Pension 1-2-3 level 2
Pension 1-2-3 consists of three layers.
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Briefly summarized the most important information about your pension scheme.
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Layer 2 goes deeper into the information from layer 1.
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Detailed information. Here you will find legal and policy information from Pensioenfondseuroclearnederland.
What do you get in our pension plan?
Retirement pension
Through your employer Euroclear, you participate in the Euroclear Pension Fund OFP pension plan and accrue a retirement pension. In principle, you will receive this old-age pension from the age of 67. You will receive it on top of your state pension. The AOW is the income you receive from the government when you reach the AOW pension age. The AOW pension age is different for everyone and depends on your date of birth.
How much pension you will receive later depends mainly on the amount of salary you earned and the number of years you worked at Euroclear. The retirement pension is paid monthly from your retirement date for as long as you live. The amount of the retirement pension is shown on your Uniform Pension Statement (UPO) and at www.mijnpensioenoverzicht.nl.
Suppose:
You earn € 50,000 per year. The deductible is € 18,475. In that year you accrue 1.875% old-age pension over the pension base of € 31,525. That is € 591 in that year. The retirement pension you receive upon retirement is a sum of all years plus any indexation.
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Partner's pension and orphan's pension
Your partner is entitled to a partner's pension after your death, and your children are entitled to an orphan's pension. The partner's pension is paid when you die and as long as your partner is alive. The orphan's pension is paid out when you die and until the child turns 18. The partner's pension is in principle 70% of the old-age pension you could have achieved, the orphan's pension 14%. This only applies if you die during your employment with Euroclear. If you die after you leave employment with Euroclear, the partner's pension is calculated differently. The partner's pension is then 70% of the retirement pension you had accrued at the time you left Euroclear, the orphan's pension 14%.
If you die, your partner may be entitled to a statutory survivor benefit from the government: the ANW scheme. There are conditions attached to this. Your partner must have been born before 1950 or have minor children to care for or be partially disabled. You can find more information on the website of the Social Insurance Bank (SVB).
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Non-contributory continuation of your pension accrual in case of occupational disability
If you have been ill for more than two years and are subsequently declared (partially) unfit for work by the UWV, you may continue to accrue (part of) your pension without paying any more premium.You will therefore not run up a pension gap.How much is paid for you by Euroclear depends on the percentage that you are unfit for work.You are entitled to partial payment of the premium if you are at least 35% disabled.
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Pension schem
Want to know exactly what our pension plan offers you? View the pension regulations scheme here.
What do you not get in our pension plan?
Are you disabled and no longer employed at all? Then you will not receive any additional disability pension from us. Your pension accrual will continue (in part), depending on your disability percentage .
How do you build up a pension?
Three types of pension
You can build up a pension in three ways:
A. AOW: You get this income from the government.You can read more about the AOW at www.svb.nl.
B. Pension through your employer(s), including Euroclear. This Pension 1-2-3 is about the pension you
accrued with Euroclear Pension Fund OFP.
C. Pension income that you arrange yourself. For example, through an annuity or bank savings.
A. The General Old Age Pensions Act (AOW).
The AOW is the government's statutory pension for everyone who has lived or worked in the Netherlands between the age of 15 and the AOW starting age. The AOW entry age is no longer the same for everyone. Check www.svb.nl for your AOW age. The AOW amounts are adjusted annually. For the amounts and for further information about the AOW, visit www.svb.nl. Note: Have you not always lived or worked in the Netherlands? If so, your AOW may be lower.
B. The pension you accrue through your employer
You can find the amount of your pension with Euroclear on your Uniform Pension Statement (UPO). You receive the UPO once a year for as long as you accrue pension with Euroclear Pension Fund OFP. The UPO shows the retirement pension you have accrued now and the pension at age 67 if you continue to accrue with Euroclear Pension Fund OFP until that time. The UPO also shows the amount of the partner's and orphan's pension. You can also take a look at www.mijnpensioenoverzicht.nl. There you will find an overview of all accrued and attainable pensions you have accrued, including with any previous employers.
C. The pension supplement you take care of yourself
You can arrange a supplement to your AOW and the pension you accrue yourself through Euroclear. For example, through bank savings or by taking out insurance, such as an annuity.
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You accrue pension under an average pay scheme
You accrue pension under an average pay scheme. Every year, you accrue pension on part of the gross salary you earned in that year. You do not accrue a pension on your entire gross salary. The AOW amounts are adjusted annually. For the amounts and for further information about the AOW, visit www.svb.nl.
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Note: Have you not always lived or worked in the Netherlands? Than the general old age pension can be less.
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Accrual rate
The total pension you accrue in this way is the sum of the pension accrued over all these years plus any indexations given. The accrual rate used in 2025 is 1.875%.So your final pension is based on the average salary during your career. We therefore call this an average pay scheme. From your retirement date, you will receive your pension every month for as long as you live.
