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Eefje de Bruin

The (Early) Retirement Age

MSc Thesis 2010

Master thesis

The (early) retirement age

Eefje de Bruin – 889478

Advisor Tilburg University – Prof. Dr. A.H.O. van Soest

Advisor PGGM – E. ten Hove

Master thesis: The (early) retirement age Page 2

Preface

When writing my Master’s thesis I have received a lot of help and therefore I would like to thank

these people. First of all, I would like to thank the department Actuariële Verantwoording &

Analyse. Within this department I especially want to thank Mr. van der Winden, Mr. van

Valkengoed and the colleagues of room C172 for the opportunity to write my thesis at PGGM, the

warm welcome, the great time and all the help.

At PGGM Mr. van Houte helped me with the data that was necessary for the data analysis. So I

want to thank him for all the help that he has offered me. From the CPB I would like to thank Mr.

Euwals for his help and for making his forthcoming article on the PFZW data available. From the

NIDI I would like to thank Mr. Henkens for the time that he has made available and all the help that

he has offered.

Finally I would especially like to express my gratitude towards my thesis advisors, Mr. ten Hove

from PGGM and Mr. van Soest from Tilburg University, for their guidance and supervision.


Table of contents

Table of contents Page 3-5

Management Summary Page 6,7

Chapter 1: Introduction Page 8-11

1.1 Preface

1.2 Motivation for research

1.3 Recent developments

1.4 Goal of investigation

Chapter 2: The retirement system Page 12-18

2.1 The pension system in the Netherlands

2.2 The pension arrangement at PFZW

2.3 Recent developments in the retirement system in the Netherlands.

2.3.1 Three different directions of solutions

2.3.2 Commissions

2.4 The recent developments and PFZW

Chapter 3: The (early) retirement decision Page 19-28

3.1 What influences the (early) retirement system according to previous research?

3.1.1 Work circumstances

3.1.2 Family circumstances

3.1.3 Financial incentives


3.1.4 Communicating vessels

3.1.4 Conclusions

3.2 PFZW and the influences on the (early) retirement decision

Chapter 4: Data analysis Page 29-47

4.1 Data and methodology

4.1.1 Sample and data sources

4.1.2 Conceptual framework and variables

4.1.3 Methodology

4.2 Data analysis

4.2.1 Descriptive statistics

4.2.2 Regression analysis on the influences on the (early) retirement decision.

4.2.3 Robustness check

4.3 Conclusions

Chapter 5: (early) retirement age at PFZW Page 48-56

5.1 Description of previous research regarding the age of (early) retirement at PFZW

5.2 Research on the new age of (early) retirement at PFZW

5.2.1 Literature research on the age of (early) retirement

5.2.2 Calculation of the age of (early) retirement at PFZW

5.2.3 Conclusion on the literature research and calculation on GO2011


Chapter 6: Conclusion Page 57,58

6.1 Conclusion

6.2 Recommendations for further research.

Articles and references Page 59, 60

Appendixes 1- 72

Appendix A – Pensions

Appendix B – Average net FLEX rights

Appendix C – Male pension rights

Appendix D – Female pension rights

Appendix E – Male average wage

Appendix F – Female average wage

Appendix G – (early) retirement ages

Appendix H – (early) retirement ages II

Appendix I – Regression analysis

Appendix J – Robustness check


Management summary

Due to the changes that the retirement system is currently in, it is of importance to understand the

retirement decision. Therefore, it is of importance to know which factors influence this decision to

retire. With the significant factors the expected (early) retirement age can be calculated more

accurately. And with a more accurate calculation upcoming changes can be implemented better and

new problems can be foreseen.

In this thesis the factors that influence the retirement decision are studied. First literature research is

performed to find the influencing factors. In the data analysis these factors are tested on their

significance. And finally, with the significant factors a calculation is made on the expected (early)

retirement age. The data analysis is performed on participants at “Pensioen Fonds Zorg en Welzijn”

(PFZW) that retired during the year 2009.

Retirement incentives are split up into three categories; work circumstances, family circumstances

and financial incentives. According to literature research the financial incentives are especially of

importance in the determination of the retirement age. However, it is found that men find these

factors relatively more important, compared to women. Based on the literature research seven

factors were found to be of importance to be researched in the data analysis. The factors are: FLEX

pension right, Old Age pension right, average wage, marital status, gender, part-time factor and the

work status of the participant. The FLEX pension right is used solely for early retirement, Old Age

pension right is a normal pension right and the participant has the option to use it for early

retirement.

Data analysis showed that the FLEX pension right, Old Age pension right, wage and the status of

the participant are of importance in the determination of the (early) retirement age. The data

analysis confirms, in addition to the literature research, that there is a difference in what factors are

of significance for males and females. It turns out that, based on the four factors that were found to

be significant, the FLEX pension right is especially of importance for men. Women are influenced

by all four factors and not specifically by the FLEX pension right.

