“What happens in my life today will have an impact on my life later on – I wonder how that works”

Why put off looking into your pension? Why not give it some priority?  After all, your pension is money you save now, which you'll get back later in your life. Of course, that will be decades from now, as you've only just started your career. But did you know that your job, your new partner and the house you might buy will have a direct impact on your future and your pension? Time to find out how that works!

About half of the Dutch people understand how pension works, according to an evaluation of the Pension Communication Act. For people working full time, an average of one workday a week goes toward building up their pension. Your pension is one of your employment benefits. It is a supplement to your Dutch state pension (AOW), which you’ll receive when you reach your AOW retirement age. You build up a pension together with your employer and your pension fund. The contributions you and your employer pay into the pension fund are invested by the pension fund. When you retire, you’ll receive the pension benefits on a monthly basis for the rest of your life. So pension is a beneficial product, which lets you save money for later in a relatively profitable manner. However, you should realise that pension is a collective ‘pot of money’ that's dependent on many variables. There are no guarantees: your pension might turn out to be less or more than you expect.

What is your lifetime amount?
The online platform for young people detijdvanjeleven.nl came up with a better word for pension: ‘lifetime amount’. Building up your lifetime amount is an automatic process now, but it's your own responsibility to make sure you’ll have enough money to live off when you retire. So take control! Is your life about to change in some way? Are you getting a new job, a new home, taking a sabbatical, moving in with your partner, getting married or divorced? In any of these cases, make sure you check your financial situation, including your savings for retirement. You should know what your pension plan will provide for you if you become incapacitated for work, or for your partner or child if you pass away at a young age. That will give you peace of mind and let you know whether you need to take action.

What about your pension?

Visit the website and Pension 1-2-3
Information on your pension plan and life events that have an impact on your ‘lifetime amount’ is available on the website. Pension 1-2-3 provides information on your pension plan in three steps and makes it easy to compare it with pension plans offered by other employers. 

Read your UPO
The Uniform Pension Overview (UPO) shows you the current value of your pension entitlements and partner pension in ING CDC Pensioenfonds, and the value compared with previous years. Your pension fund sends you a UPO every year. It also gives an estimate of the amount of pension you could potentially reach if you stayed employed by ING until the age of 67, calculated under several scenarios: if the situation stays as it is now, and if the economy performs well, or poorly, over a long period of time.

A comprehensive view for your calculations
The Dutch government's website www.mijnpensioenoverzicht.nl gives you a comprehensive view of your ‘lifetime amount’, including your Dutch state pension (AOW) and any pension entitlements you have through other employers. 80% of your colleagues at ING have already visited the site and have given this tool a positive rating. You use your DigiD to log in and get a summary of your situation at present and your expected pension benefits in three scenarios - just like in the UPO - paid out in net monthly amounts for the rest of your life. Have you registered your partner at your pension fund (or funds)? If so, you’ll also see how much partner pension he/she will get if you pass away. You can easily save the information in a PDF.

If you want more insight into your pension, use your DigiD to log in to our Pension Planner and discover how the decisions you make now will affect your income for later in life, and how you can match and manage your current/future income and expenses.

This article provides an outline of trends in society as well as some general information. Would you like to read articles relevant to other age groups? Select the age group in the upper right corner of the screen.