Your pension is going to move more in line with the economy. If the economy is doing well, then your pension assets may increase. If it is doing less well, then they may decrease. The older you get, the less risk we take when investing for your pension. That way, we ensure the most stable pension possible when you have (almost) retired. We take care of that with the ‘distribution capital’. This page explains what that is and how it works.
Distribution capital in brief
Bpf Koopvaardij's new pension scheme is a ‘solidarity-based defined contribution scheme’. It consists of two phases: the build-up phase and the benefit payment phase. In other words, the period during which you build up your pension and the period during which you receive it. The distribution capital is an important part of the benefit payment phase. It consists of the result of the financial windfalls and setbacks from our investments during the benefit payment phase. On 1 January each year, we increase or decrease your pension by a portion of the distribution capital.
The distribution capital allows us to spread financial windfalls and setbacks across multiple years. That means that an increase or decrease is spread across those years. That’s how we ensure the pensions remain stable.
This is how distribution works
Every year, we assess whether there is enough capital to pay all the pensions, both at that time and in the future. We then look at whether the pensions can go up, go down, or stay the same. Is there more capital than we need? Then we can increase pensions. Is there less capital than we need? Then we have to reduce pensions. That does not happen all at once: we in fact spread the increase or decrease across 10 years. Good to know: that doesn’t mean in 10 equal portions. We always process one third of the distribution capital immediately; the remaining two-thirds are carried forward to future adjustments. That way, there won’t be any sudden big changes in how your pension may change. Increases or decreases that have not yet been processed remain in the distribution capital.
Distribution capital when you retire
What happens when you retire? From then on you will receive the same increase or decrease as people who have already retired. We take this into account, of course, when calculating your pension. Are decreases coming? Then you will start with a slightly higher pension. Are increases coming? Then you will start with a slightly lower pension.
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No, they are two different things. The solidarity reserve is one of the ways we can mitigate pension reductions. We build it up in more favourable times so that we can absorb or mitigate a reduction in less favourable times. We filled up the solidarity reserve using part of the collective assets when we made the transition to the new pension scheme. We now fill it up each time with a small portion of the income from investments.
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We make the spread across 10 years because that period is long enough to mitigate fluctuations and short enough to distribute positive results fairly among all the members. Good to know: we do not allocate the results in the form of 10 equal parts. We always process one third of the distribution capital immediately; the remaining two-thirds are retained for future adjustments. That way, there won’t be any sudden big changes in how your pension may change.
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We switched to a solidarity-based defined contribution scheme on 1 January 2026. Under that scheme, there are arrangements for the amount of money (the contributions) that you and your employer contribute, but not about the amount of your pension. The contributions that you and your employer make go into your 'pension assets'. This is a pot of money specifically for your retirement. We invest your pension assets so that they can grow. What happens when you retire? Then we pay your monthly pension from your pension assets. What if you pass away on or after your retirement date? Then we also pay the pension for your partner and/or children from those pension assets.
A solidarity-based scheme also means sharing risks together. For example, there will still be an income for your dependants if you pass away. You will also continue to build up pension if you become fully or partially occupationally disabled. We also retain a buffer for unforeseen costs.
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You can be confident that you will continue to receive a pension for as long as you live. That has been agreed under the new rules. Together, we will ensure there’s always a pension for you, no matter how old you get to be.
Find out more
When we have new information, we will update the page. You can find more about our new pension scheme at New pension system. If you have any questions, we will be happy to assist you. Feel free to contact us.