With the use of the significant factors that were found, the expected (early) retirement age was

calculated for PFZW. The calculation shows that for men, as well as women, the retirement age is

expected to increase to about 64 years, within a period of forty years. With the significant factors


included in the calculation a more accurate expected (early) retirement age can be found. The

sensitivity and accuracy can be seen in, for example, the factor Average wage. When the Average

wage would increase with 10 percent, this has a decreasing effect on the (early) retirement age of

28 days.

To conclude the research it can be stated, based on literature and data research, that especially the

variables: FLEX pension right, Old Age pension right, gender, wage and the status of the

participant are of significance. These variables have a significant contribution to the calculation of

the (early) retirement age.

It is recommended to perform the data analysis on the following years. When doing this it can be

tested whether there are differences based on the year, in which the research is performed, and

results can be confirmed. Another recommendation is to expand the data analysis with information

of the spouse. Since literature research shows that especially financial incentives influence the

(early) retirement decision differently it will be interesting to insert the family variables in the data

analysis.


Chapter 1: Introduction

1.1 Preface

When writing my bachelors thesis on the topic “Couples retirement decision” I gained interest in

the retirement system. To be more specific, I got interested in the retirement decision, what

motivates an individual to retire (early). The internship at PGGM had as a heading “The (early)

retirement decision”, so it got my interest right away. After I had received some more information

on the assignment and the company it was a fairly easy decision for me personally. Luckily PGGM

also decided that they were interested in having me as an intern.

1.2 Motivation for research

PGGM is the company that executes the pension arrangement for “Pensioenfonds Zorg & Welzijn”,

which is the pension fund in the health and welfare sector, which will be abbreviated in this

research as PFZW. PGGM consists of four business units, Institutional Business is the one at which

I work as an intern. This business unit consists out of five departments, the department at which my

internship takes place is Financiële & Actuariële Verantwoording. Again, this department consists

out of two sub departments of which Actuariële Verantwoording & Analyse the sub department is

at which I do research and write my Master’s thesis.

Actuariële Verantwoording & Analyse has the objective to give the customer insight in the actuarial

pension obligation. With the information of the participants in the pension plan of PFZW this

department has a representative database for their actuarial source information. This information is

used as input for annual reports and actuarial analyses.

An example of the work at Actuariële Verantwoording & Analyse is the so-called

“Grondslagenonderzoek”, which is a research that is performed every three years and will be

abbreviated as GO. This research has as everything to do with the pension premium and the pension

obligation that PFZW has towards its participants. The pension premium is calculated based on

about forty to fifty separate impacts. These impacts can be divided into three groups, group one

consists of the most important factors; mortality, longevity and expected real rate. These factors

have a large impact as well as influence on the pension premium. Group two consists of; the age


structure of new participants at PFZW, the (early) retirement age, costs, job promotion, frequency

of cohabitation and the exchange factor in between pensions. The factors in group two are of

influence on the pension premium, however less heavily than the first group. The third and last

group consists of the rest of the impacts, which are about twenty-five factors. These factors have a

relatively low influence on the pension premium and will therefore not be discussed further. This

year PGGM is working on GO2011 to make sure that the premiums for the financial year 2011 are

based on fair assumptions.

This research will focus on group two, in which the factor (early) retirement age is investigated.

What specifically will be researched and how this research will be done will be further explained in

section 1.4.

1.3 Recent developments

In the Dutch media, an important discussion is going on about the increase of the age at which

people are entitled to a pension in the first pillar. It is the case that the cost of the pension scheme

has gotten too high and has to go down. Several solutions have been mentioned and one of them is

that the participation of the elderly in the labor force has to increase. The government has also

mentioned the option to use fiscal regulation in the second pillar to increase the retirement age. This

immediately explains why research on the (early) retirement age and the (early) retirement decision

of employees is interesting.

It is of importance to know for the Dutch government what factors influence the retirement age to

get a clear view on the expected retirement ages. With this information the government should be

able to apply policy measures that work effectively and in the long run increase the retirement age.

In this thesis the factors that influence retirement and the retirement age will be discussed in the

perspective of pension fund PFZW. This pension fund has made information available which

enables me to study the topic of (early) retirement intensively. Which enables the possibility to, in

the end, answer the following questions: “When do employees in the sector health care and welfare

retire? And what factors influence this retirement age?”.


1.4 Goal of investigation

The main goal of this research is to find out what the (early) retirement age is and what influences

the (early) retirement decision. Based on the influences that will be found and on the importance of

the separate influences, implications towards the future for PFZW can be provided.

In the second chapter of this research the focus will be on the retirement system and the pension

plan of PFZW. This means that at first the retirement system in the Netherlands will be explained.

Secondly, the pension arrangement of pension fund PFZW will be discussed with a focus on the

possible early retirement arrangements. In Chapter 3 an overview of the available literature on the

research on the retirement incentives of individuals is provided. Also the ability to exit into

alternative routes of retirement such as the Disability insurance and the Unemployment insurance is

discussed. The elements of this third chapter give a solid foundation for a clear view on (early)

retirement and the retirement decision. This clear view is needed before starting the data analysis at

PFZW, which will be executed in Chapter 4.

