Interest rates have declined substantially in 2019. This has an impact on your pension, as low interest rates are making pension accrual a lot more expensive. As a result, the accrual rate of your pension will be cut back by 25.35% in 2020.

ING CDC Pensioenfonds aims to realise pension accrual at the maximum rate allowable under Dutch tax law. Based on the situation as at 30 September, the fund has assessed whether the 31.5% contribution agreed by the social partners will be sufficient to fund this target.

Accrual rate to be cut back by 25.35%
The assessment revealed that the contribution will not be sufficient to fund the maximum pension accrual allowable in 2020. As a result, the accrual rate of pensions will be cut back by25.35% in 2020. Watch the pension fund's video about the accrual cutback here. The pension fund will send you information regarding your personal situation in the fourth quarter of 2019.

Pension accrual after 2020
Based on the situation as at 30 September, ING CDC Pensioenfonds annually reassesses whether the fixed contribution will be sufficient to fund the maximum pension accrual allowable under tax law. The fund will inform you of the outcome. Please note that after 2020 the accrual rate could be cut back again if interest rates remain low.

Indexation of pensions
While the board will not make a formal decision on this matter until January 2020, you should not count on receiving any indexation.

Get a grip on your pension
To find out more about ING CDC Pensioenfonds' financial situation, check the website for news and quarterly updates on funding ratios, investment results and developments in the financial markets.

Would you like to find out how to get a grip on your pension? Log into MijnPensioenoverzicht or the Pension Planner, check whether you pension is on track and find out what you can do to increase your retirement income.