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):

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.

You will find all the rules in our pension regulations

Would you like to know more about the regulations? Then read our pension regulations in layer 3. Do you prefer reading the regulations in hard copy? Just file a request via contact. Or ask your employer for further explanation.

Our pension scheme covers everything that is important for your pension. It includes adequate arrangements in case of your death or incapacity for work.

A. State pension (AOW)
AOW is the legal state pension from the government. You build this up in about 50 years if you live or work in the Netherlands during these years. The state pension from the government commences at the age of 67 years (2024). This age will increase step by step. If life expectancy continues to increase, so will the state retirement age. Read more about this on SVB.nl. There you will also find the amounts and more information on the state pension.

Please note
Did you not always live or work in the Netherlands? Then you will probably receive less state pension.

B. Pension that you accrue through you work
You are accruing this through your employer. Each year you accrue part of your pension. Once a year you will receive a Uniform Pension Statement (UPO). In this pension overview you will see:

• The pension you have accrued until now.
• The pension you can achieve if you remain employed with the company until retirement.
• The pension your partner will receive after your death.
• The pension your children will receive after your death.

Also check mijnpensioenoverzicht.nl. There you will find an overview of your state pension and all your pensions that you have accrued through work. There you will also find the net amounts.

C. Pension that you arrange yourself
You may supplement your state and other pension yourself, for example by savings or by saving in a blocked account with your bank. Or by an insurance, such as an annuity. Whether you consider this necessary, depends on your personal situation and wishes. A financial advisor can help you make choices.

You accrue pension under an career-average scheme

Each year you accrue a part of your pension over part of your gross salary in that year. This is called an career-average scheme (‘middelloonregeling’). You do not accrue pension over your entire salary. For we take into account the pension you will later receive from the government. The part of your salary over which you do not accrue pension is called the franchise . The remaining part of your salary is your pension base over which you accrue pension. You accrue pension over a maximum gross salary of € 137.800.- annually (2024).

Your total pension is the sum of all those years. We will add your yearly increases, but only if our financial situation allows it. This is called indexation. You will later receive your pension each month, for as long as you live.

Your accrual rate is 1.875%

Every year you accrue a part of your pension over a part of your gross salary in that year.

• First, we deduct the deductable from your salary. This is € 17,545.- annually (2024). This is because you will also receive state pension (AOW) from the government. We take that into account in your pension accrual. The remaining salary is your pension base, on which you accrue 1.875% retirement pension.
• Do you work part-time? Then your salary is probably lower than if you work full-time. If that is the case, you will accrue less pension. You will also pay less contribution.
• A legally stipulated maximum salary applies. Is your gross full-time salary higher than € 137.800.- annually (2024)? Then you will not accrue any pension on this higher salary. You will also no longer pay any contribution. If you work part-time, we calculate the amount over your part-time percentage.
• The retirement pension you will later receive is the sum of all your working years. We will add your yearly increases, but 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 franchise amounts to € 17,545.- annually (2024). 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.

You and your employer pay for your pension together

Each month you pay a contribution towards your pension. Your employer also pays a contribution. With our pension fund your share of the contribution is 25%. Your employer pays 75% of the contribution. Your salary statement states the amount you pay yourself.

Transferring your pension

You are working for IKEA. As a result, you accrue pension under our pension scheme.

You may transfer the pension that you have accrued earlier to our fund
This is called a value transfer. You can apply for a value transfer with us. You can apply via What must I do if … value transfer. Do you agree to our proposal? Then we will arrange the transfer.

Is your pension € 2.- or less per year? In that case your pension will lapse as is stipulated by law. For the administration costs are more than € 2.-.

Is your pension less than the lawful limit for small pensions? This is € 592.51 annually (2024)? Then your former pension fund or insurer (‘pension administrator’) may transfer your pension to us automatically. Check the latest pension statement that you received from them to see if you need to take any action yourself in order to have your pension transferred to us.

If you change jobs in the future
Will you be changing jobs and participate in another pension scheme? Then you will start accruing pension under that pension scheme. In that case you can also transfer the pension that you have accrued. You can apply for a value transfer with your new pension fund.

Is your pension with us less than the limit for small pensions? Then we will arrange the transfer automatically. Is your pension € 2.- or less per year? Then your pension will lapse.

