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FAQ

  • Can I stop work earlier or later?

    You can stop work sooner. The standard retirement age is 68, but GE's pension regulation offers you an opportunity to retire as early as 55 or as late at 70. If you want to stop work, you must notify the fund and your employer of this at least three months prior to the date you wish to stop. If you stop work earlier, your old age pension will be lower. After all, you will spend fewer years building up a pension that will have to be paid out over a longer benefit period. You can save to supplement your pension via the voluntary Gesave regulation. Working beyond the standard retirement age will automatically result in a higher benefit payment. You need your employer's consent to work beyond age 68. Keep in mind that pension build-up ceases at age 68.

  • Can the pension fund lower the pensions?

    It might that we – despite all precautions – have a money shortage to pay out all pensions on the long term. Then something has to happen. We have the task to weigh the best solution as carefully as possible: increase the premiums, no indexation or lower the pension accrual.

    We can also choose for a combination of measures or make different choices. In the extreme case we can decide to lower your accrued pension. The board of the fund decides on this, among other things on the basis of the policy funding ratio. Up until now we have not yet have to lower the pensions.

    With GE Pensioen the chance is small that your pension will be lowered. If it goes less well with the pension fund financially, GE is obligated to pay extra money to the pension fund. A decrease of your pension can thus only be the case if the existence of the employer is at stake and he, therefore, cannot comply with this financial obligation. 

  • Do I get a guaranteed yield on sums saved in the voluntary Gesave regulation?

    No, the sums in the voluntary Gesave regulation are invested. You, the member, bear the full yield risk.

  • Does my shift work allowance also count for the survivor's pension?

    Yes, your shift work allowance counts for the survivor's pension.

  • Does the amount of the survivor's pension differ for men and for women?

    No, your partner's gender makes no difference.

  • Does the survivor's pension also apply when the partner has a full-time or part-time job?

    Yes, your partner's job does not affect the survivor's pension.

  • Does the survivor's pension benefit apply retroactively from age 22?

    No, the survivor's pension is calculated from the date on which you started working for General Electric.

  • How can I stop work earlier or later?

    You can stop work sooner. The standard retirement age is 68, but GE's pension regulation offers you an opportunity to retire as early as 55 or as late at 70. If you stop work earlier, your old age pension will be lower. After all, you will spend fewer years building up a pension that will have to be paid out over a longer benefit period. You can save to supplement your pension via the voluntary Gesave regulation. Working beyond the standard retirement age will automatically result in a higher benefit payment. You need your employer's consent to work beyond age 68. Pension build-up ceases at age 68.

  • How does one make an additional voluntary contribution to the pension regulation?

    You can pay a monthly premium from your gross salary to deposit money in one or more of Gesave's additional voluntary contribution modules. The pension fund deposits these premiums in a retirement savings account. The pension capital that you accumulate consists of paid-in premiums and their yield minus the asset manager's administrative and other costs. The pension fund's board pays these sums into the collective investment scheme that it has chosen at Robeco. The member bears all the investment risk on these savings accounts. Upon retirement or termination of participation, the accumulated capital is converted to a pension entitlement. The actuarial conversion factors current at the time are used for the conversion.

  • How does the pension fund know that I have a partner?

    If you have a cohabitation contract, you must notify the pension fund of this (with official papers). The date that counts for the pension fund is that date that it was notified, not the date on the cohabitation contract.

  • How is the adjustment to the index set?

    The pension fund board sets the index adjustment annually. There is a difference between the pension rights of active members and those of the pensions in progress and of former members. The adjustment to the index for the pension rights of active members is part of the pension regulation and is unconditional; it is financed by the premium. The adjustment of pensions in progress and former members' entitlements to the index is conditional; that means that there is no right to an indexation if the fund's resources are not sufficient for this. It is not sure in the long term whether and to what degree there will be an adjustment to the index. Adaptation of past and retired members' pensions to the index is taken into account when setting the pension contribution.

