Philips Pensioenfonds annual report published
2023 annual report available |
Read our annual report to find out all about the developments during the past year. It will tell you that we ended the year in good financial health, which made it possible for us to award full indexation on our pensions in 2024. The new Future of Pensions Act (Wet toekomst pensioenen) also came into effect in 2023. Your pension plan needs to be compliant with the new legal rules before 1 January 2028. Even though we do not foresee switching to the new pension plan until 2026, we are already making allowances for it. For example in our decisions about increasing the pensions. You can read all about this in our annual report.
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“Stable funding ratio with significant movement beneath the surface” |
— Leo Uittenbroek and Anita Joosten of the Board of Trustees —
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In our magazine Generaties, Leo Uittenbroek and Anita Joosten of the Board of Trustees look back on the highlights of 2023 and the first few months of 2024. One of the Board’s most important goals is to maintain healthy finances with the highest possible funding ratio. “We did this successfully in 2023. Although the funding ratio fell last year, that was mostly because of the indexation that we awarded on 1 April 2023. Given such a stable funding ratio, it might seem as if little happened. Beneath the surface, however, the finances moved considerably.”
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All the information about your future pension in one place |
Would you like to know more about the new rules for your pension in the future, and what to expect from Philips Pensioenfonds during the period ahead?
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True of false: 3 statements about your future pension |
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- Under the new system I will be able to make my own investment decisions.
- Under the new system, the pension I will receive might go up or down every month.
- My pension savings will never run out, no matter until what age I live.
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- Philips Pensioenfonds wants to provide a proper pension at the lowest possible cost.
- In 2023, the pension administration costs went up to €137 per member.
- The main reasons for this increase were the soaring inflation and the costs of preparing to switch to the new pension plan in 2026.
- The asset management costs for 2023 were the same as for the year before (0.32% of the average invested assets).
- Despite the higher pension administration costs, Philips Pensioenfonds still has relatively low costs overall.
- You can read all about the Pension Fund’s various costs in the annual report (section 2.8).
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What do you think of this newsletter? |
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