What is covered by our pension scheme?
You will receive retirement pension from age 68
With us, you accrue retirement pension for later. You participate in our pension scheme through your employer. You will receive this pension for as long as you live. As of your retirement date an amount will be credited to your account.
Your retirement pension is a supplement to your state pension
The state pension age increases step by step. If life expectancy continues to increase, so will the state pension age. You will find information on the state pension age (AOW) at SVB.nl.
Your pension and your state pension will presumably not start on the same date
In that case your income may be lower for some time when you retire. With us, you have the option to retire early or defer your retirement. You will make that choice shortly before the pension commences. It is advisable for you to start thinking about what you want, for example whether you need to make extra arrangements if you wish to retire early.
Your retirement pension will depend on…
- the salary your earn
- the number of your years of experience
- the rules in our pension regulations.
This is how you accrue pension
Our pension scheme is a defined benefit agreement (average pay scheme). Every year, you accrue pension on your gross salary earned in that year. However, you do not accrue pension over your entire salary.
- First, we will deduct a deductible (franchise) from your pensionable salary. For later you will also receive a state (AOW) pension from the government. As of 2024 the deductible is € 17,545.- annually (2024).
- Each year you accrue 1.875% pension on the remaining salary. This is the accrual percentage in 2024.
- Is your salary higher than € 137,800.- in 2024 ? Then you will not accrue any pension on that higher salary under this pension scheme.
- Do you work part-time? You will accrue less pension accordingly.
- The retirement pension that you will receive upon your retirement is the sum of all years in which you accrued pension.
- We will add your yearly increases, which you will receive only if the financial situation of the pension fund allows it. This is called indexation.
An example
Your gross salary amounts to € 27,545.- per year. The deductible amounts to € 17,545.-. So you accrue pension over € 10,000.-. This is your pension base. On that amount you accrue 1.875% retirement pension. This is € 187.50 in that year.
Also read this information
- You will find all our conditions in our pension regulations in layer 3.
- You will find the pension amounts on your Uniform Pension Overview, which you will receive from us every year.
- You can also see how much pension you will receive on My pension and mijnpensioenoverzicht.nl.
Your partner and children will receive a pension when you die
With us you are risk-based insured for partner’s and orphan’s pension. The following applies in case of your death.
Your partner will receive a lifelong partner’s pension
If you die during your employment, your partner will receive a partner’s pension. The partner’s pension is 1.313% of your pension base for each year you participated in the pension scheme until your death plus 1.313% of the most recent pension base over all the years you could have participated in our pension scheme until your retirement date.
If you leave the company, we automatically exchange part of your retirement pension for partner’s pension. For this, your partner must be known to us. After the exchange your partner will receive 70% of your (lower) retirement pension in case of your death.
If you decide to waive partner’s pension, contact us within 2 months after leaving the company. We need the consent and signature of your partner when you choose this option.
You make your final pension choices on your retirement date:
- You may exchange part of your retirement pension for partner’s pension. After the exchange the maximum level of partner’s pension is 70% of the (lower) retirement pension.
- Did you acquire a partner’s pension right? You may exchange this partner’s pension for retirement pension. This requires your partner’s signature.
- You can adjust the ratio between retirement pension and partner’s pension. After this change the maximum level of partner’s pension is 70% of the retirment pension.
If you have an ex-partner
Are you divorced? Then after your death your ex-partner will not be entitled to part of the partner’s pension if you joined the company after 1 January 2021.
We define your partner as…
- the person to whom you are married or who is your registered partner.
- the person with whom you have cohabitated for at least 6 months.
Are you cohabitating? In that case the following also applies:
- You have a cohabitation agreement that you concluded before a civil-law notary.
- Have you cohabitated at the same address for at least 5 years? Then you do not need a cohabitation agreement. You and your partner will inform us. We may check your data in the population register (BRP).
- Your partner is not your child, father or mother, nor your grandmother or grandfather. So you and your partner are not directly related by blood.
- You register your partner with us.
For all conditions check What must I do if...cohabiting. You can register your partner via My pension. Send us a copy of part of the cohabitation agreement. We only need:
- the front page.
- the page mentioning that your partner will receive pension after your death.
