‘Don’t stick your head in the sand, you are responsible for your own retirement!’
Wilma Fokker joined IBM in 2008 – after the acquisition of Cognos. She eventually became Business Partner Manager. In the Analytics department, she was responsible for selling software that allows companies to analyze where they are, and where they are going.
Last July, she reached her state pension age (66 years and 4 months), and entered her retirement from SPIN. ‘I found retirement quite complicated. I hadn’t really looked into it. If you do, it soon becomes a lot clearer. Most people see pension as their employer’s responsibility. It is. But it’s just as much your own responsibility. After all, it’s your pension!
I already stopped working in 2018. But my retirement from SPIN didn’t start until July 2020. That’s when I felt I was really retiring. Only in recent years have I started to delve into pension matters, for example by looking at mijnpensioenoverzicht.nl. On that website you can see where you have built up your pension, and how much. If you are a member of a DC plan, the website will give you an indication of your pension. You won’t know exactly how much you will receive until later. It is handy that you can see the net amounts there.
Should I use my pension capital to buy my own pension? Help!
‘I accrued pensions with 3 different employers. They all happened to be DC plans. So I didn’t so much build up a pension with those employers, but a pension capital. With that capital I had to buy a pension myself, I understood. I didn’t know that at all!
Fortunately, I received mail from SPIN, IBM’s pension fund, at just the right time. I was able to get help from a financial services company that SPIN works with: Apple Tree. The people at Apple Tree really helped me a lot. They were immediately accessible and explained everything very well.
SPIN put me on the right track right away
‘That all went over the phone, so I didn’t have to leave the house for it. I sent all the necessary documents. Then Apple Tree looked at which pension provider best suited my needs. And, of course, was the most favorable financially. I received a clear list; this included the providers that were less favorable. They took all the research out of my hands. The choice was not very difficult.
Other than that, I actually had no contact with SPIN. That wasn’t necessary at all. Also because my pension turned out to be higher than I had expected based on the information on mijnpensioenoverzicht.nl. Still, the role of the pension fund was great. After all, SPIN put me in touch with Apple Tree. And that was enough for me.
When I worked in brokerage, as a woman I didn’t build up a pension at all!
‘I worked for about 46 years. All those years I hardly thought about retirement. Pretty crazy actually.
What is also crazy in retrospect: from age 23 to 28, I worked, but didn’t build up any pension at all. My employer – a real estate agency – didn’t think it was necessary; what were women supposed to do with a pension? So I didn’t build up a pension for those 5 years. At the time I didn’t find that strange, I think. Later I did try to get pension rights for that period. But that was a lost cause, all the way to the European Court.
Until recently, that was really the only time I thought about retirement. I was a bit of an ostrich, sticking my head in the sand. I’m afraid I’m not alone in that regard. That’s why I now say to everyone who is not yet doing so: look at your retirement. Make sure you know approximately what you will get later. If necessary, arrange something extra for your pension yourself. And pay close attention to that.
Retirement should be a subject in school
‘That’s how I found out I still had an annuity running that I had taken out years ago. Totally forgotten about it! Not very smart, because of course this meant I didn’t have a good idea of my overall finances. That’s why I say: always know where you stand financially. Even if you are still young and won’t be retiring for a long time yet. Because you are responsible for your own retirement.
Therefore, be well informed about your pension. For example, at an information meeting of a pension fund or your employer. It should actually be a subject at school. Just like you should learn about insurance and mortgages. Not a bad idea, right?
Fortunately, my retirement did not suffer from my ostrich policy. I realize that I was a bit lucky in that regard. For the same money, my retirement would have been much less favorable. I have always worked hard. Especially at IBM, it was pretty tough at times. It is definitely a nice company to work for. At least, if you can adapt quickly to new situations and take responsibility. But then you can also get a lot done. I’m pretty satisfied with my career.
I’m still very active, but without targets and deadlines
‘And now I enjoy my freedom to the fullest. My husband is younger than me, he is still working. That is why I am now a bit more active in the household again. I don’t mind that at all, because I can do everything without stress. Nice cooking every day, without rushing. No more targets, no more deadlines. Sometimes I wonder: how did I do all that before?
Furthermore, I now have much more time to bike and walk, and go to museums; I hardly ever got around to that before. There is also time now to engage in other interests. I have trained as a landscaper, so I will be designing gardens. I already have my first clients in!