Transferring your pension
You are working for IKEA. As a result, you accrue pension under our pension plan.
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 € 594.89 annually (2023)? 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 plan? Then you will start accruing pension under that pension plan. 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 plan 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 plans. 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 plan 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.