The ABP, the largest pension fund in the Netherlands, will increase pensions by almost twelve percent from next year. The fund reports this in a statement. Both pensioners and people who are still accruing pension benefit from the increase. In total, this concerns more than three million people.
Due to the high interest rate, the funding ratio has increased at many pension funds, including ABP. In addition to the strong assets of the pension fund, to which civil servants and people from education are affiliated, pensions are increasing “because the fund is allowed to use more flexible rules because ABP has indicated that it wants to switch to the renewed pension system”, according to the declaration.
There is also an increase in pensions at other funds. The pension fund for the construction sector BpfBouw, which has nearly 800,000 members, previously announced an increase of 14.5 percent. At PNO Media, a fund for the creative and digital sector, pensions will increase by 13.58 percent and at Pensioenfonds Detailhandel there will be a pension increase of 10 percent.
Pensions at a few other pension funds, such as PMT and PME, rose by 4.2 and 6.2 percent. Pensioenfonds Recreation has no room for an increase in pensions in 2023, the fund previously announced.
Read also: Who will receive extra pension in 2023? The differences are big
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