The idea of the research GO at PFZW has already been introduced in Section 1.2. In this thesis the

focus will be on the (early) retirement age, which is one of the impacts on the pension premium in

GO. In this part of the research the focus will be on what the average (early) retirement age is going

to be in the coming years. At this moment the factors that are used when calculating the expected

(early) retirement age, at PFZW, are the factors: male/female, age, status (active participant /

inactive participant) and the projection year. In this research it is the goal to find out if there are

additional factors that are important in the determination of the (early) retirement age. Also will it

be tested whether the factors that are used at the moment are of significant influence and whether

they should be used in the calculation of the (early) retirement age. In Chapter 4 the influence of the

following factors will be studied; gender, marital status, status (active participant/ inactive

participant), pension right, age, wage and the part-time factor. PFZW has provided information to

enable a data analysis to study the influences on the (early) retirement age. The data-analysis

enables it to research the specific influence of each of the factors. With the literature research that is

done in the third chapter and the data analysis a solid foundation is laid to be able to calculate the

(early) retirement age based on significant factors.

In chapter five the (early) retirement age at PFZW is calculated. This calculation is done based on

the factors that are found as significant influences in Chapter 3 and Chapter 4. Based on these


calculations expected (early) retirement ages can be found. In Chapter 6 conclusions and

recommendations will be made based on the total thesis.


Chapter 2: The retirement system

In this thesis, as stated before, the influences on the (early) retirement and its implications towards

the future will be discussed. Before this will be done the general retirement system of the

Netherlands will be discussed in Section 2.1, with a focus on the field in which PFZW operates. In

Section 2.2 the pension plan that PFZW offers will be stated. In Section 2.3 the recent

developments in the Dutch retirement system will briefly be summarized. The problems due to the

aging society and the possible solutions will be discussed. This chapter will finally provide a clear

overview of the retirement system and the pension plan at PFZW.

2.1 The pension system in the Netherlands.

Discussing pension facilities in the Netherlands, three pillars can be distinguished1. These pillars

are basic-facilities, pension-facilities and individual capital-facilities. Below, all three pillars will

be described and explained.

The first pillar: Basic-facilities

These facilities are taken care of by the government and can be divided into: basic insurance and

basic facilities. Basic insurance can once more be divided into: national-insurance and employee-

insurance.

National insurance is available to all Dutch inhabitants and is related to the legal minimum wage.

Important national insurances are the Surviving Dependents Shortfall Act (ANW), the Exceptional

Medical Expenses Act (AWBZ) and the General Old Age Pensions Act (AOW). The AOW is for

everyone at or beyond the age of 65 who has lived or worked in the Netherlands, and does not

depend on the salary of an individual. The AOW is attached to the marital status and the years the

individual worked and/or lived in the Netherlands between the age of 15 and 65.

Employee-insurances only apply, as the name already reveals, to employees. Examples of these

insurances are the Unemployment Act (WW) and the Law on Work and Income according to

Ability to Work (WIA).

1 Welten Opleidingen & Ontwikkeling BV (2008). “Succes verzekerd”. Examentraining Wft Verzekeren Leven.


This first pillar is set up to serve as a safety net for the Dutch social system. This is also the reason

why everyone can claim these benefits, as long as they live in the Netherlands. An example of a

basic facility is the Work and Welfare Act (WWB).

The second pillar: Pension-facilities

This pillar consists of pension facilities for the employee, which are taken care of by the employer.

In this pillar the employer keeps in mind what an employee receives out of the first pillar. Which

implies that when an employee participates in a pension-arrangement from the employer, the

AOW-franchise is taken into account. This means that the pension is accrued as a certain

percentage of the salary minus the franchise.

In this pillar there are three types of pension funds: the professional fund, the sector fund and the

company pension fund. PFZW is an example of a sector- pension fund, in the health- and welfare-

sector. PFZW provides the customer with a pension facility as optimal as possible.

In this pillar the main idea is that everyone pays the same premium, on the salary minus the

franchise, which is called the “doorsneepremie”. This means that the pillar is based on solidarity

between employees. Since this thesis is based on information that is provided by PFZW, the focus

of the thesis will be on this pillar.

The third-pillar: Individual capital- facilities

In contrast to the first two pillars, saving money in the third pillar is a totally voluntary and

individual option. This pillar is open to everyone; employed or not, married or single, Dutch

inhabitant or not, it does not matter. Also, how to save the money and the amount of money in this

pillar is completely up to the individuals themselves. Examples of how to construct these individual

capital facilities are: to use the surplus value of the house, savings, investments, annuity-insurances

and even with art.

2.2 The pension arrangement at PFZW

PFZW aims to protect (ex-)employees and their spouses in the Health Care and Welfare sector

against the financial implications of old age, (work)disability and death.2 The pension fund tries to

2 PFZW (2009). “ Jaarverslag 2009”. Pensioenfonds Zorg & Welzijn, pages 91-95.


reach this goal by collecting money from the employers that are connected to the fund. PFZW

invests this money and pays it out when employees reach old age, become disabled, or die.

