The Staples Pension Fund makes every effort to administer the pension scheme without errors. But error can occur, which can lead to mistakes in the calculation of your pension. The pension fund has formulated and published a corrections policy, which explains how it deals with corrections. The corrections policy provides transparency to participants and ensures that corrections are dealt with in a consistent manner. If it turns out that your pension has been calculated incorrectly, the pension regulations will be leading and what is stated in those regulations will prevail.

Pensions in payment

Pensions may be calculated either lower or higher than they should be.

• A correction involving a calculation that is too low are always corrected, with no time limitations and with retroactive effect. A later payment means a higher income, and this may have consequences for indexation or the benefit that the person concerned receives. The pension fund will contact the person concerned in such cases.
• A pension that has been calculated higher than it should be, will in principle be corrected with respect to future payments. The pension fund does not however reclaim excess pension paid, except in exceptional circumstances. For example, an obvious mistake by the pension fund (such as a double payment) or culpable behaviour on the part of the pensioner, if they have for instance omitted to notify information that has an effect on their benefit. In cases where a reclaim is made, the pension fund will discuss with the person concerned how and over what term the excess should be repaid or offset against future pension payments.

Pensions not yet in Payment

Corrections are always processed in cases where pensions not yet in payment have been calculated higher or lower than they should have been. There is one exception to this, namely a situation in which a pension not yet in payment has to be reduced shortly before the retirement date. If the participant has made financial decisions on the basis of the pension that is too high as communicated by the pension fund in its pension statement and these decisions cannot be reversed, it may be decided not to reduce the excessive pension that is not yet in payment.

Agreements have been made as to which pension fund trustees will approve a correction. These trustees will give account of this to the other members of the pension fund board. This ensures good insight and errors are not only corrected, but the pension fund board can also take action as needed to improve processes.

If the corrections policy leads to inappropriate situations, the pension fund board may decide on a correction that deviates from the formal policy.

The corrections policy also establishes that participants may object to a correction via the complaints procedure. A participant may also submit a correction to the Pensions Ombudsman for a decision.

This article describes the corrections policy in general terms. For more detailed information, click here (in Dutch).