Each year you accrue pension over part of the pensionable salary you have earned in that year. You do not accrue pension over the whole of your pensionable salary. This is because the Heineken Pension Fund takes into account the AOW you will receive from the government on retirement. That part of your salary over which you do not accrue pension is referred to as  ‘offset’ (franchise).

You build up 1.875% annually in Retirement Pension over your pensionable salary less the offset. The total pension you build up in this way is the sum of all those years plus any indexation compensation. As of your date of retirement (the normal date of retirement is 68) you receive this amount for the rest of your life. This is called an average-pay scheme.

Would you like more information and/or wish to know exactly what our pension scheme offers you? See the pension scheme or the brochure ‘Pension Scheme for participants who commenced employment after 31-12-2005’.