You do not need to transfer your pension if you start a new job within IKEA. You will then continue to accrue pension with us. So your pension scheme will not change.

Do you opt for value transfer?
Then your pension will remain together. Later, you will get your pension from one pension fund.

Do you not opt for value transfer?
In that case your accrued pension will remain with your former pension fund. You will not pay any contribution anymore and also not accrue any pension any longer. Later, you will receive that part of your pension from your former pension fund.

Think carefully whether value transfer is advantageous for you
A value transfer can be convenient. It allows you to keep your whole pension together. But there may also be disadvantages. Therefore, look thoroughly at the financial situation of your former and your new pension fund first. Does your new employer offer a better pension for your surviving dependants? Or will there be less chance of pension curtailment at your new pension fund? In that case value transfer can be advantageous. Of course, the reverse is also possible.

This information may be helpful to make a choice

• The Pensioen 1-2-3 of your former and your new pension fund
  You can see what each fund provides and does not provide. And whether your pension may increase in the next few years.
• Compare your pension
  You can use the pension comparison tool (‘pensioenvergelijker’) to compare the most important features of your pension schemes. This way you will immediately see the differences. You find the pension comparison tool in layer 3.

Not sure what is the most sensible to do? Then it is advisable to consult your financial advisor.

If the financial situation is not healthy, value transfer may not be immediately possible
The financial situation of both your former and your new pension fund must be healthy. Their policy funding ratio must be at least 100%. This is stipulated by law. This way the government prevents you from running risks.

Is the financial situation not healthy? Then you can apply for a transfer, however. But your pension will remain with your former pension fund until the financial situation of both funds is healthy again. After that you will receive a proposal. You can then decide if you wish to transfer your pension.

What is the policy funding ratio?
The policy funding ratio is the relation between:

• the capital of the pension fund and
• the funds the pension fund needs to pay the current and future pensions.

When the funding ratio is 100%, the two will be equal. In that case there will be exactly enough money for all the pensions to be paid.

Each fund will measure the policy ratio over the last 12 months. We will take the average of that. This is called the policy funding ratio. We measure this every month. Read more about our financial situation on Latest news.

If you start a new job in another country
Are you starting a new job in another country? Then it may be possible for you to transfer your pension. This depends on the pension system in that country and the pension scheme of your new employer. Do you wish to know more? Then ask your new employer if you can transfer your pension to your new pension fund.

Comparing your pension

Have you accrued pension with various pension funds, as a result of changing jobs several times? Then the arrangements regarding your pension may be different. For each pension fund has their own pension regulations.

It is important to know the differences between your former and new pension scheme. For instance if you apply for a job with an employer with a different pension scheme. Or if you want to transfer your former pension when starting a new job.

You can use the pension comparison tool ‘pensioenvergelijker’ in layer 3 to compare the most important features of your pension schemes. You will see the differences at once.

Exchanging retirement pension for partner's pension

With us, the partner’s pension is risk-based insured. In the event of your death during employment, your partner will receive a partner’s pension. Do you leave employment? Then we will automatically exchange part of your retirement pension for partner’s pension. In order to do so, your partner must be known to us. You may decide to reverse this exchange. In that case we need your partner’s written confirmation of this choice.

On your retirement date you make a final choice for partner’s pension.

This is how it works

• Your own pension will become lower. In the event of your death your partner will receive a partner’s pension.
• After the exchange the maximum partner’s pension is 70% of your (lower) retirement pension.
• You may choose another allocation ratio between retirement pension and partner’s pension.
• Your choice will be definitive, you cannot undo it.
• Apply for this at least 3 months before you wish to retire.
• The amounts on your Uniform Pension Statement will change.

Did you participate in our pension scheme before 1 January 2021?
Then you have also accrued partner’s pension, which is subject to the regulations of the pension scheme before 1 January 2021.

Would you like to know more?

• You will find more information in our pension regulations in layer 3.
• Your Uniform Pension Statement shows your pension amounts. We send you this each year. You will find it in My pension.

Exchanging partner's pension for retirement pension

The partner’s pension is risk-based insured with us. In the event of your death during employment, your partner will receive partner’s pension. If you leave employment we automatically exchange part of your retirement pension for partner’s pension. In order to do so, your partner must be known to us. You may decide to undo this exchange. In that case your partner’s written consent is required.

