We start this first year as an independent administrative fund with good news! Again this year, SPIN is able to increase the pensions of (former) DB members and pensioners. In supplementary scheme 1, the supplement is 2.03%. In supplement schemes 2 and 3, the supplement is set at 2.57%. This increase applies from January 1, 2022.
Surcharge is not a given
Our financial position is currently good and within our means we are doing everything possible to keep it that way. However, an increase cannot be taken for granted. Whether an increase can actually take place depends, among other things, on SPIN’s financial position. SPIN’s financial position is expressed in the coverage ratio. This depends in part on developments in the financial markets. It is therefore possible that in the future we may not be able to compensate, or may only be able to partially compensate, for any price increases.
You can find the current status of our funding ratio at spin.co.uk/defunding-degree.
Want to know which allowance scheme you fall under?
Surcharge Scheme1 – This scheme applies to everyone unless allowance scheme 2 or 3 applies.
Surcharge Schedule 2 – This schedule applies if you are covered by the ruling in Grey Blue Circle’s lawsuit against SPIN. If so, you will have received written confirmation from us. Covered by this settlement are:
- IBM employees who left employment on or before January 1, 1996 and were not yet receiving a pension but transferred to SPIN with their accrued pension from AMEV, unless there was continued pension accrual from an IBM social plan (e.g., HER II) as of January 1, 1996;
- Pensioners who transferred from AMEV to SPIN as of January 1, 1996 and were already receiving a pension as of January 1, 1996.
Surcharge Plan3 – This plan applies if you left IBM employment between January 1, 1982 and December 31, 1995. At that time, you chose not to transfer your IBM pension to SPIN, but to leave it with AMEV. However, you will receive the supplement on this from SPIN. Please read the Surcharge Policy for plan 3.