Bpf Koopvaardij aims to have your pension increase partly in line with the cost of living. The Bpf Koopvaardij board decides every year whether your pension can be increased (indexation). This depends on our financial situation.
The policy funding ratio is decisive
No premium is paid for pension increases. A pension increase is possible only if the fund's policy funding ratio is at or above the statutory limit of 110%. In other words, for every euro of future pension, there must be at least € 1.10 available. You will find more information about the funding ratio or policy funding ratio and the current situation at Financial situation.
Our financial situation
At the end of 2023, our financial situation was good enough to allow for an increase in your pension. In the second quarter of 2024, your pension was increased by 3.26%.
Whether your pension can be increased in the future depends on various developments, for example
the trend in interest rates, investment results, and changing legislation.
Is there a risk of a reduction of your pension?
It may be that despite all precautions, Bpf Koopvaardij does not have enough money (from a legal point of view) to be able to pay out all pension benefits in the long term. If that is the case, something must be done. A pension administrator has the task of weighing up the best solution as carefully as possible, such as not increasing pensions. This may also result in a combination of measures or other choices. As a final resort, Bpf Koopvaardij may decide to reduce the pensions. In recent years, the pensions have not been reduced. We do not expect to have to make any pension reductions in the next few years. However, the possibility of a reduction further in the future cannot be excluded.
Will missed pension increases be recovered?
In the past few years, our financial situation was not good enough to increase your pension entirely in line with the cost of living. We were therefore able to increase your pension only to a certain extent. As a result, there are now arrears in the increase of your pension. When our financial situation allows it, we can recover the arrears at a later stage. We call this indexation recovery.
Increases in your pension in the past 10 years
|
Increase per 1 January of the year |
Cost of living increases in the previous year |
|
|
2023 |
10.84% |
12.44% |
|
2022 |
0.44% |
1.29% |
|
2021 |
0.00% |
1.56% |
|
2020 |
0.41% |
1.49% |
|
2019 |
0.56% |
1.73% |
|
2018 |
0.13% |
1.37% |
|
2017 |
0.00% |
-0.32% |
|
2016 |
0.17% |
0.81% |
|
2015 |
0.49% |
0.59% |
|
2014 |
0.00% |
1.68% |
|
2013 |
0.00% |
2.43% |
|
2012 |
0.00% |
2.42% |
|
2011 |
0.00% |
1.38% |
|
2010 |
1.27% |
-0.11% |
Indexation arrears in recent years
An overview of the increases in your pension in the past few years and the level of the arrears in the increases compared with the price inflation is provided below.
|
Date |
Cost of living increase |
Increase in your pension (indexation) |
Arrears incurred in year |
Total arrears from 2015 |
|
1-1-2023 |
12.44% |
10.84% |
1.60% |
8.07% |
|
1-1-2022 |
1.29% |
0.44% |
0.85% |
6.37% |
|
1-1-2021 |
1.56% |
0.00% |
1.56% |
5.47% |
|
1-1-2020 |
1.49% |
0.41% |
1.08% |
3.85% |
|
1-1-2019 |
1.73% |
0.56% |
1.17% |
2.74% |
|
1-1-2018 |
1.36% |
0.13% |
1.23% |
1.55% |
|
1-1-2017 |
-0.32% |
0.00% |
-0.32% |
0.32% |
|
1-1-2016 |
0.81% |
0.17% |
0.64% |
0.64% |
Possibility to recover missed increases (indexation recovery)
Recovery of missed increases is possible at a policy funding ratio higher than the fund-specific target limit. This was laid down in Bpf Koopvaardij’s policy. This policy applies to the years after 2015, in which the pensions were not increased or were not increased in full. The most recent missed increases will be compensated first. Increases that were missed longer than 10 years ago (but not earlier than 2015) will no longer be recovered. When indexation recovery is possible in the future, we will inform you.