On your retirement date you make a definitive choice for partner’s pension.

This is how it works

• Did you exchange retirement pension for partner’s pension before? Then you may undo this by once again exchanging partner’s pension for retirement pension.
• Do you have a partner? This option requires your partner’s written consent and signature.
• You may exchange the entire partner’s pension or part of it for retirement pension.
• Your own pension will become higher. In the event of your death your partner will receive less or no partner’s pension.
• Your choice will be definitive, you cannot undo it.
• Apply for this at least 3 months before you wish to retire.
• The amounts on your Uniform Pension Statement will change.

Did you participate in our pension scheme before 1 January 2021?
Then you have also accrued partner’s pension, which is subject to the regulations of the former pension scheme before 1 January 2021.

Want to know more?

• You find more information in our pension regulations in layer 3.
• Your Uniform Pension Overview shows your pension amounts. We send you this each year. You will also find it in My pension.

Early or late retirement

As a standard, your pension with us will commence when you reach the age of 68. You may, however, also retire at another age. For example when your state pension (AOW) commences.

Early retirement
Maybe you wish to retire early. In that case, your pension will also commence earlier. We offer the possibility to retire from age 63. Taking early retirement means you will have less pension. That is because we have to pay your pension over a longer period. And because you accrue pension over a shorter period.

So taking early retirement has financial consequences. You will probably not receive state pension (AOW) immediately. Read more about your AOW age at SVB.nl.

Late retirement
You may defer your pension commencement date until 5 years after reaching your AOW age at the latest. You will receive a higher monthly pension since we have to pay your pension for a shorter period. With STIP your pension accrual stops at the age of 68.

You can also partially retire early or defer you pension
We also offer the option of partial early retirement or partial deferment of your pension. Then you carry on working for the remaining part. Check What are your options? in this Pensioen 1-2-3.

This is how you arrange it

• First, discuss your wishes with your employer. Together you make agreements about your wishes.
• Do you wish to retire earlier? Then file a request with us 6 months in advance.
• Do you wish to defer your retirement? You will receive a notification from us 6 months before your 68th birthday providing you with information on how to apply for pension and how to communicate your choices to us.

You will find all conditions in our pension regulations in layer 3. Do you want to know how much pension you will receive if you retire early or defer your pension? You will find more information in My pension.

Part-time retirement

As a standard, your pension with us will commence when you reach the age of 68. Do you prefer not to fully stop working at once and to first retire on a part-time basis? We offer you this option. Your pension with us will then commence step by step. You yourself choose how much pension you withdraw. This is called part-time retirement.

Do you take part-time retirement? Then your pension will later be higher than if you fully retire at once.

These are the conditions

• You can have your pension commence from the age of 63.
• You fully retire 5 years after your state pension retirement age (AOW-age).
• Each year you may increase the percentage for which you retire. So for instance from 50% to 75%.
• You cannot stop or decrease the part of your pension that has commenced.

This is how you arrange it

• First, discuss your wishes with your employer. Together you make agreements about your wishes.
• Do you want to retire on a part-time basis at the age of 68? You will receive a notification from us 6 months before your 68th birthday with information on how to apply for pension and how to communicate your choices to us.
• Do you want to retire on a part-time basis before the age of 68? Then notify us 6 months in advance.

You will find all conditions in our pension regulations in layer 3.

Receiving a higher pension first

When you retire, you will receive a lifelong fixed pension benefit. But you may prefer to receive a higher retirement pension at first. For instance because you will not yet receive state pension (AOW). If you choose this option you will receive a lower pension later.

There are some conditions

• Do you retire at the age of 65 or before? Then the first period may last until the age of 68 or 73.
• Do you retire after you reached the age of 65? Then the first period may last until the age of 73 or 78.
• Your lower pension is at least 75% of your higher pension.
• You can only make this choice if you fully retire. So you cannot make this choice if you retire on a part-time basis.
• Apply for a higher pension first and a lower pension later 6 months before you wish to retire.
• Your pension in the first and second period differs from the amounts on your Uniform Pension Statement.

