These pages give a brief overview of the pension scheme for JobService employees. The pension is a capital-linked insurance policy administered by Zwitserleven and the minimum age for participation is 18 years.

The Zwitserleven pension scheme regulations (in Dutch) you may find here.

Rights may only be derived from the full text of the pension scheme regulations.

Old-age pension

Since 2013, the age at which you are entitled to old-age pension in the Netherlands is being raised in steps, to 67 years in 2021. You can find more information about this on the Dutch government website, rijksoverheid.

The standard retirement age for company pension schemes is also being raised and is 68 years as of 1 January 2019.

Pension contributions

Employee contributions are set at 0 % of the pension premium for accumulation of the old-age pension. The employer takes care of the whole pension premium contribution. The higher your salary, the higher your contribution. Higher age groups have a higher defined contribution. If you work part-time, your contribution and the insured sum are calculated pro rata.

Net available contribution

Since 1 January 2015, every pension scheme based on defined contributions must specify the net contribution for the pension. This means that the extra costs for administration and disability insurance are no longer calculated into the age-related percentage when calculating the contribution. These costs are invoiced separately to the employer. This is intended to give employers and employees a better insight into the costs of the pension scheme.

UvA JobService pension scheme

The pension scheme is a defined contribution system. This means that a contribution is made available each year. This contribution is then used for capital accumulating.

The amount of the defined contribution is dependent on your pensionable salary (the higher the salary, the higher the contribution)

The pensionable salary is based on 12 months’pay, holiday allowance of 8% and a year-end bonus of 8.3% with a maximum of €110,111 yearly wage (reference date 2021). The defined contribution is determined by multiplying your pension basis by a fixed percentage, the yearly determined percentage for an adequate pension scheme (2021: 14.5%).

The pension basis of your salary is determined by reducing your annual salary by an amount over which no pension entitlement is built up (the franchise). This franchise amount is based on an estimate of your future state pension (AOW). As of 1 January 2021, the franchise amounts to €16,051.75.

Part-time work

For participants who work part time, the defined contribution and insured amounts are calculated on a pro rata basis.

Old-age pension and survivor’s pension

The defined contribution is used for accumulating the pension investment capital. The pension capital is paid out on the retirement date (if the beneficiary is still living) and is then used for the purchase of an old-age pension, optionally combined with a survivor’s pension. The level of the pension is dependent on prevailing interest rates and insurance fees.

The survivor’s pension after the date of retirement, which can be purchased in combination with the old-age pension, amounts to 70% of the old-age pension, as standard.

Employee contribution

Employee contributions are set at 0% of the pension premium for accumulation of the old-age pension.

The contributions for the survivor’s pension and the orphan’s pension, which are in addition to the employer’s defined contribution, are paid in full by your employer. The contribution is deducted from the gross salary. No taxes are charged for pension contributions. Pension benefit payments are subject to taxes.

Your pension capital

The amount of the pension capital is dependent on a number of factors:

• the level of the defined contribution;
• the level of the investments.

The pension capital will be paid out on the date of retirement and then used to purchase an immediately effective, life-long old-age pension, combined with a survivor’s pension if required. The retirement date is the first day of the month in which you turn 68.

The level of the old-age pension being purchased is dependent on the prevailing market interest rates and the rates of the insurance company at that time. The amount of the old-age pension to be purchased is obviously dependent primarily on the amount of the available investment capital.

Everyone reaching the AOW-age receives a state retirement pension (AOW) from the State. The level of the AOW is set every year and is based on the minimum wage.

Pension built up elsewhere

If you have previously worked for another employer, you have probably accumulated pension rights with another pension fund. If you have not transferred these rights to your present pension fund, they will remain with the original fund and you will be entitled to a pension from that fund. The last statement and/or Uniform Pension Statement shows how much pension you have accumulated with other pension funds. To see an overview of your total accumulated pension click here. You will need your DigiD for this. If you do not have a DigiD, click here.

If you have ever taken out an annuity, that too may yield extra income after your retirement.

Surviving dependant’s pension

In the event of your death during your term of employment, your surviving partner is entitled to a partner’s pension. If you have any children, they are entitled to an orphan’s pension. The orphan’s pension is payable until the child reaches the age of 18. Orphans who are receiving student finance or who are unable to work due to disability may receive orphan’s pension up to the age of 27.

The surviving dependant’s pension insurance is extended from year to year.

The partners of certain employees may also be entitled to state benefits in the event of the death of the employee in question. Partners in the following categories in particular may qualify for ANW benefit:

• those with children younger than 18 years;
• those born before 1 January 1950;
• those who are at least 45% incapacitated for work.

Entitlement to ANW benefit is affected by other income, so any income earned by the surviving partner will be wholly or partly subtracted from the benefit. Surviving dependant’s pensions are not subtracted from ANW benefit payments.

Important

The surviving dependant’s pension and orphan’s pension are insurances on a risk basis. This means that entitlement to surviving dependant’s pension and orphan’s pension expires in the event of termination of employment before the employee reaches the age of retirement and no benefit is paid upon the death of the employee.

Pension shortfall?

