Basic principles and assumptions for the initial calculation

Basic principles and assumptions for the initial calculation

We based the initial calculation on a number of basic principles and assumptions. These are the most important ones:

The initial calculation is based on the information we have (your personal details and information relating to your employment) and the pension fund’s financial position on 1 October 2025. You will receive the second (and final) calculation no later than six months after transitioning. The figures will then be based on 30 June 2026.

We have based our calculations under the current scheme on the pension regulations in force on 1 October 2025. Our calculations for the new scheme are based on the agreements set out in the transition plan and the implementation plan. We will incorporate any changes to the transition plan and implementation plan into the second calculation. You will receive these no later than 6 months after the initial calculation.

As indicated, the initial calculation is based on the information we have on file (your personal details and information relating to your employment) as at 1 October 2025. We have also assumed that these figures will remain unchanged during the calculation period.

For the calculations under the current scheme, we assume the (fiscal) target retirement age of 68, in accordance with our pension regulations. We base our calculations under the new pension scheme on the statutory state pension age. That depends on your date of birth. If you were born in 1960 or earlier, the state pension age is 67. If you were born after 1960, we will assume 67 years and 3 months. That is the maximum state pension age currently laid down by law.

Please note: the difference in the target retirement age also means a difference in your expected pension. This is because under the new pension scheme, we take into account 9 to 12 months fewer contributions and a pension that starts (slightly) earlier.

To give you a clear picture of your pension, we take purchasing power into account. In other words, we are looking at the expected rise in prices. We use figures from De Nederlandsche Bank (DNB) for this purpose. We also take into account any increase in your salary (if you are still working) up until your retirement age.

This page contains further information about the compensation scheme of the TNO Pension Fund. In the initial calculation, we assessed whether you were eligible for compensation based on the situation on 1 October 2025. If you were, we have incorporated a compensation amount in your expected pension. Our second (final) calculation considers the situation as at 30 June 2026.

We calculate your (expected) pension by converting your pension capital into a monthly pension income. To this end, we use a standard calculation method applied by all pension funds.

Our calculation takes into account:

  • the target retirement age under the current scheme (68 years) and
  • We use 2,000 future scenarios supplied by DNB every quarter. In each scenario, interest rates, returns and price increases change. This shows you how much your expected pension will be if things go well, go badly or go as expected.
  • We will carry out the initial calculation using the future scenarios as of 1 January 2026. We will carry out the second calculation (following the transition) using the future scenarios as of 1 April 2026.
  • To convert capital into a pension, we use a conversion factor. This depends on such things as interest rates, the life expectancy of TNO Pension Fund members, and expected future increases or decreases in pension payments.