You will find all conditions in our pension regulations in layer in layer 3.

State retirement compensation
Do you take early retirement before receiving state pension (AOW)? Then you may exchange part of your retirement pension for a temporary state retirement compensation. You determine the level of the state retirement compensation yourself. However, on a yearly basis it must not be higher than twice the state pension for married persons, including holiday allowance. This amounts to approximately € 26.316,96 annually (2024). If you opt for state retirement compensation, the state pension you will later receive will be lower.

You can apply for this option only once
Have you chosen the option to receive a higher pension at first and a lower pension later? That choice if definitive; you cannot undo it afterwards.

Your pension is subject to risks

Your pension affects you all through your lifetime. This may span a period of 80 years, in which a lot can change. You accrue pension during your working life and will receive pension after that. There are also risks involved. These may impact our financial situation and therefore also your pension.

The average age is increasing
Our pension fund tries to prepare itself for the risks that may impact your pension. But we did not always succeed in doing so. For instance because our average age is increasing. This means that we have to pay the pension for a longer period of time. In the past few years life expectancy increased faster than we had anticipated. Therefore we require even more money than initially calculated.

Interest rates may affect your pension
Pension funds have to estimate how much money they require to pay all future pensions. Are interest rates low? Then we require more money to be able to pay all those pensions. In case the interest rate remains low for a long period of time, pensions will become more expensive for us.

The results of investments may be disappointing
You pay a contribution for your pension. We will invest that money, in order to increase the value of your pension in the longer term. However, investing also includes risks. In order to limit these we select various types of investments. Profits generated by certain investments compensate for losses made on other investments. We can also insure this risk, for which we incur costs.

In our policy we carefully monitor risks
We also face other risks, against which our pension fund does its utmost to protect you.

We measure our financial situation by means of the ‘policy funding ratio’
A decision to increase or decrease your pension depends on our financial situation. For this we look at our funding ratio each month. As of 2015 we measure the policy ratio over the last 12 months. We will take the average of that. This is called the policy funding ratio. The policy funding ratio must not be below a certain limit. In case the policy funding ratio is less than 100%, we cannot cooperate in the value transfer of your pension.

Read more about our financial situation and the policy funding ratio on Latest news.

We try to retain the value of your pension

Mostly, money will decrease in value each year. With the same amount of money you can buy less in 2024 than in 2023. This is called inflation. Therefore our pension fund tries to increase your pension each year on 1 January. Your accrued pension will then grow in line with salaries with your employer. This is called indexation, which is aimed at retaining the value of your pension.

Indexation is not always possible
Our policy funding ratio must be at least 100%. Moreover, since 2015 we are only permitted to grant indexation if we expect to be able to do so in the years after that as well. This means that we require more money to be able to increase your pension. And that increases will be lower than increases granted before 2015.

Is our financial situation less solid? Then your pension will not or will only partially grow in line with wage development. In case our financial situation improves later on, your purchasing power will yet increase. We will not grant supplementary indexation, however.

We have a maximum aim each year
This is called our ambition. Our ambition is an indexation that equals the increase of wages. Have wages increased by 2%, then the maximum increase of your pension in that year will also be 2%. To this end we look at the wage increase over het months October to October in the previous years. Sources are the negotiated wage figures of the Central Statistics Office (CBS).

Over the last years pensions have been adjusted as follows
As of 1 January 2023 the pensions of active participants over 2022 have been increased by 5.12%. In this table you can see when price increases have been compensated.

Source: Central Statistics Office (DBS), consumer price index.

Over the past few years our financial situation has not been stable enough to increase your pension each year. Therefore wage and price increases have not been fully compensated for. Chances are very small that we will be able to increase pensions (grant indexation) in the years to come.

Also read this information:

• The information at Indexation.
• The pension regulations in layer 3. View Conditional pension indexation entitlement (indexation) in article 21.
• You will find the latest news on our financial situation at Latest news.

If you no longer work at IKEA
Do you leave employment with IKEA or retire? Then other agreements apply to increasing your pension. Read the pension regulations in layer 3. Also read Conditional pension indexation entitlement (indexation) in article 21. Or read the information at Indexation.