Suppose you earn € 50,000 per year.The deductible is € 18,475. In that year you accrue 1.875% old-age pension over the pension base of (€ 50,000 - € 18,475) € 31,525. So you will accrue € 591 in old-age pension in that year. This amount is not the premium paid by Euroclear for pension accrual (because the premium includes all costs).
The premium
You yourself do not pay any premium for your pension accrual. The premium is paid in full by your employer.
What choices do you have?
Value transfer
Are you changing jobs and therefore moving to another pension plan?The amount of your accrued pension per year determines what happens to your pension.
If your accrued pension is higher than € 592.24 per year, you decide for yourself whether to transfer your pension to your new employer's pension provider. This may be advantageous, for example, if your new employer has a better pension plan. Or maybe you want to have all your pensions with one administrator. If you want to take your pension with you, let your new pension administrator know and they will arrange this for you. Do you not want to transfer your pension to your new employer's pension provider? If so, your pension will remain with Euroclear Pension Fund OFP. Would you like help making your choice? Your financial advisor will be happy to help you.
If your accrued pension is less than €613,52 per year and more than €2 per year, Euroclear Pension Fund OFP will automatically ensure that your pension is transferred to your new pension provider. Euroclear Pension Fund OFP therefore checks annually with www.mijnpensioenoverzicht.nl whether you accrue pension with a new pension administrator. If you do not have a new pension provider then your pension will remain with Euroclear Pension Fund OFP.
If your pension accrual stopped after January 1, 2023 and your accrued pension is less than €2 per year, then it is determined by law that you cannot claim this pension.
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Want to compare your pension plan? Click through to the pension comparator.
Pension accrual during leave
If you take unpaid leave, pension accrual for the old-age pension and partner's pension continues as normal.
Exchanging a retirement pension for a partner's pension
If you retire and there is no or too little partner's pension for your partner when you die, you can exchange part of your old-age pension for extra partner's pension. You will then receive a lower old-age pension. But your partner will then receive a higher partner's pension from Euroclear Pension Fund OFP if you should die after you retire.
Please note that this is a one-time choice.Once you have chosen this, you cannot reverse it.
Exchanging partner pension for old-age pension
In addition to an old-age pension, you also build up a partner's pension. There can be all kinds of reasons why you want to exchange the partner's pension for a higher old-age pension. Perhaps your partner has a good pension himself, or perhaps you do not have a partner (anymore). You can therefore choose to exchange the partner's pension for an extra old-age pension. If you have a partner, he/she must agree. Please note that this is a one-time choice. If you choose this, you cannot reverse it later.
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Retiring earlier or working longer
You can choose to retire earlier than age 68. You can do so at a time of your own choosing starting at age 57.5. If you retire earlier, your pension will be lower. This is because you accrue pension for less time and it has to be paid out over a longer period.
You can also retire partially. For example, you may retire for two days a week and continue to work three days a week until you retire completely. We also call this “part-time retirement. This is only possible if you have agreed this with your employer.
Starting with a higher pension
Do you want to start with a higher pension? You make this choice at the time you retire. You can choose to receive a higher pension until your state pension commencement date. After that date, you will receive a fixed amount of lower pension. Please note: this is a one-time choice. If you choose this, you cannot undo it later.
How secure is your pension?
The amount of your pension is not fixed
Pension accrual and payment are over a very long period of time. From the start of accrual to the last pension payment can be as long as 80 years. During such a period, the world changes which can create risks that threaten your pension. The risks may lead to a shortfall. We try to be prepared for the risks that could threaten your pension. Risks we take into account include a possible increase in life expectancy, investment risk and inflation risk to protect your pension as much as possible.
For example, the increase in life expectancy.This increase is in fact greater than the increase we have taken into account. As participants get older on average, their pensions have to be paid out for longer. Euroclear Pension Fund OFP must then have more money than was initially anticipated. Interest affects the value of pensions. Pension providers estimate in advance how much money they will need to pay out pensions. The lower the interest rate is, the more money Euroclear Pension Fund OFP has to have “on hand” to pay out all pensions later. Thus, if interest rates remain low for a long time, it makes pensions more expensive. Investment results can also disappointing. That's why Euroclear Pension Fund OFP makes sure investments are spread across multiple investment types. Gains on one investment can make up for losses on another. A pension administrator can also hedge investment risks. This does come at a cost.
Maintaining the value of your pension
We try to increase your accrued pension each year in line with inflation, which is also linked to wage trends at Euroclear.This is called “indexation.It is currently based on the consumer price index, CPI, applicable to the Netherlands, with a maximum of 6%.
