Industry-wide Pension Fund for Rotterdammers
An industry-wide pension fund (BPF) manages pension accrual for employees and employers across an entire sector, such as the Port of Rotterdam, construction, or metals industry. This collective system, often mandatory under a collective labour agreement, provides solidarity and stability. In Rotterdam, with its thriving industries, this article explains what a BPF entails, the rules, and your rights as a participant.
What does a BPF mean for Rotterdam?
A BPF is an independent foundation that administers pensions for sectors like construction or logistics in the Port of Rotterdam. Unlike private insurance, you build up your pension collectively here, with contributions paid by both employer and employee. The fund invests the capital and pays out later, ideal for a port city with plenty of seasonal work.
Key features at a glance:
- Sector-wide: Uniform for all Rotterdam companies in the sector.
- Mandatory: Usually imposed via collective labour agreement for local employers.
- Governance: Equally divided between employers and trade unions.
Examples: Bpf Bouw for Rotterdam construction projects, bpfMT for metals companies along the Maas, and ABP for education in the region.
Legal framework
BPF rules are set out in the Pension Act 2007 (PW):
- Art. 1(1) PW: BPF for companies in one industry sector.
- Art. 17-24 PW: Establishment and fund rules.
- Art. 66 PW: Mandatory participation via generally binding collective labour agreement, approved by the minister.
Supervision: DNB oversees finances, AFM communication. Violations lead to fines or administration orders. In Rotterdam, disputes are handled by the District Court of Rotterdam.
BPF versus other funds
Three types of pension funds in the Netherlands:
| Type | Scope | Participation | Management |
|---|---|---|---|
| Industry-wide Pension Fund (BPF) | Entire sector, e.g., Port of Rotterdam | Often mandatory via AVV | Social consultation |
| Company Pension Fund (OPF) | Single company | Via collective agreement or voluntary | Company & staff |
| Pension Insurance (PPI) | Individual/small company | Voluntary | Insurer |
BPF spreads risks across the Rotterdam sector for greater security.
Examples from Rotterdam
As a carpenter with a Rotterdam contractor under the AVV Construction & Infrastructure agreement, your employer contributes to Bpf Bouw – around 25% of salary in 2023, with employer paying 60%. More on employer contributions.
In port metals via bpfMT: If your employer goes bankrupt, your pension remains safe due to its independence.
Rights and obligations
Rights as a Rotterdam resident
- Statements: Annually via mijnpensioenoverzicht.nl.
- Access to regulations: Request and object if needed (art. 62 PW).
- Survivors: Partner's pension protected.
- Portability: Pension transfers when switching sectors.
Obligations
- Allow premium deductions.
- Update personal details.
- Provide accurate information for payouts.
Employers must pay premiums on time (art. 68 PW). Non-payment leads to claims via District Court of Rotterdam.
Frequently asked questions
Mandatory in Rotterdam?
Yes under AVV collective agreement; check your agreement or Rijksoverheid.nl. Otherwise, via collective agreement.
Employer not paying?
DNB fines apply; you can summon them via District Court of Rotterdam. Funds often compensate.
Check pension?
Log in with DigiD at mijnpensioenoverzicht.nl; UPO annually.
2023 Pension Agreement?
BPF adapts to Future Pensions Act; rights secured.
Tips for Rotterdammers
Maximize your BPF:
- Verify: UPO against payslips.
- Extra savings: Alongside state pension with annuity.
- Stay in sector: For continuity in port/construction.
- Help: For issues, contact Rotterdam Legal Aid Desk for advice.
More: Employer contributions, Collective agreement rights Rotterdam, Pension Act.
BPF promotes solidarity in Rotterdam sectors.