PFZW’s pension plan consists of four mandatory arrangements: the old-age pension, the partner

pension, the orphan-pension and the disability pension. There is a fifth pension plan, the FLEX-

pension but this arrangement only holds for the group of participants who have been able to build

up rights to retire early. The focus in this section will be on this last pension arrangement and the

Old Age pension. The reason for this focus is that the (early) retirement age is in this thesis defined

as: “the transition from being an active or inactive participant moving into early retirement”.3

Prior to the FLEX pension the VUT/OBU was used as an early exit route into retirement, therefore

this arrangement will be explained first, followed by the FLEX pension and the Old Age pension.

Participants who are born before the year 1949 have the opportunity to use the OBU-arrangement.

The OBU, which is also called the VUT, is an opportunity for early retirement. The VUT/OBU

does not have a build up of pension rights, it is a pay as you go arrangement. There is only a small

number of people left that still has the opportunity to use the VUT/OBU as an exit route, this group

of people will therefore not be taken into account in the data-analysis.

The data-analysis focuses on the FLEX pension and the Old Age pension as an exit route. The

FLEX pension was introduced on January 1st 1999 and was used as a replacement for the abolished

VUT/OBU arrangement. When the FLEX pension was introduced a compensation was given to the

participants that had missed out on accrual years. The pension arrangement is fully financed with

capital coverage and consists of 1.75 percent of the salary of an employee. This way the employee

can save for retirement and has the option to retire early. The arrangement can be used in between

the age of fifty-five and sixty-five years. According to actuarially fair factors the height of the

payment will be adjusted when an individual decides to retire earlier or later.

On January 1st 2006, due to the law “Vut, Prepensioen en Levensloop” (VPL), the FLEX pension

was taken out of the pension plan for participants born after January 1st 1950. With the introduction

of the law “VPL” it was no longer fiscally attractive to participate in the FLEX pension. The

participants that had already gained rights could and can still use these rights or had the option to

convert their FLEX pension into Old Age pension.

As a response to the dismissal of the FLEX pension the New Flexible Pension arrangement was

introduced on the first of January 2006. Due to this new arrangement there were a few aspects that

changed in the Old Age pension. The three most important changes were the change from a final

3 The explanation of the partner-, orphan- and disability-pension can be found in appendix A of the thesis.


pay to an average wage system, the increase in the contribution percentage from 1.75 percent

towards 2.05 percent and a lowering of the franchise to the fiscal minimum4. These measures were

introduced to offer pension plan participants a compensation for the abolishment of the FLEX

pension. Therefore, the changes that were made can be seen as an opportunity to retire at an earlier

age.

2.3 Recent developments in the retirement system in the Netherlands.

The government finances are sustainable as the government provisions grow equally with welfare,

when taxes do not need to be increased and when there is no increase in debt. However the problem

at the moment in the Netherlands is that the government finances are not sustainable. This means

that taxes will need to be increased otherwise debt will rise. The information below and in Section

2.3.1 is based on the proposition of Minister Donner because of the possible increase of the

retirement age5.

According to the last calculations of the central planning bureau (CPB), which date from 2007, the

deficit of the government is equal to 2.2 percent of the gross domestic product. However, in this

calculation the current credit crunch is not taken into account, so the percentage will be even larger

at this point in time. There are different directions towards solutions to be able to cope with this

problem, the main three directions will be discussed below.

2.3.1. Three different directions of solutions

The problem of the unsustainable government provisions mainly occurs in the part of the

government finances that have to do with the ageing of society. This means that an important

direction towards a solution will be to bring down spending on the AOW and health care. Secondly

an option is to increase labor force participation. The fact that the government provisions are

4 Pensioenfonds Zorg & Welzijn, “ De ontwikkeling van de pensioenregeling en de financiering van het pensioenfonds

voor de sector zorg en welzijn tot en met 2007”. Pages 64-68 April 2008.

5 Donner, J., Klijnsma, J. (2009). “ Wetsvoorstel tot wijziging van de algemene ouderdomswet, de wet

inkomstenbelasting 2001 en de wet op de loonbelasting 1964 i.v.m. de verhoging van de leeftijd waarop recht op

ouderdomspensioen onstaat”. http://docs.minszw.nl/pdf/34/2009/34_2009_3_13632.pdf , (geraadpleegd op 03-05-

2010).

http://docs.minszw.nl/pdf/34/2009/34_2009_3_13632.pdf


unsustainable implicates that the burden on the individuals in the Dutch society will increase.

However, before implementing a solution one should not forget to look at other effects, such as the

effect on the economy in total or the effect on employment. When looking at the directions towards

solutions, an increase in the AOW-age might help to reduce the problem that the Netherlands is

coping with at the moment.

It might be relevant to look at life expectation and mortality rates, to determine how many years

people still live when they reach the retirement age. Since the time when the AOW was introduced,

life expectation, at age 65, has increased with 25 percent. Looking at life expectancy of an

individual in good health, it can be noticed that this has increased too. The years during a lifetime

that an individual spends working have decreased, among others due to the fact that the age at

which an individual starts to work has increased. When life expectation will continue to increase in

the future an adjustment of the AOW retirement age will be inevitable.