- the last page, which also contains the notary’s signature.
You participated in our pension scheme before 1 January 2021
If you worked at IKEA and participated in our pension scheme before 1 January 2021 you also accrued partner’s pension, which is subject to the regulations of the pension scheme before that date. Please contact us if you have any questions.
Your children could receive orphan’s pension
If you die during your employment your children will receive orphan’s pension. They will receive orphan’s pension until the age of 18. Are they students? Or are they disabled for 45% or more? Then they will receive pension until the age of 27. We will pay orphan’s pension to 5 children at the most.
The orphan’s pension is 0.263% of your pension base for each year you participated in the pension scheme until your death plus 0.263% of the most recent pension base over all the years you could have participated in our pension scheme until your retirement date.
Do you die while no longer employed or during retirement? In that case your children will not receive any orphan’s pension.
We define your child as…
- your own child.
- your foster child. You take care of this child and raise it as if it were your own child.
You participated in our pension scheme before 1 January 2021
If you worked at IKEA and participated in our pension scheme before 1 January 2021 you also accrued orphan’s pension, which is subject to the regulations of the pension scheme before that date. Please contact us if you have any questions.
Your partner may also receive an Anw shortfall pension after your death
After your death your partner may receive a temporary state benefit. This is provided for in the Surviving Dependants Act (Anw). You will find information on the Surviving Dependants Act (Anw) on SVB.nl.
Your partner will receive an Anw shortfall pension under our pension scheme under the following conditions:
- You work at IKEA and die during employment.
- Do you have children under the age of 18? Then payment of this pension commences when your youngest child reaches the age of 18.
The gross maximum amount of Anw shortfall pension is € 10.887.- annually (2024). Do you work part-time? Then we calculate the amount on the basis of your part-time percentage. We pay the Anw shortfall pension until your partner reaches the state pension retirement date or until the day your partner dies.
This is also useful to know
You will find all our conditions in our pension regulations in layer 3. You will find the pension amounts on your Uniform Pension Statement. You can also see how much pension you will receive on My pension and on mijnpensioenoverzicht.nl.
You continue to accrue pension during your disability
If you become ill, your employer will continue to pay your salary. You will also continue to accrue pension. In case you stay ill for longer than 2 years, you are occupationally disabled.
You continue to accrue pension during your disability
You will no longer pay any contribution. Our pension fund will pay your contribution. It will only do so for the part of your disability. Are you still working part-time? Then you will continue to accrue pension for that part as usual. You and your employer will share the contribution.
This is how it works
This schedule shows how much pension you will continue to accrue at our expense. For your disability percentage we will look at the rules of UWV (Uitvoeringsinstituut Werknemersverzekeringen):
| The percentage of your disability is: | Your pension accrual rate is: |
| 80% - 100% | 100% |
| 65% - 80% | 72.5% |
| 55% - 65% | 60% |
| 45% - 55% | 50% |
| 35% - 45% | 40% |
| 0% - 35% | 0% |
For all the conditions please check our pension regulations in layer 3.
You may also receive a supplemental pension
If you are incapacitated for work, you may receive a WIA benefit from the government. Read more at UWV.nl. Is your gross salary more than € 71.628,- annually (2024)? Then you will not receive a WIA benefit over your salary exceeding that amount. You will then receive a disability pension from us. This is called WIA supplemental pension.
These are the conditions
- You are fully incapacitated for work when you start participating in our pension scheme.
- Are you partly incapacitated for work when becoming participant in our pension scheme? In that case you will only receive pension on the part of your disability.
- Do you become incapacitated for work for 35% or more? Then you will receive a WIA supplemental pension from us. But only on the part of your gross salary exceeding € 71.628,- annually (2024).
- If you become fully incapacitated for work, the maximum WIA supplemental pension is € 83.327.- annually (2024).
You can read more in our pension regulations in layer 3.
Please let us know if your disability percentage changes
Do you become incapacitated for work or does the percentage of your disability increase or decrease? Then you have to inform us. Send us a copy of the letter from UWV including that decision. This enables us to arrange your pension without delay. You will receive a letter from us with information. We will also keep you informed of any changes regarding your disability.
