Your pension will increase by 1.27% with effect from 1 January 2025.

In our policy, we have set out when we can grant an increase, and how much that increase can be. Our aim every year is to grant an increase equal to half the rise in the cost of living. That is what we agreed with the social partners (i.e. the representatives of the employers and the employees). But we are only permitted to grant that increase if our financial situation is strong enough.

When increasing pensions, we consider the fund’s financial situation and price developments in the previous year. In this case, that means between July 2023 and July 2024. For that purpose, we make use of the 'Derived Consumer Price Index' drawn up by Statistics Netherlands (CBS), which was 2.71% in the period between July 2023 and July 2024. We also look at the funding ratio when determining the increase. In September 2024, that was 119.2%. It is important that we consider both the short-term and long-term consequences. We need to properly weigh up the interests of all the members and pensioners because we want there to be a balanced transition to the new pension system for everyone.

Yes, we will increase the pension of everyone who receives, is building up, or has built up a pension with Bpf Koopvaardij.

Your new pension amount will be shown in January 2025 on your bank statement or in your online banking environment. We will transfer the new, increased amount to you in the month when the increase takes effect. You can find the payment dates on our website. You will usually receive your pension the same day but it may take longer for bank accounts abroad.

For every decision, we consider the consequences both now and in the future. In doing so, we carefully consider the interests of all the members. The increase in pensions is now positive for everyone: everyone's pension will increase by 1.27%. If you receive a pension from us, you will immediately notice the increase ‘in your pocket’. However, the increase means a reduction in our funding ratio. That’s because the increase costs money. We don’t want to reduce the funding ratio too much because we also want to have enough money left over later, namely on 1 January 2026. With that money, we can increase the pensions of all members some more when we switch to the new pension system. That means not just the pensions that we are already paying but also the pensions of members who are now still working.

When deciding to increase the pensions, we carefully weighed up all the interests (i.e. of active members, former members, and pensioners). The board considered:

• the purchasing power of the pensioners;
• the expected pension for everyone; and
• the possible details of the new pension system.

We think a 1.27% increase is appropriate and balanced. We are using part of our assets now in order to be able to increase the pensions. This is in line with our policy on how we deal with increasing pensions. However, sufficient assets also remain for the future pensions.

There are statutory rules that apply to the financial health of pension funds, for example, how high the increase in pensions is permitted to be. There is a temporary scheme (the Transition Financial Assessment Framework, FTK) that provides more flexible rules for pension funds during the transition to the new pension system. That means, for example, that Bpf Koopvaardij could in fact increase pensions by a larger percentage.

However, Bpf Koopvaardij has decided not to make use of the Transition FTK, and therefore not to increase the pensions by a higher amount.