2.3.2. Commissions

On request of the government there have been several commissions which have analyzed the topic

discussed above. Summaries of the aims and findings of these commissions are given below.

Commission Don – September 2009

The aim of this commission was to study if pension funds needed to adjust the computation rules

that they use for their financial planning. According to the commission Don pension funds can

continue to calculate with a wage inflation of 3 percent and a price inflation of 2 percent. Also the

expected return on fixed interest values can stay on 4.5 percent.

So pension funds do not have to use lower returns for the calculation of pension premiums. When

they would have had to use lower returns, the pension premium would have had to go up.

Commission Frijns – January 2010

This commission has studied the investment policy of pension funds in the past twenty years. Based

on their findings this commission made recommendations for the future investment policy and risk

management. An example of a recommendation is that boards of pension funds do not know

enough about the risks that are taken by their own fund.


Commission Goudswaard – January 2010

The commission Goudswaard has studied the influence of the credit crunch and the aging of society

on the pension system in the Netherlands. The commission wanted to find out if these two

influences could endanger the pension system and how the total sustainability of the pension system

could be improved.

The commission found that the Netherlands has a pension system that is valuable and that an effort

should be made to maintain it. Another conclusion was that adjustments are necessary for the

system to be able to cope with the aging of society and the financial insecurities. According to the

commission the pension contracts should become more transparant, complete and focused on the

future. In case of an improvement in the sustainability of the pension system the commission

Goudswaard advised the government to choose between the options they have. It is an option to

choose for a decreasing adjustment in the pension ambition. Another option is to choose for better

maintenance of the current goal and acceptation of the risks that come with it.

2.4 The recent developments and PFZW

In the previous sections three aspects have been discussed: the Dutch pension system, the pension

plan at PFZW and the recent developments in the Dutch society concerning the pension system.

Now it is of importance to know what information is significant for the research and data analysis.

Since this research bases its data analysis on PFZW, the main focus will be on the second pillar. As

has been mentioned, the government is currently discussing an increase in the retirement age. Due

to this discussion pension funds are also considering an increase in the retirement age. The

commission Goudswaard has researched the sustainability of the pension system and confirms that

it is advisable to increase the retirement age. Therefore it is interesting to study the decision of an

individual to retire (early) and find the effects on the retirement decision.

When translating this to PFZW the early retirement exits will be studied, which are the FLEX

pension and the possibility to use the Old Age pension before the age of 65. In the next chapter a

literature overview will be given on what previous researchers found significant variables in the

explanation of the (early) retirement age. In the fourth chapter these findings will be translated into

a data analysis, based on data from PFZW. Based on these two chapters a conclusion can be given

on what, based on literature research and data analysis, are significant variables in the explanation


of the (early) retirement age. In the fifth chapter the significant variables that were found will be

used in the calculation for PFZW on the expected future retirement ages.


Chapter 3: Literature research

3.1 What influences the (early) retirement decision according to previous

research?

Retirement has always been an important topic, especially now, since the Dutch government is

discussing what needs to be adjusted in the retirement system to be able to cope with the growing

amount of elderly individuals. The different aspects that influence the retirement decision will be

discussed in this section. With the findings of this chapter the important factors that influence the

(early) retirement age can be summarized. The factors that are found will be tested in the fourth

chapter on their significance in the explanation of the (early) retirement age. In the fifth chapter the

significant factors will be used in the calculation of the expected future retirement age at PFZW.

Two main situations can be recognized which could force people to retire. These two options of

involuntary retirement are layoffs and health, which can both only indirectly be influenced by

policy (Heyma, 2004). But what happens when an employee is not obligated to retire? What aspects

will then influence his or her retirement decision? The factors that influence the retirement

decisions are divided into three categories: work incentives, family circumstances and financial

incentives. However an important remark will be made in section 3.1.4, when early retirement is

not an attractive option, individuals will seek for alternatives. This phenomenon is called

“communicating vessels”. Communicating vessels is the interaction between early retirement and

the entry into Disability Insurance and Unemployment Insurance.

Heyma (2004) states that the structure of the benefit and pension program is the most important

determinant of retirement. However, in his research Heyma (2004) also states that the benefits that

a worker gets, do not play an exclusive role. This implies that there are more incentives that

influence the (early) retirement decision. In the following sections a summarization is given on the

literature that was found regarding the influences on the (early) retirement decision.

3.1.1 Work incentives

Work conditions can be a determining factor to retire, these conditions influence the preferred

retirement age. When work is physically demanding, or possibly more tiring, it will increase the


probability of retirement, especially retirement through disability. The work status of a job has also

a significant influence, Pienta (1998) found that especially men who have a higher work status in

their job, have lower or delayed retirement preferences. A possible explanation for this is that men,

more than women, identify themselves with their role as employee.

