On 1 January 2026, Bpf Koopvaardij will be switching to new pension rules. We expect most people to benefit from this. For certain groups, however, abandoning the current rules will have some disadvantages, so they will receive an additional one-off amount in their pension capital. We refer to this as ‘compensation’ and it is how we attempt to eliminate or mitigate the disadvantages.
When am I entitled to compensation?
You are entitled to compensation if you are at least 34 years old and younger than 67 on 31 December 2025. In addition, one of these situations must apply to you:
- you work in the merchant navy sector;
- you are voluntarily continuing your pension scheme with Bpf Koopvaardij;
- you have become either partially or fully occupationally disabled and you have built up a non-contributory pension with Bpf Koopvaardij.
How much compensation will I receive?
The amount of compensation depends on your age. We unfortunately cannot calculate your compensation at present. Many figures will not be known until we move to the new pension scheme. For example, your pensionable earnings for 2025 and the interest rate on 31 December 2025. (Pensionable earnings are the part of your salary on which you build up pension).
However, you will receive a preliminary calculation letter from us in autumn 2025. This will include an estimate of the amounts for your pension from 1 January 2026. You will also see in this document whether you are entitled to compensation and the estimated amount of that compensation.
If you are entitled to compensation, whether you receive the full amount depends on the funding ratio of Bpf Koopvaardij. If the funding ratio high enough, you will receive the full compensation amount. If the funding ratio not high enough, you will receive part of the amount.
Will my pension increase after compensation?
If you receive compensation, your pension will not automatically increase. Compensation helps, but the amount of your pension also depends on:
- the interest rate at the time you retire;
- the fund's investment performance, and;
- how many years you have built up pension with Bpf Koopvaardij.
How do we pay the compensation?
We pay the compensation from our fund assets and add it to your pension assets. If you are entitled to compensation then the amount will depend on the funding ratio on 31 December 2025. If Bpf Koopvaardij's funding ratio exceeds 104%, more money will be available. If the funding ratio is 104% or lower, then less money will be available for compensation. We will then adjust the compensation in proportion.
Frequently asked questions
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The way you build up pension will change. At the moment, everyone pays the same contribution for the same amount of pension. We call this the 'average contribution'. For the average contribution, it doesn’t matter whether you are young or old – everyone pays the same. As a result, younger people pay slightly more proportionally. Their contribution still has a lot of time to grow. So why don't they pay less? That’s because older people pay less proportionally. Younger people thus compensate for older people. And when those younger people have themselves become older, other younger people will then compensate for them. This system works well if people stay with the same pension fund throughout their career. But that has changed.
In the new scheme, there is no longer an average contribution. That change means that some people may be at a disadvantage in the new scheme. To prevent that, they receive compensation.
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In the new scheme, they no longer build up a pension, so they are not at a disadvantage from the fact that the current average contribution will cease to apply.
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No, if your state pension age is before 1 January 2026, you will not receive compensation. With Bpf Koopvaardij, you no longer build up pension after your state pension age, even if you are then still working. So you will not be disadvantaged by the fact that the current rules will cease to apply.
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Yes, if you continue your pension voluntarily, you will also be entitled to compensation (assuming you are eligible for it).
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Yes, but the compensation may be lower. That’s because it will be calculated based on your lower income in 2025. You can avoid this by voluntarily continuing your pension during your leave. You can find more information about this on our ‘Leave’ page.
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No, because then your employer will no longer be affiliated to Bpf Koopvaardij and you yourself will no longer be working in the merchant navy sector. However, you will be able to continue the pension scheme with Bpf Koopvaardij voluntarily. In that case, you will in fact qualify for compensation.
Do you wish to know more?
You can read more about our new pension scheme at New pension system. Do you have any questions? If so, we will be happy to assist you. Please feel free to contact us.