If you become jobless after you leave ING, you'll no longer be building up pension. Does this mean you'll run into a pension deficit? That depends entirely on your personal situation. Read more about the implications of a pension deficit and what options you have to bridge the gap, should you ever need to.

A pension deficit means you won’t have enough retirement income to live as comfortably as you’d like to when you retire. Whether or not you’ll run into this situation depends entirely on your personal circumstances.

What causes a pension deficit?
A pension deficit may be the result of choices you make during your career, such as working on a part-time basis, retiring early, taking a sabbatical, switching jobs frequently or getting a divorce. You could also run into a deficit if you became jobless after leaving the bank, in which case you would no longer be building up any pension. Voluntary continuation of your pension accrual is not possible at ING CDC Pensioenfonds.

Do you have a pension deficit?
It's hard to say whether you’ll run into a pension deficit. The amount of pension you’ll need when you retire depends on your personal needs and wishes for your future life as a pensioner. You might have already set aside some savings to pay for your expensive hobbies. Or you might choose to move to a smaller and less expensive home to bring down your expenses. Paying off your mortgage might be a wise option to limit or avoid a deficit.

Plan your pension
You can use the Pension Planner to check your situation. If you appear to have a pension deficit, you can use the Planner to calculate the effect of reducing your expenses or adding to your savings. The planning module lets you make calculations that take into account your ING pension accrual and your Dutch state pension (AOW). By simply changing the figures you can find out how early retirement will affect your pension and what options you have to bridge a gap.

Sample calculation
Harold is 37 years old and will be leaving ING on 1 August 2018. Starting on that date, he will receive WW unemployment benefit for a period of 24 months. Until his departure date, he builds up pension in Pensioenfonds ING (until 31 December 2013) and in ING CDC Pensioenfonds. His financial planning is as follows:

• Harold will receive a salary from ING until July 2018, at which point he will be 37 years old.
• From August 2018 until July 2020, Harold will receive WW unemployment benefit and will not accrue any pension. He will then be 39 years old.
• From the age of 39 until 60, Harold works as a self-employed person. During this time, he sets aside money for his future pension.
• In 2041, Harold turns 60 and takes up early pension from Pensioenfonds ING (5 years before this pension fund’s standard retirement age) and from ING CDC Pensioenfonds (7 years before this pension fund’s standard retirement age). Harold is aware that bringing forward his pension means his monthly pension benefits will be lower.
• Harold opts for higher pension benefits during the first five years of his retirement, so he’ll have some more financial leeway. This means his monthly pension benefits will be even lower in the years after that.
• As his Dutch state pension (AOW) doesn’t start until he’s 70 years and 3 months old, he chooses to bridge the gap from his old age pension in ING CDC Pensioenfonds.

Get to work
If you want insight into your pension so you can cover a deficit before it's too late, log in to the Pension Planner with your DigiD. Save your details on the closing page and your next visit will take you less time. To find out your retirement age for Dutch state pension (AOW), click here. And feel free to contact us if you have any other questions.