In 2019, this transition was already started, but then was stopped again. Nevertheless, the pension funds saw sufficient opportunities to continue talks. And with success. The regulators have meanwhile given their approval. The transition on 1 January 2021 will now definitely continue.
Pensioenfonds PGB welcomes new sectors
Pensioenfonds PGB is pleased with the arrival of the 68,000 (former) employees, 9,000 pensioners and 900 employers. “We are happy to welcome the participants and employers from the agricultural food supply trade”, says chairman of the board Jochem Dijckmeester. “We are aware that the transition as of 1 January is soon. But we are working very constructively with Bpf AVH and with the social partners in the sector. We have made proper preparations for a smooth and quick transition”.
Pensioenfonds PGB is working hard to welcome them. And to get everything ready to take good care of the pensions.
Why this switch?
It is becoming increasingly difficult for Bpf AVH to arrange for a good pension for all participants and pensioners. Pensioenfonds PGB is in a better financial position and offers more possibilities in the field of investments and services.
AVH Pensions are reduced
The AVH pensions have to be reduced because Pensioenfonds PGB is in a better financial position than Bpf AVH. In order to prevent other participants of Pensioenfonds PGB from being disadvantaged by the transfer, AVH's pension entitlements will be reduced. Good to know: even if Bpf AVH were not to be transferred to Pensioenfonds PGB and continued independently, they would have to reduce pensions in the future. The financial situation of Bpf AVH was not good enough to be able to pay all pensions in full in the future.
The reduction is spread over 10 years. The first reduction of 2% will take effect on 1 January 2021. The definitive annual percentage will be set by Pensioenfonds PGB and Bpf AVH (in liquidation) in the course of 2021. This fixed percentage will probably be less than 2%. The situation on 31 December 2020 will be decisive in this respect.
Employers, (former) employees and pensioners receive a personal message from Pensioenfonds PGB to welcome them and to give them information about what the switch means for them.