How do you accrue pension?


You accrue pension in three ways:

A. Via the government. You will receive AOW [Algemene Ouderdomswet - General Old Age Pensions Act] from the government if you live or work in the Netherlands. You can read more about the AOW on

B. Via your employer, Unilever:

  • Over your salary up to € 137,800 you accrue gross pension with Forward.
  •  Over the part of your salary above € 137,800, you can accrue net pension with the UPP. This is what this Pensioen 1-2-3 is for.

C. That which you arrange yourself. With an annuity plan or bank savings for example.

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Average pay

If you participate in the net pension saving plan, you will pay a monthly premium. These premiums are invested on your behalf and form a pension capital. With this capital you will buy a net retirement pension on your retirement date and possibly a partner pension. This type of pension plan is referred to as a defined contribution plan.

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With net pension plans, you do not pay tax on the pension benefits. This is balanced by the fact that the premiums you pay for this plan are not tax deductible. The capital you save in the UPP plan is exempt from the so-called Box 3 tax (investment yield tax) in the Netherlands.

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You will pay the premiums for the net pension plans with the UPP and elipsLife on a monthly basis via your net salary. You will find these premiums listed on your payslip.

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