can find the fiscal contribution scale below (3%). This is set by the Dutch Tax and Customs Administration and adjusted by amendments to the legislation. age categories Retirement pension and immediately effective attainable surviving dependents pension % % % % % % % % % % % The percentages indicate the maximum of how much of the income in excess of 100,000 can be put into the net pension scheme. This percentage is also directly the contribution you pay. The contribution is age-related. That means that the contribution varies over time and gradually increases. You can also save less than the maximum cited in the table. In that case you opt for a lower participation percentage (25, 50 or 75%).
4 How do I participate in the net pension scheme? Go to where you can find the calculation tool. You can also directly apply for the net pension scheme there. Calculation tool for net pension scheme The calculation tool gives you insight into your own situation and possibilities. You can also apply for the net pension scheme directly from the calculation tool. The calculation tool calculates the attainable capital upon retirement in three yield scenarios prescribed by law: 1) Historical scenario Here we assume the returns realized over the past 20 years. Products that have existed for less than 20 years must also use the data from the Netherlands Authority for the Financial Markets to calculate the historical return. 2) 4% scenario Here we assume a gross return of 4%. The investment costs are then deducted from this. 3) Pessimistic scenario Here we assume a scenario in which the returns are disappointing. This scenario is the average yield in what is expected to be the worst 10% of cases. How is my contribution invested? The net pension is invested according to what is called the Lifecycle principle. Are you young and is your retirement date still far in the future? Then the investments have a somewhat higher risk, with the likelihood of a higher return. As your retirement date approaches, the risk on the investments is reduced. You do not have any investment freedom therefore. This setup was chosen to take as much off your hands as possible, because the investment mix automatically moves in line with your age. The progress of the Lifecycle is shown in the appendix.
5 Explanation of terminology Nettopensioen beleggingsmix Indexleningen Staatsobligaties Bedrijfsobligaties Grondstoffen Vastgoed Aandelen opkomende markten Aandelen ontwikkelde markten Jaren tot uw pensioendatum Net pension investment mix Index-linked bonds Government bonds Corporate bonds Commodities Real estate Emerging Markets Equities Developed Markets Equities Years until your retirement date Investment mix for net pension scheme The net pension scheme makes use of the same investment funds in which ABP also invests for the basic pension scheme. As such you continue to profit from ABP s good investment opportunities. This provides advantages in the areas of, among other things, investment costs, risk spread and professional management. We invest in a broad mix of asset classes, including equities, real estate, commodities and bonds. The investments also satisfy ABP s sustainable investment policy. What are the costs of the net pension scheme? You pay 35 per year in fixed administration costs. These costs are settled monthly. You do not pay any entry costs. You also pay a management fee on the accrued capital. These are age-related. The costs range from 0.09% to 0.14%. If you invest over a horizon of 20 years, the management fee amounts to approximately 0.11% on annual basis. The management fee is settled annually. Investment costs are also incurred, such as entry and exit fees and custody charges. These investment costs are deducted from the return before it is granted. The contributions and costs depend on, among other things, the tax regulations, which can change every year. After termination of participation in the net pension scheme, you no longer pay any execution costs or administration costs. We continue to invest the accrued capital. We do continue to deduct the management fee from the accrued capital, therefore. Start of participation in the net pension scheme Participation in the net pension scheme starts the month following processing of your application. The effective date is the first of the month. ABP offers the net pension scheme as of October 1, In 2015 you still have the possibility of saving for the entire year, with retroactive effect. What if I get a new job? The capital accrued to that point will be converted into pension after 6 months and will be available for an (outgoing) value transfer. This portion of your pension can only be transferred to a pension provider that also has a net pension scheme. When does the net pension scheme stop? - You can stop participating in the net pension scheme at any moment, without this affecting your participation in ABP s basic scheme. - If you are no longer accruing pension in ABP's basic scheme, your pension accrual in the net pension scheme also stops. You can contribute to the net pension scheme until the month in which you reach the age of 67. If you continue to work beyond that age, you can continue to participate until maximum 5 years after the date on which you reach the age of eligibility for basic state pension.
