Increasing or decreasing pensions

Whether or not the pensions can be increased depends on our financial situation. On this page you read more about this. Would you like to know more about the increase in 2024? Click here for the frequently asked questions.

  • When are the pensions increased?

    Each year, the board decides whether the pensions will be increased. We try to increase your pension by the average price increase (inflation) in the past year. For this, we look at the ‘consumer price index (CPI) derived’, from September compared to the month of September of the previous year. For 2022, that ‘CPI derived’ therefore refers to the period September 2021 to September 2022. We can only increase your pension if our financial situation is good enough. To do this, the board looks at the coverage ratio. That is the ratio between our assets and the pensions we have to 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 131%*?
    The pensions are increased by part of the price increase.

    Is our coverage ratio more than 131%*?
    The pensions are increased with the price increase. Have pensions been reduced before? Then this reduction can be reversed.

    * These percentages have been rounded up and are not fixed. The board determines these percentages periodically.

    ** The government allows pension funds to increase pensions if the policy funding ratio is 105% or higher. That limit used to be 110%. This rule applies until 1 January 2024.

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

    - In 2022, the pensions were increased by 7.0%. The prices increased then by 17.20%.
    - In 2021, the pensions were increased by 3.0%. The prices increased then by 2.39%.
    - 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.

    * These percentages have been rounded up and are not fixed. The board determines these percentages periodically.