UPO
To download the UPO explanation click here.
To download your Final Pension Overview and cover letter click here.
For more information about frequently asked questions, click on the questions below for more information.
UPO
1. What is a UPO?
Your UPO provides you with a summary of your pension entitlements. It also shows you how much pension you will receive if you continue working at NN Group until your retirement date.
2. What is a final UPO?
Your final UPO provides you with a summary of your pension entitlements until the moment you no longer accrue pension with NN CDC Pensioenfonds.
3. How often do I receive a UPO?
We would prepare a digital version of your UPO for you once a year. Once every three years, we will send you a hard copy of your UPO as well.
4. When will I receive my UPO for 2024?
In April 2024 you will receive your UPO. It is based on your situation as at 1 January 2024.
5. Where can I find my UPO?
Use your DigiD to login at ‘My Pension’ and go to ‘My Documents’.
6. I have noticed an error. What should I do?
We make every effort to compile your UPO as accurately as possible. Nevertheless, it may be incomplete or inaccurate. If you find this to be the case, please inform the Pension Desk. It will help us ensure that your pension is calculated as precisely as possible.
7. Which parts of my UPO are most relevant?
Most relevant items:
- Old age pension (under: ‘How much pension will I get when I retire?’)
- Partner pension (under: ‘How much pension will my partner and children get if I pass away?’)
- Contribution-free pension accrual and occupational disability pension (under: ‘How much will my pension plan pay out while I am on sick leave?’)
8. Why are the amounts reported in my UPO different from those in the Pension Planner and on the website Mijnpensioenoverzicht.nl?
The UPO shows the status of your pension as at 1 January 2024. The figures in the Pension Planner and on Mijnpensioenoverzicht.nl are based on current data.
9. Why has my partner not been included in my UPO?
Your UPO is based on your situation as at 1 January 2024. If you got married or entered into a registered partnership after that date, your partner will not be included in this UPO. If you have a partner with whom you are cohabitating, he/she will not be mentioned in your UPO.
10. How do I report my cohabitation partner to the pension fund?
Use your DigiD to login at ‘My Pension’ and go to ‘Direct regelen’.
11. My partner pension as stated in my UPO for 2024 is lower than it was in my UPO for 2023. Why is that?
If you got a divorce, the old age pension that was accrued for your ex-partner until the date of your divorce has been assigned to your ex-partner.
12. I am divorced and have split my partner pension with my ex-partner. Is this reflected by my old age pension as stated in my UPO?
The old age pension that was accrued for your ex-partner was deducted from your old age pension if your divorce took effect before 1 January 2023 and was processed in the pension fund's records by that date.
13. What is included in a pensionable salary?
Your pensionable salary consists of your:
- monthly salary
- personal allowance for retention of salary (PA Retain Salary)
- personal allowance with indexation (PA Indexation)
- holiday allowance
- 13th month
14. Why is part of my salary excluded from accruing pension?
Part of your salary does not accrue pension through your pension plan, because you will receive a pension from the Dutch state instead (AOW pension). This is the state pension offset, which is referred to in Dutch as the ‘franchise’.
15. Wat is a pension base?
Your pension base is your monthly pensionable salary net of the state pension offset (franchise).
16. What do I do if I receive multiple UPOs?
You may have accrued pension in Pensioenfonds ING, Nationale-Nederlanden and/or Delta Lloyd Pensioenfonds. In that case, you will also receive UPOs from these pension administrators. Every pension administrator is required by law to supply a pension overview showing the pension entitlements you have accrued in that pension plan. For a complete overview, you must combine all of your UPOs.
17. Is my Dutch state pension (AOW) included in my UPO?
Your AOW is not included in the UPO. You will find it in www.mijnpensioenoverzicht.nl.
18. How do I get a comprehensive view of my pension accruals?
Use your DigiD to login to the Pension Planner of NN CDC Pensioenfonds or go to www.mijnpensioenoverzicht.nl.
19. What price index is used to determine pension increases?
Since 1 April 2017, NN CDC Pensioenfonds has been using the final overall consumer price index for households in the Netherlands, as published by Statistics Netherlands (CBS).
20. What is factor A?
Factor A is the pension you build up during a calendar year. Factor A on your UPO 2021 relates to the pension you built up in 2020. If you receive multiple UPOs, you must add the ‘factor A’ amounts specified in all of your UPOs. To calculate your tax-allowable annual margin, go to the calculation tool for annuities provided by the Dutch tax authorities, which is available at www.belastingdienst.nl.
21. I left the company in 2022. Will this affect the risk-based pension for my surviving dependants?
On 1 July 2019 a new pension plan came into effect, which provides for a risk-based pension for surviving dependants. From the date your employment ended, you ceased to build up a pension in the CDC pension plan and part of your old age pension was automatically converted into partner and orphans pension. This ensures that your (current and/or future) partner and children will get pension benefits if you pass away when you’re no longer employed. Go to nn.cdcpensioen.nl and use your DigiD to login to 'My Pension' or visit www.mijnpensioenoverzicht.nl. This website shows what your surviving dependants will receive if you pass away when you are no longer a participant of this plan or when you have already retired.
22. The UPO and Mijnpensioenoverzicht show different estimates of how much pension I will get in the event of favourable or adverse conditions. Why is that?
Your UPO only shows an estimate of the pension you will get from NN CDC Pensioenfonds, in gross annual amounts and given a certain retirement age. The government’s website, www.mijnpensioenoverzicht.nl, shows an estimate of your overall future pension benefits through all of your pension plans plus your Dutch state pension (AOW). The amounts shown on that website are based on your retirement hypothetically starting on the same date as your AOW and are shown in net monthly amounts.
23. What is an accrual cutback and how does it affect my pension?
Since 1 July 2019, you have had a new pension plan with fixed pension contributions. Every year as at 30 September, NN CDC Pensioenfonds assesses whether the fixed contributions will be sufficient to fund the pension accrual targeted for the year ahead. Unfortunately, that was not the case for 2020, 2021 and 2022. We informed you about this by way of personal letters, which you will find in 'My Pension' (via nn.cdcpensioen.nl).
The accrual rate of pensions was lowered in 2020, 2021 and 2022 and this has affected your pension. Have another look at the targeted accrual rate of your pension in 2022. Or use your DigiD to visit the Pension Planner at nn.cdcpensioen.nl to help you find out how much income you’ll need when you retire and whether your pension is on track to achieving that goal. If you think your pension won’t cover your expenses when you’ve retired, the Pension Planner will help you find out what you can do to increase your retirement income. For example, by setting aside additional retirement savings outside your pension plan.
24. Where can I find more information?
Would you like to find out more about your UPO or your pension? Please contact the Pension Desk: We can be reached at 088 - 1162 421 or you can send an email to pensioenloket@nn.cdcpensioen.nl. Go to the life events page for pension information relevant to your phase in life and your work situation.