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If so, we are happy to help! Here you can read our answers to frequently asked questions. You can also call us on +31 (0) 20 541 82 00 or send an email to ks@pensioenfondspgb.nl.

Frequently asked questions about the conversion of pension pots
As of 1 January 2020, we are going to record your pension in a different way, so that your pension will be presented more clearly. Below you can find the answers to frequently asked questions about the conversion of pension pots.

1. What is a computation age?
In order to determine the maximum pension you can accrue, the government has stipulated a computation age for pensions. This computation age is linked to the life expectancy. On 1 January 2018, the government raised the computation age to 68 years. We calculate your pension (and contribution) on the basis of the computation age. The computation age will not necessarily be the same as the retirement age stipulated in your pension scheme rules. The retirement age is the age at which you will, as a rule, receive your pension from us. And you will normally receive a pension from us during the month in which you first receive a state pension (AOW). However, with us, you can choose to retire earlier or later.
2. Why is my pension being converted to one computation age (68 years)?
Due to the rise in life expectancy, the computation age has recently been adjusted by the government. As a result, several of our participants have pensions with us which have different computation ages: 65, 67 and 68 years of age. These different pension pots make it difficult for you to gain insight into your personal pension situation. You cannot simply add up these individual amounts to calculate your total pension.

Consequently, it is complicated to make calculations about your pension; for example, if you wish to know the consequences of deciding to retire early. It also means we incur extra administration and costs. We are, therefore, converting the pensions with computation ages of 65 and 67 years to one computation age: i.e. 68 years of age; and we carried out this conversion on 1 January 2020. This will make our communications easier to understand and clearer. And, as a result, you will have a better overview of your pension.
3. Will I receive more or less pension due to this conversion?
The value of your pension will remain the same. You will not lose any of your pension. We simply convert the pension to one computation age: i.e. 68 years of age.  Had you, for example, a pension with a computation age of 67 years? Then, due to the conversion, your pension will be higher. This is because we assume that we will be paying your pension out from a later date, therefore, over a shorter period of time. The value of your pension before and after the conversion will remain the same.
4. Can I still retire earlier or later?
Yes, that’s possible. As a rule, you´ll receive a pension from us in the month in which you first receive a state pension (AOW). However, you can choose to retire earlier or later. Would you like to retire early or later?  If so, we convert your pension to the age at which you wish to retire. In addition, all the other choices you can make, such as part-time retirement, will remain the same.
5. When do I receive a state pension (AOW) from the government?
The date on which your AOW becomes effective depends on when you were born. Below you can see the AOW ages up to and including 2025.

Year  AOW age
2019   66 years and 4 months
2020   66 years and 4 months
2021   66 years and 4 months
2022   66 years and 7 months
2023   66 years and 10 months
2024   67 years
2025   67 years

The AOW age has been stipulated up to and including 2025. Were you born after 31 December 1958? If so, your AOW age has not yet been made known. Your AOW age will depend on the life expectancy. If you would like to know your estimated AOW age, please refer to svb.nl/aow-leeftijd. On our website, you can find more information about the commencement date of your pension.

6. Will the conversion have any effect on my partner’s pension?
No, the conversion will not have any effect on your partner’s pension before your retirement date. That is because this pension is not dependent on your retirement date. Your partner’s pension will be paid out to your partner when you die. And he or she will receive it for the rest of his or her life. Nor will the conversion have any effect on the partner’s pension after your retirement date. Your partner’s pension after your retirement date depends on the choices you have made on your retirement date.
7. Will the conversion have any effect on my temporary retirement pension (pre-pension)?
No, the conversion will not have any effect on your temporary retirement pension. The commencement date of this pension remains the same and the pension will cease when you reach the age of 65 years.
8. I am divorced and am entitled to part of my ex-partner’s retirement pension (the equalised retirement pension). What effect will this have on the equalised retirement pension?
The retirement pension that you and your ex-partner allocated after your divorce (the equalised retirement pension) will also be converted to the new computation age (i.e. 68 years). You will receive this pension when your ex-partner retires.
9. I also have a conditional pension. Will the conversion have any effect on this conditional pension?
No, the conversion will not have any effect on your conditional pension. You can find the terms and conditions of this pension at mijnpgbpensioen.nl. Once on this site, go to Pension 1-2-3, section 3 and then to the pension scheme rules.
10. I have an unmarried person’s pension. Will the conversion have any effect on this unmarried person’s pension?
No, the conversion will not have any effect on the unmarried person’s pension.
11. My computation age was 65 and is now 68. I would like to retire early and take my pension at the age of 65 years. Will I receive the same amount as before the conversion?
For the next five years, you will receive exactly the same amount. However, if you want to take early retirement after these five years, it will depend on the situation at that time. Your pension could be the same, but it could also be either higher or lower. This depends on the rate of interest and the life expectancy at that time. The board of Pensioenfonds PGB has the possibility of revising this period of five years
12. Who decided to convert the pensions to a computation age of 68 years?
The Board of Pensioenfonds PGB decided to do this. Prior to passing the resolution, the Board discussed the matter with the various affiliated employers and representatives in the sectors in which our participants work. The positive reactions illustrated that there was sufficient support for the conversion. The Board includes representatives of employers, employees and pensioners. When passing resolutions, the Board takes due account of the interests of all those in the pension fund.
13. Can I opt not to have my pension converted?
No, that’s not possible. The law has allowed us the option of converting the accrued pensions to the new computation age. Naturally, strict requirements are attached to this. For example, the value of the pension before the conversion must be the same as the value after the conversion. Consequently, your pension retains its value. When passing this resolution, we took due account of the interests of all our participants, former participants and pensioners.
14. After the conversion of my pension to my computation age, will this be shown on my pension statement?
No, on your pension statement you will only see the pension you could receive when you reach state retirement (AOW) age. If you would like to know the level of your pension at the computation age of 68 years, please contact us.


Is the answer to your question not shown above? Or do you have any other questions?
If so please do not hesitate to contact our Customer Service Department. We are happy to help! You can phone us on +31 (0) 20 541 82 00 or send an email to ks@pensioenfondspgb.nl.