ABN AMRO pension fund aims to provide the best pensions possible. However, if the financial situation deteriorates, the only solution may be to reduce the pensions. This reduction will then apply both to the pensions in payment and the pensions still being accrued. The reduction of pensions is also referred to as a pension cut. Our reduction policy applies to the base pension arrangement and not to the net pension arrangement.
The financial position is determined on the basis of the policy funding level <link to glossary> and the required own funds. These are subject to statutory rules.
The board of ABN AMRO pension fund has set out guidelines for pension reductions.
The board can change the policy or deviate from the above guidelines if circumstances so require. For instance, to comply with regulatory changes or to protect the interests of the beneficiaries.