Increasing or decreasing pensions

Whether or not the pensions can be increased depends on our financial situation.

Our coverage ratio on 31 December 2020 was 96.3%. This means that we will not have to reduce pensions in 2021. Unfortunately, our financial situation is not good enough to allow us to increase pensions. 
 
Our recovery plan sets out how we want to ensure that the coverage ratio goes up again to above 122%. As long as the coverage ratio is below 122%, we have to submit a new recovery plan to the Dutch Central Bank every year.

  • When are the pensions increased?

    Each year, the board decides whether the pensions will be increased. The board looks at the coverage ratio for this. Our coverage ratio is the relationship between our capital and the pensions that we must pay out.

    Is our coverage ratio lower than 105%?
    The pensions will not be increased. They may even be decreased.

    Is our coverage ratio between 105 and 110%?
    The pensions will not be increased.

    Is our coverage ratio between 110 and 123%?
    The pensions will be increased by 0 to 2%.

    Is our coverage ratio more than 123%?
    The pensions will be increased by 2%. There may even be room for an extra increase of a maximum of 1%.

  • How much have the pensions increased in the past few years?

    - In 2020, the pensions were not increased. The prices increased then by 0.71%
    - In 2019, the pensions were not increased. The prices increased then by 2.84%
    - In 2018, the pensions were not increased. The prices increased then by 2.08%.
    - In 2017, the pensions were not increased. The prices increased then by 1.38%.
    - In 2016, the pensions were not increased. The prices increased then by 0.19%.
    - In 2015, the pensions were not increased. The prices increased then by 0.71%.
    - In 2014, the pensions were not increased. The prices increased then by 0.96%.
    - In 2013, the pensions were not increased. The prices increased then by 2.81%.

  • When are the pensions decreased?

    - If the coverage ratio is lower than 105% for a period of 5 years.
    - If the board expects that it will be more than 10 years before our coverage ratio is higher than 122% again. We then spread the decrease over a period of 10 years.