Question: Much is about to change, but what is not actually changing?
ANSWER:
Your pension will continue to be arranged collectively and in solidarity
In the new Forward pension scheme we will carry on investing the pension contributions collectively. One of the benefits of investing collectively is that costs are relatively low. The assets can also be better spread across different kinds of investments. As a result, the risk is lower than if you invest individually.
Our mission as a pension fund will still be to provide a good pension for all members: so they will continue to accept certain windfalls and setbacks together – such as living (much) longer or less long than the average life expectancy. The characteristic ‘solidarity’ will therefore also be retained.
Your Dutch pension is more than just the Unilever pension.
The Dutch pension system will continue to consist of the following three pillars:
| Pillar 1: | AOW (Dutch state pension, General Old Age Pensions Act): all residents of the Netherlands receive this state benefit from their state pension age. This age depends on your date of birth; for anyone born as from 1961 this is currently 67 years and three months. If you have lived in the Netherlands for 50 years prior to your state pension age, you are entitled to a full AOW. For every year less lived in the Netherlands, you lose 2%. |
| Pillar 2: | Pension accrued through an employer, such as your Unilever pension. |
| Pillar 3: | Pension you arrange yourself, for example through life insurance or bank savings. |
So much for what is not going to change. We will tell you about what is going to change once Unilever and the trade unions have reached agreement on the new Forward scheme.
Exceptional cases
The old rules may be retained in exceptional cases. For example, in the case of Progress – the other part of the Unilever Pension Fund – the current rules will most probably continue to apply.
If you have a pension with Progress as well as one with Forward, then only the rules for your Forward pension will change.
Q&A: Why are we having new pension rules anyway?
Q&A: My pension is going to develop more in parallel with the economy. What does this mean?