You have accrued pension through Pensioenfonds Ernst & Young in liquidatie. This pension is your future income. But how does accruing pension work?
Up to 1 July 2018, you accrued part of your pension every year at Pensioenfonds Ernst & Young in liquidatie. These parts combined are your pension that you will later receive from our pension fund. We use the following formula to calculate the pension amount you could accrue during one year:
Pensionable salary - deductible = pension base
Pension base x accrual percentage x part-time percentage = annual pension accrual
These are a lot of difficult terms, but we'll explain them one by one.
Pensionable salary
The pensionable salary was your full-time gross monthly salary x 12.96.
Deductible
As you will receive a state pension from the government (AOW), you don't have to accrue pension on all of your pensionable salary. A certain amount is deducted from this income: the deductible. This is a fixed amount that is set every year. From 1 October 2017, this amount was € 17,222.
Accrual percentage
In order to determine the pension amount you accrued on a full-time base during one year, we multiplied the pension base with the accrual percentage. This percentage was re-determined every year. In 2018 the accrual percentage was 0.9296%.
Part-time percentage
The part-time percentage is the agreed number of working hours per week divided by the standard number of working hours, multiplied by 100%. The part-time percentage of anyone working full-time is 100%.
Annual pension accrual
This is the pension amount you accrued during one year. This is a gross amount. You will receive this pension from the age of 67 and for the duration of your life.
Once you retire, all annual parts of pension accrual are added together. This is your gross annual pension, which will be paid on a monthly base. By default, you will start receiving your pension from the age of 67. However, you can choose to start receiving this pension earlier or later than that.