Our pension fund has a deficit

Our pension fund will do its utmost to be financially healthy. In spite of this we currently do not have sufficient funds to pay all pensions in the future. To this end we drew up a recovery plan. This includes calculations on when we will be financially healthy again. At this moment no unpleasant measures are needed.

Read the latest news about our financial situation at Latest news.

Our pension fund incurs these costs to arrange your pension:

• Pension administration costs
  For instance for the payment of your pension and the collection of your contributions. And for adequate information to you and your employer through this Pensioen 1-2-3, your Uniform Pension Overview and the website, among other things.
• Costs to manage the investment funds
  We pay the parties that manage the investment funds on our behalf. We also incur transaction costs, such as the costs to be paid to the exchange when buying or selling shares or bonds.

Read more about the costs we incur in the annual report in layer 3.

If you change jobs

You are working for IKEA. As a result, you accrue pension under our pension scheme.

You may transfer the pension that you have accrued earlier to our fund
This is called a value transfer. You can apply for a value transfer with us. You can apply via What must I do if … value transfer. Do you agree to our proposal? Then we will arrange the transfer.

Is your pension € 2.- or less per year? In that case your pension will lapse as is stipulated by law. For the administration costs are more than € 2.-.

Is your pension less than the lawful limit for small pensions? This is € 592,51 annually (2024)? Then your former pension fund or insurer (‘pension administrator’) may transfer your pension to us automatically. Check the latest pension statement that you received from them to see if you need to take any action yourself in order to have your pension transferred to us.

If you change jobs in the future
Will you be changing jobs and participate in another pension scheme? Then you will start accruing pension under that pension scheme. In that case you can also transfer the pension that you have accrued. You can apply for a value transfer with your new pension fund.

Is your pension with us less than the limit for small pensions? Then we will arrange the transfer automatically. Is your pension € 2.- or less per year? Then your pension will lapse.

You do not need to transfer your pension if you start a new job within IKEA. You will then continue to accrue pension with us. So your pension scheme will not change.

Do you opt for value transfer?
Then your pension will remain together. Later, you will get your pension from one pension fund.

Do you not opt for value transfer?
In that case your accrued pension will remain with your former pension fund. You will not pay any contribution anymore and also not accrue any pension any longer. Later, you will receive that part of your pension from your former pension fund.

Think carefully whether value transfer is advantageous for you
A value transfer can be convenient. It allows you to keep your whole pension together. But there may also be disadvantages. Therefore, look thoroughly at the financial situation of your former and your new pension fund first. Does your new employer offer a better pension for your surviving dependants? Or will there be less chance of pension curtailment at your new pension fund? In that case value transfer can be advantageous. Of course, the reverse is also possible.

This information may be helpful to make a choice

• The Pensioen 1-2-3 of your former and your new pension fund
  You can see what each fund provides and does not provide. And whether your pension may increase in the next few years.
• Compare your pension
  You can use the pension comparison tool (‘pensioenvergelijker’) to compare the most important features of your pension schemes. This way you will immediately see the differences. You find the pension comparison tool in layer 3.

Not sure what is the most sensible to do? Then it is advisable to consult your financial advisor.

If the financial situation is not healthy, value transfer may not be immediately possible
The financial situation of both your former and your new pension fund must be healthy. Their policy funding ratio must be at least 100%. This is stipulated by law. This way the government prevents you from running risks.

Is the financial situation not healthy? Then you can apply for a transfer, however. But your pension will remain with your former pension fund until the financial situation of both funds is healthy again. After that you will receive a proposal. You can then decide if you wish to transfer your pension.

What is the policy funding ratio?
The policy funding ratio is the relation between:

• the capital of the pension fund and
• the funds the pension fund needs to pay the current and future pensions.

When the funding ratio is 100%, the two will be equal. In that case there will be exactly enough money for all the pensions to be paid.

Each fund will measure the policy ratio over the last 12 months. We will take the average of that. This is called the policy funding ratio. We measure this every month. Read more about our financial situation on Latest news.

If you start a new job in another country
Are you starting a new job in another country? Then it may be possible for you to transfer your pension. This depends on the pension system in that country and the pension scheme of your new employer. Do you wish to know more? Then ask your new employer if you can transfer your pension to your new pension fund.

If you become incapacitated for work

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 incapacitated for work.

