In many sectors, the retirement age was already increased to 67 years in 2015. However, in the hospitality and catering sectors, this was not yet the case. In 2015, trade unions and employers' organisations in hospitality and catering agreed that this would take effect from 2017. Additionally, it was agreed that the accrual rate would increase from 1.466% to 1.67% as of 1 January 2017.
Retirement starts two years later
Due to the changes, you will accrue more pension annually. However, the pension will start two years later. If you wish to retire before the age of 67, for example because your state pension age is earlier, this is possible. You have the option to bring forward the start date by up to five years. Postponement is also possible. For clarity, the retirement age is not the same as the state pension age. The pension fund determines the retirement age, while the government determines the state pension age. More information about retiring earlier or later can be found in the pension regulations.
Maintaining purchasing power of accrued pensions
From 1 January 2017, the accrued pensions of employees will no longer be increased from the pension premium. However, if investment returns allow, the accrued pension will be increased by up to 50% of consumer price inflation. Due to the change, the pensions of employees, former employees, and retirees in hospitality and catering will henceforth be increased in exactly the same manner.
What happens to the pension already accrued?
The pension accrued up to 1 January 2017 has a retirement age of 65 years. For the sake of administrative simplicity for the pension fund, and also for clarity for the participants, it has been agreed that the pension fund will convert the accrued pension to the new retirement age. As a result of the conversion, the accrued pension will be higher. You will receive or may have already received a letter from the Pensioenfonds hospitality & Catering regarding the conversion. If you have accrued any early retirement entitlements, these will also be converted to old-age pension.