Your pension scheme at BPZ
Anyone who falls within the scope of the CAO Zuivel (the collective labour agreement for the dairy industry) will accrue pension benefits with Stichting Bedrijfstakpensioenfonds voor de Zuivel en aanverwante industrie, hereafter: BPZ.
How do you accrue pension in the BPZ pension scheme? In the BPZ pension scheme you annually accrue a part of your pension. Your total pension is an amount in euros which you will receive annually for the duration of your life after you've reached the age of 68. The level of your annual pension accrual is calculated as follows:
Annual pension accrual = (salary - offset) * accrual percentage * part-time factor
In the BPZ pension scheme you accrue pension on your full-time pensionable salary up to € 72,227.- annually (2023). On 1 January of every year, the maximum salary for that year is established.
When you accrue your pension, a certain part of your pensionable salary cannot be taken into account as you will also receive a state pension. This part is called the offset. The offset for the BPZ pension scheme is € 17,572,- annually (2023).
The accrual percentage is 1.5% in 2023. The level of the future accrual percentage depends on a number of factors, such as the agreed level of contributions, the future life expectancy and the development of the interest rate.
Your part-time factor is calculated by dividing the number of working hours in your employment contract by the number of working hours in a full-time contract. If you work full-time, your part-time factor is 1. If you work for 4 days per week, the number of hours you work is 80% of the hours in a full-time contract. This means that your part-time factor is 0.8.
What do you have to pay for your pension accrual? The contribution to the BPZ pension scheme is largely paid by the employer. Your pay slip tells you exactly how much you pay.
If you become (partially) disabled during your career, your pension accrual will (partially) be continued without the need to pay contributions.
Benefits for your partner and any (underage) children have been arranged in case you pass away during your employment. The amount of the dependant's pension is based on the pension that you would achieve if you would remain employed and a participant in BPZ until you reach the age of 68. We call this the 'retirement benefit to be achieved'. The insured partner's pension is 1.3125% of the pension base (pensionable salary minus offset) per year of service. The insured orphan's pension is 20% of the retirement benefit to be achieved.
We try to increase the pension that you have accrued within the BPZ pension scheme every year. However, this increase is conditional! This means that we can only do this if we have sufficient financial resources for this purpose.
If you have any questions about your pension, please contact us.