You will continue to accrue pension if you are incapacitated for work for 35% or more
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):

For all the conditions please check our pension regulations in layer 3.

Notify us if you become incapacitated for work
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 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.

You may also receive a supplemental pension
If you are incapacitated for work, you may receive a WIA benefit from the government. Read more about this on 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).

For all the conditions please check our pension regulations in layer 3. Of course we will notify you in case you qualify for a supplemental pension from us.

Carefully consider the consequences for your pension if you become incapacitated for work
Ask your financial advisor whether you need to make additional arrangements. You may take out insurance, for example. This will provide you with more income in the event of disability.

In case you are getting married, decide to cohabit or conclude a registered partnership.

In case you are getting married or decide to cohabit. Or if you conclude a registered partnership.

Carefully check the amounts and conditions of the partner’s pension
For instance on your Uniform Pension Overview or on My pension. You can see your entire pension and state pension on mijnpensioenoverzicht.nl.

Register your partner with us if you live abroad
Do you live in the Netherlands and are you married or registered partners? Then you do not need to register your partner with us. Your municipal authority will inform us automatically. Do you live abroad? Then you do need to register your partner with us via My pension.

Also register your partner with us if you are cohabitating
If you cohabitate, your partner will not automatically receive partner’s pension in the event of your death. There are certain conditions. For instance, you need to have a cohabitation agreement, concluded before a civil-law notary. You have to register your partner with us via My pension.

Check What is covered by our pension scheme for more information

Check whether you have to take additional measures
Are the pension arrangements for your partner not adequate? Then make sure that you take additional measures yourself. For instance by taking out insurance. Ask your insurance company for more information.

In case you are divorcing, end your cohabitation or terminate your registered partnership.

In case you separate, you have to make financial arrangements together. Your divorce will have consequences for your pension.

Your ex-partner is entitled to retirement pension
Your ex-partner is entitled to half of the retirement pension accrued during your marriage or registered partnership. You and your partner may, however, have different arrangements. These arrangements can be laid down in an agreement upon your marriage or divorce.

Please let us know what arrangements you have made
You or your ex-partner have to inform us of your divorce and the agreements that have been made within 2 years. In that way you make sure that we arrange your pension correctly. Do you or your ex partner not notify us within this 2 year period and did you make other arrangements regarding the allocation of your retirement pension? In that case, unfortunately, we will not be able to pay the pension for your ex-partner directly to him or her. You will then have to arrange the payment concerning the allocation of your retirement pension with your ex-partner.

Deregister your partner with us if you live abroad
You can do this via My pension, for we will not be notified of this automatically. Do you live in the Netherlands? Then the municipal authorities will inform us of your divorce and you do not need to take action yourself.

Did you cohabit? Then you do not need to take action
Your ex-partner is not entitled to retirement pension if you cohabited. You and your ex-partner may have different arrangements, however. In that case you will divide your pension without involvement of our pension fund.

Your ex-partner is not entitled to partner’s pension
In our pension scheme the partner’s pension is risk-based insured. In case you separate your ex-partner is not entitled to part of the partner’s pension.

Did you participate in our pension scheme before 1 January 2021?
Then you have also accrued partner’s pension, which is subject to the regulations of your former pension scheme. You will find more information on the website.

Did you cohabit? Then deregister your partner
You can do this via My pension.

If you are moving abroad or within another country

If you move within the Netherlands, the municipal authorities will inform us. Do you move to or within another country? Then inform us of your new address. You can do so via My pension. This way we can keep you informed of your pension.

Your state pension from the government may also change, for it depends on the number of years you live or work in the Netherlands. Please call the Social Insurance Bank (SVB) for more information. Or check their website: SVB.nl.

If you become unemployed

If you become unemployed, your pension accrual with us will stop. After retiring you will receive less pension, unless you make other arrangements yourself. Check carefully whether you have adequate arrangements for the pension for your partner and children. Because once you have left employment, their pension is no longer insured.

You may be able to take additional measures
For instance by taking out insurance. Or by putting aside money for later. Are you starting a new job? Then you may start to accrue pension again with a new employer. You have the option to transfer you pension. This is called a value transfer. Apply for this with your new pension fund.

You do not need to let us know if you leave the company
Your employer will inform us of this.