6 Did you also opt for extra surviving dependents pension for the event you die while participating in the net pension scheme? Then this capital lapses upon termination of participation. What if I get divorced? If you get divorced while participating in the net pension scheme, the Pensions Act and Equalization of Pension Rights in the Event of a Divorce Act apply. On request, the balance saved up is divided into a portion for you and a portion for your partner. If you divorce after your participation in the net pension scheme ends and you have converted the capital into pension, then, on request, this part of your pension will be divided into a portion for you and a portion for your partner. The net pension scheme upon retirement - Upon retirement you can choose from the following options: The capital saved up can be converted into pension at ABP. The capital saved up can be converted into pension at another pension fund where you have also accrued other pension rights. This is the so-called shopping option. The capital saved up can be converted into a payment from an insurance company. This is the so-called shopping option. - When you retire, the accrued capital is converted into pension rights or pension payments based on a number of rates. The main factors that have an impact on these rates are the market interest rate, life expectancy and so-called cost-of-capital loading. This cost-of-capital loading is attuned to the required equity capital (the buffer required by law, currently about 27% at ABP). - Tax regulations impose a maximum for the pension you can accrue in the net pension scheme. If, after conversion, the pension is higher than this maximum, this portion of the capital reverts to ABP. - The retirement and surviving dependents pension starts payment at the same moment at which pension under the basic scheme starts payment. It ends upon the individual s death. - What exactly the net pension scheme will produce in pension can only be determined at the moment of retirement. Indexation Indexation takes place in the same manner as in the basic scheme. The indexation for the net pension scheme may be lower than for pensions under the basic scheme, however. This is the case if the life expectancy of the participants in the net pension scheme rises faster than that of the participants in the basic scheme. Any reduction in the basic scheme owing to the fund's financial position also applies for the net pension scheme. Choices and options in line with the basic scheme Are you retiring? Then ABP's basic scheme offers a number of choices and options. For instance, you may retire earlier or later, receive a higher pension at first and a lower one later on or vice versa. You can also increase your retirement pension with surviving dependents pension or vice versa. The net pension scheme follows the choices made in the basic scheme. Upon death Upon death, the accrued capital is used for surviving dependents pension. Did you opt for the Total Package or the Risk Package? Then there is also an entitlement to surviving dependents pension if you die during participation in the net pension scheme. Based on current tax insights, the partner does not have to pay inheritance tax or investment yield tax on the value of the surviving dependents pension. Please note: this value does reduce the partner s exemption latitude for inheritance tax.