The attitude of the employee towards working longer is supposed to influence the age of retirement,

according to Henkens et al. (2009). However a positive attitude of the employer has less influence

on the retirement decision than a negative attitude. According to Heyma (2004) is the retirement

decision an optimal choice between consumption and leisure. When making this optimal choice, the

employee takes the working conditions, health conditions and the risk of involuntary retirement into

account.

The incentive of an individual to work depends also on the years of education of an individual.

When an individual is lower educated, he or she will have entered into the workforce earlier and is

intended to retire earlier to. This means that the work incentive around the age of (early) retirement

will be lower for individuals who are lower educated. This is one of the main findings from

Henkens and Kalmijn (2005). They found that the number of years of education as well as the level

of education influence the (early) retirement age. Lower educated individuals have a 2.4 times

higher chance to leave the labor market through disability or unemployment than higher educated

individuals.

In the case of the PFZW- participant the health care sector can be seen as a tough job. In general

health care employees have physically demanding tasks. This means that the work circumstances in

this sector can lead to early retirement. However, work circumstances are often subjective, this

means that it is difficult to include this in the data analysis. Therefore the height and status of a job

and the attitude of an individual towards a job will also be difficult to include in the data analysis.

Education is a variable that can be measured, however PFZW is not allowed to have this

information of its participants and therefore it is not in the data analysis. The only work-related

factor, which can be included in the data-analysis, is the part-time factor. With the part-time factor

it can be studied what the optimal decision is between work and leisure.

In addition to this, the participants of PFZW are divided into active participants and inactive

participants. These two types of participants will also be explained in Section 4.1.2., but to state

shortly: active participants contribute actively to the pension fund and thus work. Inactive

participants do not contribute actively and therefore do not work (in the Health Care and Welfare


Sector). So the status of the participant represents whether or not this individual is working (in the

sector). This status can be used in the data set to divide the group of participants that retire in 2009

into working and not- working (in the Health Care and Welfare Sector).

So it can be concluded that there are two factors that will be researched in the data-analysis. It will

be researched what the influence of the Part-time factor is on the (early) retirement age. In addition

to this it will be researched how the Status of being an active or inactive participant will influence


3.1.2 Family circumstances

Gustman and Steinmeier (2000) state three main explanations for the fact that labor force

participation of older married couples is strongly positively correlated; State dependence, Assortive

mating and Joint pension schemes. State dependence refers to the fact that couples usually create

the same preferences in leisure, therefore they will prefer retirement together. Assortive mating

means that individuals usually find their partner in an individual who has the same preferences and

therefore they will also prefer retirement around the same time. Next to this, spouses arrange their

financial administration together and therefore often have retirement schemes that match.

According to Blau and Gilleskie (2001) the fact that spouse arrange financial administration jointly

is an explanation for the strong correlation between health insurance, retirement and employment

for couples.

Following Johnson and Favreault (2001), family is an aspect that influences the rate of retirement

for husbands differently than for wives. When taking a closer look at the retreatment from the labor

force, in order to spend more time with the family, husbands are more likely to retreat as opposed to

wives. Blau and Gilleskie (2001) confirm this finding in their research. Pienta (1998) finds that

women are better able to combine work and family roles during their life.

Clark et. al (1980) find in their research that individuals respond positively to increases in their own

wage but tend to reduce labor-force participation as the wage of their spouse increases. It is tried to

extend the research into a family framework, in which it is studied if the retirement of the husband

and wife is jointly determined. The research is concluded with the answer that wage and health are

important determinants of joint labor-force participation. It is also found that the probability of

employment of a person increases whenever the spouse is employed. Heyma (2004) confirms this,


when an employee has an employed partner, the probability of retirement is significantly lower.

The probability of retirement is especially low when the employed spouse faces disability or

unemployment. So it can be concluded that spouses take joint retirement decisions.

Coile (2003) points out an important factor of retirement incentives; the spill-over effects on the

husband’s retirement decision. However, the spill-over effects of the husband’s incentives on the

wife’s retirement are found to be small and statistically insignificant. However the other way

around, the effect of the financial incentives of the wife on the husband turn out to be significant.

These results have several important implications. The first, the results demonstrate that women are

primarily influenced by their own economic variables and do not just follow their husbands in

making a retirement decision. The second implication is that the common assumption in past

literature, that the decision to retire of the husband is independent of the decision of his wife, is

incorrect. So, it can be concluded that joint modelling of the retirement decision of couples would

be appropriate. Johnson and Favreault (2001) estimate that 22 till 40 percent of husbands and wives

retire within a period of two years. In addition to this, Gustman and Steinmeier (2000) state that the

rate of retirement for married employees increases when one of the spouses is retired or

unemployed. Blau (1998) states it even more strongly than Johnson and Favreault (2001); about a

third of the couples, in which both spouses are employed, retire within one year of each other.

As is stated in this section, the financial incentives to retire together with the spouse is more

important for the husband than for the wife. As found, wives appear to be better able to combine

work and their family lives than husbands do. In the data from PFZW, there is no information on

the spouse only the marital status is known. So based on the research concerning family

circumstances, it is interesting to use the Marital Status and the Gender in the data analysis in the

next chapter.