In recent years, prices and pensions increased as follows:
Year. Indexation Price
actives increase
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2024 6,00% 3,80%
2023​ 2,70% 9,98%
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If there is a shortage
It may happen that, despite all precautions, we are still short of money to pay all pensions in the long term. In principle, if we have a shortfall, Euroclear will top it up.We can only reduce your pension if Euroclear is financially unable to meet the top-up or if Euroclear no longer exists.
What costs do we incur?
Euroclear Pension Fund OFP incurs various costs to implement the pension scheme. For example, costs for implementation and administration, external advice, payment of pensions and collection of premiums. Costs are also incurred for communication, such as this Pension 123 and the website.
In addition, there are costs to manage the assets. Investing the assets costs money. We pay the parties we ask to invest our assets. We also incur transaction costs. These are, for example, the costs that the stock exchange charges for the purchase or sale of shares or bonds.
All of these costs are borne by the employer and do not affect the pension contributions paid.
When should you take action?
If you are changing pension providers
Are you newly employed by Euroclear? You can take the pension you have accrued through previous employers with you to the Pension Fund. If you are newly employed, you will start accruing pension with Euroclear Pension Fund OFP. Did you previously accrue pension with another employer? Then you can take that pension with you. We call this a value transfer. You can request a value transfer using this form.
Be well informed about this in advance. Whether value transfer is a good choice depends on a number of things. For example, the financial situation of your previous pension provider and the pension fund. If you decide not to request a value transfer, your pension will remain with your old pension administrator and will be paid out to you by that administrator when you retire.
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If you become unfit for work
If you become (partially) disabled, after two years you may be entitled to partial continuation of your pension accrual without paying any premium for it. This depends on the degree of your disability. You will only receive a (partial) premium waiver if you are more than 35% disabled. Euroclear continues to pay your premium for the part that you are disabled. You do not have to inform us about your disability yourself. That happens automatically through the UWV.
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If you get married or enter into a civil partnership
Getting married or entering into a civil partnership is the same for your pension plan. If you get married or enter into a registered partnership, we will automatically be notified. You do not have to do anything. Your partner is then insured for a partner's pension.
If you start living together, your partner is not automatically insured for the partner's pension. You can register your partner by submitting a cohabitation agreement signed by a civil-law notary to the pension fund. In addition, your partner is only entitled to a partner's pension if you have lived together for at least one year. If you do not have a cohabitation agreement, the requirement is that you have lived together for at least five years.
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If you get divorced or end your registered partnership
If you and your partner separate, it will affect the old-age pension and partner's pension. If you end your relationship, you must notify the Pension Fund within two years. To do so, use the Notification of separation in connection with division of old-age pension form, which can be downloaded at www.rijksoverheid.nl.
Please note that entitlement to part of the old-age pension does not apply to unmarried cohabitants. Unmarried cohabitants must make their own arrangements regarding the division of the pension.
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Dividing old-age pension
In principle, the old-age pension you accrued during your relationship is divided between you and your ex-partner. We call this equalization of the old-age pension. Equalization only applies in the event of divorce and termination of the registered partnership. But you and your ex-partner can also make other arrangements. For example, not to divide the pension or to divide it in a different proportion. In that case, you must set this down in a divorce covenant.
Dividing the partner's pension
In the event of your death, your ex-partner will also be entitled to part of the partner's pension: the special partner's pension. This is paid out to your ex-partner after your death. The special partner's pension is
generally 70% of the retirement pension you accrued with us until the end of the relationship. This also
applies to unmarried cohabitation, if this has been established with a notary and is stated in the
cohabitation contract.
As with the old-age pension, you can also make other agreements with your ex-partner about this.
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If you are moving abroad
Are you moving abroad? Please inform us of your new address and inquire about the consequences for your pension. Moving abroad will also affect your AOW or check www.svb.nl.
Please note: you must also inform us if you move abroad. This is because we do not automatically receive your change of address.
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If you become unemployed
If you become unemployed, pension accrual stops. The accrual of a partner's pension and orphan's pension also stops. It is important that you map out the consequences of unemployment for your pension. You do not have to inform us of your unemployment yourself. This is done automatically through the UWV.
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If you want to make use of an optionIf you want to make use of one of the options under “What choices do you have?” it is important that you contact Appel Pensioenuitvoering, our pension administrator.
Call Rahma Cherrat, phone 085-210 40 93 or email info@appelpensioen.nl.
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In the event of death
​After your death, your partner must report your death to the municipality. We will then be informed and contact your partner and/or children about the amount of the survivor's pension.
Mijnpensioenoverzicht.nl
At least once a year, check how much pension (capital) you have accrued and what you can expect later.
Go to www.mijnpensioenoverzicht.nl.​​​​​
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If you have any questions
Do you have questions about your pension or want to take advantage of an action/choice moment? If so, please contact Rahma Cherrat of Appel Pension Operations, our pension administrator at telephone number 085-2104093 or email info@appelpensioen.nl.
