Sunday 04 December 2022

Building sector pension fund increases payouts by over 14%

Photo: Depositphotos.com

Retired builders, carpenters and other construction industry workers will get a 14.52% rise in their company pensions from January, following a 2.5% rise earlier this year.

The BPFBouw pension fund has 800,000 members and is one of the biggest in the country.

Fund chairwoman Eline Lundgren said the increase is necessary to offset the impact of inflation which is ‘leading to difficult situations’.

Earlier, the engineering and healthcare pension funds put their payments up by 4.2% and 6%.

The building sector fund currently has a coverage ratio of 140%, due in part to rising interest rates. Pensions can be increased if the fund has a coverage ratio of at least 105%.

The corporation pension increase comes on top of a 10% increase in the state pension AOW.

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