Paritarian Social Funds in the Construction Industry
bpfBOUW
Bedrijfstakpensioenfonds voor de Bouwnijverheid
COUNTRY
NETHERLANDS
ADDRESS
WEBSITE
CONTACT
General Information Employee Group Covered Eligibility Benefits Cost Sharing Employee contributions Employer contributions Financing Cost-of-living adjustment Preservation, portability, transferability Information to Employees
General Information
Presentation
The Foundation for the Construction Industry Pension Fund (bpfBOUW) has over fifty years of experience in the pension scheme of the employers and employees of the construction industry in the Netherlands. It was established by the organizations of employers and workers, representing the construction industry. Representatives of these organizations constitute the Board of bpfBOUW.
Board composition
Strictly paritarian; 14 members elected by social partners, i.e. organizations representing employers and employees in the 4 sectors of construction industry.
Regulatory framework
2000 Mandatory Participation in an Industry-wide Pension Fund Act (Wet Bpf 2000), Pensions Act (Pensioenwet).
Employee Group Covered
All white and blue collar workers of the building industry, finishing, timmer and stone industry, including part-timers are covered with the exception of those who hold at least 10% of the stocks of a sponsor company; Full coverage for dependants.
Eligibility
No immediate eligibility.
Compulsory coverage.
Benefits
- Retirement
The pension scheme entitles the worker to build on retirement, which allows him/her to claim for a monthly lifetime pension as well as annual holiday in May.
Definition of pensionable pay: Pension base = pension salary (max. € 53.702,22) minus national (first pillar) old age income provided by the state (AOW)
In case of the worker’s death, the survivor (spouse or orphans) is entitled to pension benefits.
In case of disability, the worker is entitled to a contributory disability pension.
Early retirement is possible if the workers built up enough pension upon 65 years old.
Cost Sharing
Shared cost required by plan rules
Employee contributions
1/3 of fixed contribution
Employer contributions
2/3 of fixed contribution.
Fixed contribution 2010 = 20,9%
Financing
Investments are managed by APG Investment Services
Fund administration is operated by Cordares Pensioenen
(Both subsidiaries of APG, All Pension Group)
Funded fund
Cost-of-living adjustment
Conditional indexation of cost-of-living adjustment
Preservation, portability, transferability
Only if sponsor company has contracted an additional pension scheme provided by bpfBOUW
Information to Employees
Information of the pension scheme is provided to scheme members by mail on specific moments defined in Pensions Act
USEFUL DOCUMENTS
- NL-bpfBouw-complete report.pdf
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