Average life expectancy has increased in recent years. People therefore receive the state pension and pension scheme benefits for a longer period of time. To limit the effect of this, the government previously decided to increase the state pension age and the target retirement age for future pension accrual in stages. This doesn't affect the value of the accrued pension benefits.

In 2015 the target retirement age for future pension accrual was statutorily increased from 65 years to 67 years. Owing to the increase in life expectancy, this target retirement age will be further increased to 68 years from 2018. The statutory increase in the target retirement age has consequences for future pension accrual.

Pension funds can opt to increase the retirement age stated in the pension scheme rules to 68 years as well. In that case, they can continue to use the same accrual rate. They can also decide to keep the retirement age at 67 years, but in that case the accrual rate has to be reduced. The retirement age is linked to a maximum accrual rate, so that your accrued pension on your retirement age won't exceed the upper tax limits.

Staples Pension Fund has opted to keep the retirement age at 67 years. However, this means that the accrual rate will be decreased from 1.875% to 1.738%.