The UvA JobService B.V. pension scheme provides a realistic pension accumulation, as measured by current standards. The question is whether the surviving dependant’s pension is sufficient for your needs. The answer to this question depends on your own personal circumstances and the financial provisions you have made for your future. For example, does your partner have his or her own income and is it sufficient? Does your mortgage include a life insurance policy?

It may be advisable to take out a life insurance policy (or an extra one), in order to provide for your surviving dependants in the event of your premature death. The JobService pension scheme offers this option.

Possibility for (partial) restoration of the survivor’s pension: conversion

As described above, the consequence of an employee terminating his or her employment before reaching retirement age is that the insurance cover for the survivor’s pension lapses. If he or she then starts work at a new employer, he or she may be entitled to a survivor’s pension through the new employer’s pension plan. However, this is not always the case, or the ‘new’ survivor’s pension may not be sufficient.

Nevertheless, the terms and conditions of our pension plan allow for the continuation of entitlement to a survivor’s pension before pensionable age, even for those employees who are no longer with HvA JobService. This is known as conversion.

Whenever an employee leaves, the value of the capital he or she has accumulated during his or her term of employment is calculated. Normally, this capital remains in the pension fund and is used (including any accumulation resulting from profit sharing) for the purchase of an old-age pension, optionally combined with a survivor’s pension. This is known as ‘non-contributory life insurance’.

An employee who terminates his or her employment has the right of ‘conversion’ if he or she was insured for a risk-based survivor’s pension in the event of termination of his or her employment and if he or she has a partner, whereby he or she has the individual right to convert the non-contributory life insurance into a so-called mixed insurance. This means that in the event of the death of the ex-employee before reaching the age of retirement, a payment will be made that is intended for the survivor’s pension before pensionable age. One consequence of this conversion is of course that there will be less capital available in the event that the employee does reach pensionable age.

Surviving Dependants Act shortfall

In the event of your death, your partner may find themselves relying on the State benefit provided under the Surviving Dependants Act (ANW). This benefit is subject to a number of conditions. If your partner does not meet these conditions or has an existing income, they may not be entitled to receive ANW benefit, or the amount of the benefit may be reduced. This could mean that they do not have enough income to live on.

In order to fill this so-called Surviving Dependants Act shortfall, you can choose to take out a Surviving Dependants Act shortfall insurance. In the event of your death this insurance always pays out the agreed amount, regardless of the amount of your partner’s income.

If you wish, we can offer you a Surviving Dependants Act shortfall insurance policy. This policy guarantees your surviving partner an annual payment of € 15,496.00 until they reach pensionable age (or until their death if this occurs earlier). If you sign up for this insurance now, you will not be subjected to a medical examination or a waiting period. The insurance takes effect immediately. As this is a voluntary insurance, you must pay the contributions yourself. The amount of the contribution is age-related and the contribution will be deducted from your gross salary.

You can find more information about this in the appendix: Information on ANW Surviving Dependants’ insurance. If you want to apply for the insurance, you can fill in your preferences in the portal of Zwitserleven.

Exemption from pension contributions in the event of incapacity for work

If you become fully incapacitated for work and therefore unable to continue your employment, your pension accrual will continue and you will be exempt from paying pension contributions.

The accrual will be based on the available contribution and the sums insured in the year in which you became incapacitated for work. In the event of partial incapacity for work, a partial exemption from contribution payment will apply.

Work and Income (Capacity for Work) Act shortfall

Nationale-Nederlanden has agreed a WGA shortfall, enhanced insurance policy with JobService. If you receive a salary top-up benefit or a follow-up benefit, this insurance will top up your earnings to 70% of your (maximised) salary. For more information (only available in Dutch) click here.

The premiums for this insurance are paid in full by your employer.

JobService offers employees of UvA JobService B.V. with an income higher than the maximum annual wage (2019: €  55,927) a supplementary invalidity pension with Nationale-Nederlanden. This takes the form of an insurance that pays an allowance if, following two years of incapacity for work, the benefit you receive under the Work and Income (Capacity for Work) Act (WIA) is less than 70% of your current salary. You can find more information about this insurance here.

Exchanging surviving dependant’s pension and old-age pension

Upon reaching pensionable age, if you have a partner’s pension, you may choose to exchange this for an increase in your old-age pension. If you have a partner they must give their consent for this in writing. If you do not have a partner, or your partner has a good pension of their own, this can be a good way to increase your old-age pension.

Upon reaching pensionable age, you also have the right to exchange your old-age pension for a surviving dependant’s pension. If you have a partner they must also give their consent for this in writing.

Early or late retirement

With your employer’s agreement, you may choose to retire earlier or later than your retirement date. The pension plan offers the opportunity to retire as early as 55, or as late as 70. If you do this, the accumulated capital will be calculated on the basis of the new retirement date. So if you retire early you will receive a lower annual old-age pension payment than if you were to retire later.

Variable pension

You have the right to choose to vary the amount of your payments within a 100:75 ratio. For example, you may decide to receive higher payments for the first five years and then a lower pension for the remainder of your life. If you decide to do this, you should state this at the time of your retirement.