7 What role does your employer play? Your employer withholds the contribution from your net wages/salary and pays this to ABP. Your net pension scheme is administered separately by ABP. After your application is processed, you will receive a confirmation at your home address. You must give a copy of this to your employer (for the payroll administration). You can also see your participation in the net pension scheme on your salary statement. Test for excess of tax limits Having a pension in excess of the tax limits may play a role since the net pension scheme does not have any guaranteed investment results. The amount you can receive from the net pension scheme is subject to a limit. This means that the ultimate pension after 40 years may not amount to more than 75% of the average income for which participation in the net pension scheme is possible. If this pension is nonetheless higher than the maximum permitted under tax regulations, the portion in excess reverts to the pension fund. Testing against the maximum under the tax regulations takes place at the following moments: - Upon every value transfer (except if this involves a transfer to a defined contribution agreement aimed at the maximum average-pay pension permitted under tax regulations) - Upon the trade in of pension - If the pension beneficiary dies - Upon divorce - If the pension beneficiary emigrates - In the event of a relevant amendment of the tax regulations - When any type of pension starts payment
8 Appendix - Lifecycle course Horizon Developed Markets Equities Emerging Markets Equities Real Estate Commodities Corporate bonds Government bonds Index-linked bonds manageme nt fee (annual basis) % 6.00% 4.50% 1.50% 10.00% 48.00% 12.00% 0,088% % 7.00% 5.25% 1.75% 10.00% 44.00% 11.00% 0,093% % 7.80% 5.85% 1.95% 10.00% 40.80% 10.20% 0,098% % 8.60% 6.45% 2.15% 10.00% 37.60% 9.40% 0,102% % 9.40% 7.05% 2.35% 10.00% 34.40% 8.60% 0,106% % 10.00% 7.50% 2.50% 10.00% 32.00% 8.00% 0,109% % 10.60% 7.95% 2.65% 10.00% 29.60% 7.40% 0,112% % 11.20% 8.40% 2.80% 10.00% 27.20% 6.80% 0,115% % 11.60% 8.70% 2.90% 10.00% 25.60% 6.40% 0,117% % 12.00% 9.00% 3.00% 10.00% 24.00% 6.00% 0,119% % 12.40% 9.30% 3.10% 10.00% 22.40% 5.60% 0,121% % 12.80% 9.60% 3.20% 10.00% 20.80% 5.20% 0,124% % 13.20% 9.90% 3.30% 10.00% 19.20% 4.80% 0,126% % 13.40% 10.05% 3.35% 10.00% 18.40% 4.60% 0,127% % 13.60% 10.20% 3.40% 10.00% 17.60% 4.40% 0,128% % 14.00% 10.50% 3.50% 10.00% 16.00% 4.00% 0,130% % 14.20% 10.65% 3.55% 10.00% 15.20% 3.80% 0,131% % 14.40% 10.80% 3.60% 10.00% 14.40% 3.60% 0,132% % 14.60% 10.95% 3.65% 10.00% 13.60% 3.40% 0,133% % 14.60% 10.95% 3.65% 10.00% 13.60% 3.40% 0,133% % 14.80% 11.10% 3.70% 10.00% 12.80% 3.20% 0,134% % 15.00% 11.25% 3.75% 10.00% 12.00% 3.00% 0,135% % 15.00% 11.25% 3.75% 10.00% 12.00% 3.00% 0,135% % 15.20% 11.40% 3.80% 10.00% 11.20% 2.80% 0,136% % 15.20% 11.40% 3.80% 10.00% 11.20% 2.80% 0,136% % 15.40% 11.55% 3.85% 10.00% 10.40% 2.60% 0,137% % 15.40% 11.55% 3.85% 10.00% 10.40% 2.60% 0,137% % 15.60% 11.70% 3.90% 10.00% 9.60% 2.40% 0,138% % 15.60% 11.70% 3.90% 10.00% 9.60% 2.40% 0,138% % 15.60% 11.70% 3.90% 10.00% 9.60% 2.40% 0,138% % 15.60% 11.70% 3.90% 10.00% 9.60% 2.40% 0,138% % 15.80% 11.85% 3.95% 10.00% 8.80% 2.20% 0,139% % 15.80% 11.85% 3.95% 10.00% 8.80% 2.20% 0,139% % 15.80% 11.85% 3.95% 10.00% 8.80% 2.20% 0,139% % 15.80% 11.85% 3.95% 10.00% 8.80% 2.20% 0,139%
9 % 15.80% 11.85% 3.95% 10.00% 8.80% 2.20% 0,139% % 16.00% 12.00% 4.00% 10.00% 8.00% 2.00% 0,140% % 16.00% 12.00% 4.00% 10.00% 8.00% 2.00% 0,140% % 16.00% 12.00% 4.00% 10.00% 8.00% 2.00% 0,140% % 16.00% 12.00% 4.00% 10.00% 8.00% 2.00% 0,140% % 16.00% 12.00% 4.00% 10.00% 8.00% 2.00% 0,140% % 16.00% 12.00% 4.00% 10.00% 8.00% 2.00% 0,140% % 16.00% 12.00% 4.00% 10.00% 8.00% 2.00% 0,140% % 16.00% 12.00% 4.00% 10.00% 8.00% 2.00% 0,140% % 16.00% 12.00% 4.00% 10.00% 8.00% 2.00% 0,140% % 16.00% 12.00% 4.00% 10.00% 8.00% 2.00% 0,140% % 16.00% 12.00% 4.00% 10.00% 8.00% 2.00% 0,140% % 16.00% 12.00% 4.00% 10.00% 8.00% 2.00% 0,140% % 16.00% 12.00% 4.00% 10.00% 8.00% 2.00% 0,140% % 16.00% 12.00% 4.00% 10.00% 8.00% 2.00% 0,140% % 16.00% 12.00% 4.00% 10.00% 8.00% 2.00% 0,140%
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