3.1.3 Financial incentives

According to Lumsdaine and Mitchell (1999) financial incentives explain about half of the

observed variation in the retirement patterns. These financial incentives consist of multiple sub-

incentives of which the most important ones will be briefly discussed below.

Belloni and Alessie (2009) focus on Social Security Wealth (SSW) and its influence on an early

retirement decision. SSW represents the total of financial incentives that determine the retirement


decision. The higher the SSW, the higher the probability that an employee will decide to retire.

Belloni and Alessie (2009) also conclude that female employees react more heavily to financial

incentives compared to male employees. They also found that by becoming eligible for pension

benefits, a change in the financial incentives occurs and this results in an increase of thirty percent

in the probability of retirement. In addition to this the article written by Heyma (2004), states that

female workers retire sooner than male workers.

In Euwals and Trevisan (2010) it is stated that theory has shown that where there is no pension

system or when the pension system is neutral or actuarially fair, people retire when the marginal

utility of inactivity is equal to their marginal productivity at work. Euwals and Trevisan (2010)

conclude with the statement that people in poor health and with low productivity will retire earlier

than people in good health and with high productivity. These findings are based on data provided

by pension fund PFZW.

The fiscal attractiveness of early retirement seems interesting to employees, but according to

Heijdra (2008) these options act as a trap. Heijdra (2008) states this since it induces most workers

to retire before the normal retirement age. In Solinge et al. (2009) the participation rates of males

and females from 1971 until 2007 are given. These numbers are shown in Graph 1 and 2 below.

The graphs show that especially for the ages between 60 and 64 participation rates are significantly

lower than in other age groups. This can be explained by the trap that Heijdra (2008) discusses

which induces individuals to retire earlier than they otherwise would have done. This indicates that

due to the early retirement plans, for instance the VUT/OBU and the FLEX pension, it becomes

attractive to retire earlier than the age of 65. This makes the participation rate for the age category

60-64 lower than for the other two categories.

Graph 1&2: Labor force participation rates per year of birth (horizontal axes) in percentages (vertical axes) in the

Netherlands by age group, for males and females.

0

20

40

60

80

100

19

71

19

75

19

81

19

85

19

90

19

95

20

00

20

05

20

07

male 50-54

male 55-59

male 60-64

01020304050607080

19

71

19

75

19

81

19

85

19

90

19

95

20

00

20

05

20

07

female 50-54

female 55-59

female 60-64


According to Heijdra (2008), the tax system influences the optimal retirement decision in two ways.

The first one is the substitution effect, which is negative. A higher tax leads to a discouragement

towards employees and therefore encourages them to retire earlier in life. The other effect is the

wealth effect which turns out to be positive. The increase in the amount of tax to be paid, makes the

employee poorer and in this way provides the employee with an incentive to retire later in life.

When translating this section towards the pension fund PFZW there is an important remark that

needs to be made. The pension fund PFZW consists of a majority of females, in 2009 82.1 percent

of the participants is female, which can also be found in the table below. This percentage influences

the effect of financial incentives, since the influence of financial incentives depends on gender. It is

stated that females are more influenced by changes in financial incentives and will therefore retire

earlier. At PFZW the average retirement age in 2009 for females is equal to 60.27 and for males

60.49. This difference in retirement age can be explained by the fact that the wife may have the

second pension which might be less important in the family income. Another explanation may be

that the wife is in general younger than the husband and that the wife may see work more as hobby.

2009: Gender distribution

Frequency Percent

Male 1757 17.9

Female 8069 82.1

Total 9826 100

Table1: Distribution of male and female retirees in 2009.

However, when looking at pension rights, in euro’s, the division is fifty-fifty, the total rights in the

pension fund for all men are of equal height as the total of the rights for all women. In the data-

analysis the Wage, Gender and the Pension payment are topics that will be taken into account,

based on this section.


3.1.4 Communicating vessels

In the introduction the topic “communicating vessels” was already introduced. This topic discusses

the fact that the set up of the retirement system can induce people to retire through other exit routes.

The other routes that the individuals can use are the insurances for disability and unemployment,

which will be abbreviated as DI and UI.

According to Kohli and Rein (1991), the process of exit into early retirement is primarily driven by

evolutions in the labor market, of which the high unemployment rates during the 1970 and 1980s is

an example. Kerkhofs et al. (1999) analyse this topic by an estimation of a competing risk model

for the transition from work into (early) retirement, DI and UI schemes during the years 1993-1995.

It is found in this research that high replacement rates in DI and UI schemes reduce the chance that

an individual retires early. The replacement rate is defined as the ratio of an individual’s pension in

a given time period and the (average) income in a given time period. However it is also found that

(early) retirement is preferred over DI and UI. The factor that is most important in the

determination of the transition into DI and UI is the same, it is in both cases the health-aspect.

However financial incentives is the most important reason to enter (early) retirement. This

conclusion was also found in previous sections.