  • How long is the survivor's pension paid out?

    The survivor's pension is paid to the partner lifelong.

  • I want to stop work at age 60. What can I do with an individual private annuity policy?

    This can help you cover the shortfall that arises from earlier retirement. However, the pension regulation also contains a voluntary Gesave regulation. Up to 2002 this regulation was known as Geflex. The Gesave regulation's tax allowance since 1 January 2006 is meagre. The following table shows the savings modules open to you within Gesave:

      Module A Module B Module C
    65 (55+) x x x
    65 (55-) x x Not applicable
    62 (55+) x x x
    65 (VPL) Not applicable x Not applicable
  • If I change employer, what happens to the survivor's pension if the accrued pension benefits are transferred?

    Upon termination of employment, it is standard practice to convert part of the member's accrued old age pension (via pension trade off) into a survivor's pension. You can decide against conversion or choose a different conversion percentage than the standard one. Your partner's written permission is required for this. The new administrator converts the transferred pension rights into entitlements in its system.

  • If I change employer, what happens to the survivor's pension if the pension benefits are not transferred?

    If you have really built up a survivor's pension, this stays with GE Pension Fund. Standard procedure when leaving is to convert (by pension trade-off) part of your accrued old age pension into a survivor's pension. You can decide against conversion or choose a different conversion percentage than the standard one. Your partner's written permission is required for this. If your partner wants to leave the accrued survivor's pension with GE Pension Fund, you can also choose to transfer only your own old age pension to your new employer and to leave the survivor's pension with GE Pension Fund. The accrued pension rights that you leave with GE Pension Fund are paid out when you request this upon reaching the retirement age specified in GE's pension regulation.

  • Is the company car included in the pensionable basis?

    No. The pensionable basis consists of the pensionable salary minus the state pension offset. Any use of a company car falls outside the pensionable salary.

  • Is there a ceiling on the amount you can save?

    Yes, the amount you can save is subject to tax regulations. The Gesave regulations contains tables with prospective percentages.

  • Is there a difference in the amount of the survivor's pension after my partners AOW-age?

    No, once started, the amount of a survivor's pension does not change. It is, however, adjusted annually to the price index. This adjustment is conditional and is dependent on the fund's financial position. No rights may be derived from the adjustment to the index.

  • Once a survivor's pension has taken effect, are the benefits linked to the index?

    Regardless of the time it is started, the survivor's pension is linked to the consumer price index published by the national statistics office. This alignment with the index is dependent on the fund's financial position. That is why alignment or indexation is always conditional and why there is no right to alignment with the index.

  • To what does conversion and realignment refer?

    It refers to your opportunity to deviate from the standard retirement arrangement. Your pension regulation offers you three realignment options:

    1. converting old age pension into partner pension
    2. postponing or accelerating retirement
    3. receiving a higher pension at first and a lower one later on.

    Conversion
    In the pension regulation that took effect on 1 January 2002, you build up only an old age pension. The survivor's pension is a life-insurance-based pension. This means that your partner is ensured of a survivor's pension only during your active participation. When you retire or end your participation in the pension fund, no survivor's pension is built up. To avoid leaving your partner behind unprovided for after your death, it is standard procedure upon retirement to convert part of your own old age pension into a survivor's pension (pension trade-off). You can also opt for a non-standard conversion of old age pension into survivor's pension. Furthermore, you can choose to deviate from the standard conversion percentage. Your partner would have to consent to this. Conversion takes place on actuarially gender-neutral bases.

    Postpone or accelerate
    You can choose to exchange retirement at the set date for a higher pension starting at a later date or a lower pension starting at an earlier date. The lifelong old age pension cannot commence earlier than the first day of the month coinciding with or following upon the month on which the former member turns 55. Nor can it commence later than the first day of the month coinciding with or following upon the month on which the member still employed at GE turns 70. Realignment takes place on actuarially gender-neutral bases.

