SPF pensions increased againPublished: 21-12-2023We are happy to announce that all members’ pensions will be increased again on 31 December 2023. The Board decided this at the Board meeting on 8 December 2023.
What impact will this decision have?
Employees’ accrued pensions will be indexed by 8%.
Former employees’ payable pensions and accrued pensions will be indexed by 3.49%.
This decision was based on the positive development of SPF’s financial position and the possibilities offered by legislation. According to the agreements that social partners have reached about increasing pensions, we have to use two different criterions in our calculation. The pensions of everyone still accruing pension will be raised in line with the increases in the collective labour agreement (CLA) applicable to SABIC employees. For everyone who no longer accrues a pension or is already receiving a pension, their pensions will be increased in line with price rises. To ensure balance, we looked at the increases over last year and this year. Both groups receive increases which are about the same over those two years.
We do, however, need to add a small condition to this decision. The financial position as at 31 December will be the deciding factor, which is why we need to review on 31 December 2023 whether our financial position is still adequate.
All of our members will receive a personal message providing a more detailed explanation of the increase.