You will receive a pension statement when you leave employment
After that you will find your pension overview each year in My pension. You will receive an overview of your pension from STIP every five years.

If you start working less or more hours

Are you planning on working more or fewer hours? Then your salary will probably change. The contribution for your pension will also change, for the amount of your contribution depends on your salary.

You start working fewer hours
If you start working fewer hours, you will probably receive a lower salary. As a result, you will accrue less pension for yourself. And your partner and children will receive less pension when you die. You will also pay less contribution.

Are you working 100% now? And do you want to work 80%? Then, until your retirement, you will also accrue pension for 80%. As a result, you will receive less pension than if you continue to work 100%.

Working more hours
If you start working more hours, you will probably receive a higher salary. As a result, you will accrue more pension for yourself. And your partner and children will receive a higher pension when you die. You will also pay more contribution.

Are you working 50% now? And do you want to work 80%? Then you will also start building up pension on your 80% salary. As a result, you will receive a higher pension than if you continue to work 50%.

Think carefully how this choice will affect your pension
Do you wish to know exactly how working more or fewer hours will affect your pension? Then view My pension.

Perhaps you can make extra arrangements if you start working fewer hours. For instance by accruing more pension. Consult with your financial advisor whether you need to make extra arrangements.

If you are taking unpaid leave

Are you going to take unpaid leave? Then you will remain to be employed by your employer. You will also continue to participate in our pension scheme. But your pension may change, however.

This is how it works

• If you take parental leave
  You will continue to accrue pension with our pension fund. IKEA will pay the contribution for the part of your unpaid leave. So your parental leave will not impact the pension you will later receive.
• Do you take additional birth leave?
  In that case you will continue to accrue pension with us for 70%.
• Do you take unpaid leave for other reasons?
  In that case the accrual of your pension will stop. For instance if you take unpaid leave for a sabbatical.
• You will remain insured for partner’s and orphan’s pension during the first 18 months of your leave. This way, your partner and children will receive a pension if you die while on leave.

Consult with your employer on what pension arrangements he made on your behalf
Are you not sure what is applicable to you? Your Human Resources department will gladly give you more information.

You do not have to let us know if you take leave
We will be notified by your employer. He will let us know what arrangements you made.

Check your pension at least once a year on mijnpensioenoverzicht.nl

Check your pension at least once a year:

• on My pension.
• on mijnpensioenoverzicht.nl. There you can also check the amounts of your state pension (AOW) and other pension. You also see your net pension.

If you wish to make your own choices regarding your pension
There are various options for your pension. You may, for example, transfer your former pension to your new pension fund. You may choose that option when you change jobs. Do you opt for early retirement or deferment of retirement? You can make that choice once your pension almost commences. You will find more information and a description of other options in What options do you have? in this Pensioen 1-2-3.

Once you make your choice on your retirement date, you cannot undo it. So ensure that you have all information available before making a choice.

This information is only relevant when you received a pension statement. We explain some of the concepts.

Pension administrator
The pension fund where you accrue a pension.

Type of pension scheme
Your pension scheme is a defined benefit agreement. In our pension scheme you accrue a fixed pension.

The relevant salary for your pension accrual
This is the part of your salary on which you accrue pension, such as your monthly salary. Sometimes you also accrue pension on certain elements of your salary. Your monthly salary and certain elements of your salary together are your pensionable salary. The elements of the pensionable salary are listed in the pension regulations in layer 3.

You do not accrue pension over...
You do not accrue pension over part of your salary. This is called the franchise.

The salary on which you accrue pension
We use this part of your salary to calculate your pension accrual. This is called the pension base.

Yearly accrual percentage
Every year you accrue a certain percentage of pension on your pension base. This is called the accrual percentage.

Did you receive more than one pension statement? In that case you can add up the amounts ‘Factor A’ on those pension statements. Do you wish to calculate your options to subtract your retirement income arrangements for your tax return? Then use the Tool vor Annuity Premium (search for: 'Rekenhulp Lijfrentepremie') on belastingdienst.nl. Or consult your financial advisor.

If you have further questions

If you have any questions about your pension plan, please call us. Maybe you want to know more about your pension options. Or about what action you can take. Or send us an email. You can also check this website.