You accrue pension
Your pension is based on your average income during your participation in the plan. This pension system is called a career average system. The PCN Pension Fund informs you on a regular basis about the pension that you accrue with us. If you are accruing pension, you will receive an annual pension statement in which you can see how much pension you have accrued so far and what your projected pension is on the retirement date.
How do you accrue pension?
Each year you accrue a part of your pension. That pension is based on your income for that year. The total of all pension parts make up your final pension. You do not accrue pension over your entire professional income. Each month that you are employed by your employer, you accrue a part of your pension over the pension base applicable to you in that month. Your monthly pension accrual is one twelfth part of 1.75% of the pension base.
What is the pension base?
The pension base is equal to the difference between the full-time pensionable salary and the fulltime offset, and is then multiplied by the part-time factor of the month in question. The offset is the part of the income over which you do not accrue pension as you are entitled to a state old age benefit as of the AOV retirement age.
Do you also accrue Pension for your Surviving Dependants?
If you die, your partner will receive a partner pension. If you have any children, they may be entitled to orphan's pension. Please go to Partner pension and orphan's pension for more information.