Final pension determination

Definitive pension determination Successful mediation VHP2 in case of problems

About four months before my 65th birthday, I received an information package (quote) from the Philips Pensioenfonds including the amount of my 65-year pension, depending on the survivor's pension to be chosen (0 – 75 %). These amounts corresponded to previous pension statements. When I turned 65, I received the final determination of my retirement and survivor's pension. However, these amounts were significantly lower than the amounts in the previous offer. This without any explanation!

I complained in writing to the Pension Fund. The Pension Fund responded by stating that my pension has been reduced as a result of the application of new actuarial factors. As a result, the purchase of the survivor's pension is more than 18% more expensive.

Reason for me to present this matter to Jörg Sauer, director of VHP2. He shared my view that the difference between the amount of the offer and the final determination of the pension was very large. Especially in the absence of any explanation. He has offered to enter into discussions with the Pension Fund as a VHP2. This conversation led to the Pension Fund offering to look for a solution.

After one month, the Pension Fund informed us that it would adjust the pension rights in accordance with the aforementioned amounts in the information package. This means that the old actuarial factors remain in force. My pension will therefore be increased retroactively to the amount stated in the original offer. The Pension Fund cites the reason that the information package does not refer to possible adverse consequences due to a change in actuarial factors. I have heard from former colleagues with similar problems that their pensions have also been positively adjusted.

Thanks to the successful mediation of the VHP2, this pension problem has been solved. A good reason to remain a member of the VHP2 even after retirement.

• A.A.M. Hendriks / Former employee Philips*