    High to low construction
    Finally, it is possible to choose for a higher pension during the first 5 or 10 years and a lower pension in the following period. The high to low construction is only permitted in the following constellations: 100:75; 75:100; 100:87.5 and 87.5:100.

  • What determines the amount of the survivor's pension?

    The member's salary determines the amount of the survivor's pension. The annual survivor's pension to be paid out when candidate or member dies during his/her participation is 70% of the lifelong old age pension that the member could have accrued up to his/her retirement date. The amount of the survivor's pension is not determined by the age at death, because the pension fund takes a full career into account.

  • What happens if I change work for another employer two years from now?

    Then your participation in GE's pension regulation ceases. You retain a right to the pension benefit that you have accumulated. Moreover, you retain the right to the pension capital from the savings scheme. You can transfer the pension and pension capital to your new employer's pension regulation.

  • What happens if I decide to work part-time?

    Pension build-up works the same way for part-time and full-time workers. It is based on the gross salary that you would earn if you worked full-time. The state pension offset is deducted from this. You build up an old age pension over the remaining pensionable basis in proportion to the percent of a full-time job that you work.

  • What happens with the money saved up by someone who dies without surviving dependants?

    That depends on the savings scheme:

    Geflex (savings scheme in effect up to 1 January 2002):

    • when a member still has a Geflex balance at Robeco, this balance reverts to the remaining members in the savings scheme.

    Gesave (savings scheme in effect after 1 January 2002):

    • at death, the accumulated capital is converted in survivor's pension and orphan's pension to the extent that the tax regulations allow this. Any amounts in excess are allocated to the other members in the savings scheme.
  • What information must a cohabitant with a deed drafted by a public-law notary submit?

    The partner's particulars and a copy of the cohabitation contract must be submitted to the pension fund's administrative office. You can find the administrative office's particulars under the heading Contact.

  • What is a life-insurance-based survivor's pension?

    The pension fund takes out insurance coverage so that a surviving dependant's pension can be paid out when an active member dies. You can compare this with fire insurance. If there is no fire, there is no payment, but your premium is gone. If there is a fire, you get an allotted sum.

  • What is the difference between index adaptation for active members and for retired members?

    Active members and members on disability benefit
    The accumulated entitlements are adjusted annually to the wage index. This assumes the evolution in CAO wages per hour, including occasional payment for private sector companies. This is set for the period extending from 1 October of the previous year through 30 September of the year covered by the increase. The adjustment to the index for active members is part of the pension regulation and is thus unconditional; it is financed by the premium.

    Past and retired members
    If and when the pension fund's resources allow, a board decision adjusts the accumulated rights and the benefits in progress to the consumer price index. This is the index for all households set for the period extending from 1 October of the previous year through 30 September of the year covered by the increase. The adjustment of pensions in progress and former members' entitlements to the index is conditional; that means that there is no right to an indexation if the fund's resources are not sufficient for this. It is not sure in the long term whether and to what degree there will be an adjustment to the index. Adaptation of past and retired members' pensions to the index is taken into account when setting the pension contribution.

    Over the past years, we increased the pensions for former members and pensioners as follows:

      Indexation Price increase
    2018 0.00% The price increase from October 2017 untill September 2018 was 1.88%
    2017 0.00% The price increase from October 2016 untill September 2017 was 1.45%
    2016 0.00% The price increase from October 2015 untill September 2016 was 0.07%
    2015 0.00% The price increase from October 2014 untill September 2015 was 0.06%
    2014 0.88% The price increase from October 2013 untill September 2014 was 0.88%


     

  • When is the high to low construction an option?

    This is highly dependent on your personal situation. If, for instance, you expect to have much lower monthly costs in 5 or 10 year's time, perhaps because your mortgage will be paid off, you could take this into consideration. But you must keep in mind that the pension benefit will drop after these 5 or 10 years.

  • Will the survivor's pension stop if my partner enters into a new relationship after my death?

    No. A new relationship has no effect on the survivor's pension that the pension fund pays out.