ING staff who lose their jobs will “miss out on pension top-ups”

ING staff who lose their jobs in the current reorganisation will miss out on thousands of euros in pension benefits, broadcaster NOS reported on Friday.

Workers who have been sacked are not entitled to any compensation for the switch to the new pension system which the fund is making this year, a spokesman for the bank said. The social plan, which outlines the provisions made for staff who lose their jobs, does not include any mention of the pension fund changes.

The new pension system is based on individual pension pots and will benefit people with flexible jobs and shorter contracts in particular. It will also, its backers say, be better for young people because they will not have to pay toward the higher pensions enjoyed by older generations.

Some ING staff – particularly those in their 40s and 50s – would be entitled to compensation because they will be disadvantaged in the new system due to their age.

But the compensation package only applies to people who are active members of the fund, not people who have lost their jobs and are regarded as “sleepers”.

All pension funds are due to have made the shift to the new system by January 1, 2028.

ING told the broadcaster that it has asked the pension fund to look at what can be done.

Other major employers where jobs are being cut, such as ABN Amro, Tata Steel, Philips and Signify have made agreements on voluntary contributions, which means workers who lose their jobs will still be considered active participants in their pension fund, NOS said.