Van Vuren et al. (2009) have studied whether the reforms in the Netherlands have led to a different

functioning of the institutions surrounding early retirement. According to their research the inflow

of hidden unemployment into the DI scheme has stopped. The possibility to use this scheme as an

exit route is largely closed off. There are strong financial incentives for individuals who are

partially disabled to stay in the work force. A remark that needs to be made in this research is that it

can be questioned if older workers are sufficiently insured for disability. When researching UI as an

exit route for older employees no significant difference is found, compared to the younger

employees. However due to the reforms in the DI scheme and in the possibility to retire early it

might be that the pressure on UI will increase. (Van Vuren et. Al, 2009)

So it can be concluded that the exit into alternative routes has decreased, however it is still an

option. These results cannot be used in the data analysis since the information on entrance into

disability or unemployment is not available in the data set. However the results out of literature

need to be kept in mind when interpreting the results from PFZW.


3.1.4. Conclusions

From the sections above a short conclusion can be drawn on the important incentives in retirement

for the general participants in pension funds.

When looking at the work circumstances the level in which the job is physically demanding,

the status of the job and the status of the participant appear to be important factors. For the

employee the level of education turns out to be a determining factor too. The level of

education and the physical demand of work are unknown in the data which PFZW has made

available. Therefore this part of work circumstances will be difficult to test in the data

analysis. However Wage might function as a representation of the level of education and the

physical demand of work. In addition to this the Status of the participant is also known and

can be tested in the data analysis.

Regarding family circumstances, the fact that spouses are in a lot of cases covered by their

husbands’ or wives’ employer is an important influence. However, when this is not the case

it appears that the husband seems to retire relatively earlier than the wife. This can be

explained by the fact that wives are, according to research, better in combining work and

family as opposed to their husband. The remark that needs to be made is that the wife is

also, in general, younger than the husband and she may find her work more an hobby than

the husband does and will work less hours. This family circumstance will be tested in the

data analysis with the Part-time factor.

Another factor concerning family circumstances is the marital status. There are spill-over

effects that were found in research, regarding when the effect of the retirement of one

spouse on the other. Therefore it is interesting to test in the data analysis whether Marital

Status is a significant factor.

The financial incentives appear to be more important to males than females. This can be

tested in the data analysis at PFZW, since gender is a known factor in the model. However

the importance of the financial incentives itself can also be tested. This is done with the use

of the Pension right and the Wage of the individual.

Fiscal attractiveness can also play an important role, but research has shown that this role

can be deceptive. This fiscal part of the financial incentives cannot be tested in the data

analysis at PFZW so on this part we need to rely on the literature research.


The alternative pathways are used less often than previously. However the option to use

alternative routes should be kept in mind when performing the analysis.

3.2 PFZW and the retirement decision

What needs to be taken into account in this chapter and thesis in total is that the thesis discusses the

PFZW participant. The PFZW participant differs in some aspects from the general participant. In

case of the male- female division it can be said that the majority of the participants at PFZW is

female. Another important aspect is that, since a large part of the PFZW participant is female, this

may be the second pension in the family. This would imply that this pension might be less

important and the retirement decision will depend more heavily on the other pension and thus on

data that is not available out of the PFZW data. This will imply for the data-analysis, that will be

done in the next chapter, the financial incentives might be less important for women.

Concerning work circumstances, working in the health care sector can be seen as a tough job. In

general, health care employees have physically demanding tasks. This means that the work

circumstances in this sector can lead to early retirement. In addition to this, the fact that the

majority is female and has the second pension in the family can make the consumption and leisure

decision a determining factor concerning retirement. Working will in this case be relatively less

important compared to leisure. Therefore the data-analysis will be interesting to find out how

important the work circumstances are. This is because there are two effects that can be

distinguished, which work both ways. First of all, when the work is physically demanding this

would imply earlier retirement. However, being the second income in the family and having the

ability to combine work and family would imply retirement at a later age. So the data-analysis will

show what happens for the PFZW participant. Since there is no information regarding the level of

how physical demanding work it is, we will depend on the part-time factor in the data analysis. The

part-time factor of the individual will show the ability and the preference of the person to combine

work and leisure.

Concerning family circumstances, joint retirement is a topic that is still discussed heavily.

Researchers find, concerning family circumstances, that men are influenced differently than

women. Other researchers see a strong correlation between the retirement decision of men and

women. There is no information available on couples at the PFZW participants, however the gender

and the marital status are known. This means that the joint decision of participants cannot be


checked, however the influence of gender and marital status can be researched on its impact on the

retirement decision.

It can be concluded that, for the PFZW participant, the circumstances work in a few cases

differently than for the general participant. Based on the literature research especially the factors

Gender, Marital Status, Part-time factor, Wage and Pension right appear to be interesting factors to

use in the data-analysis. It is up to the data-analysis to find out what the importance of each factor

will be!


Chapter 4: Data-analysis

4.1 Data and Methodology

In this section a data analysis will be done to find out what the importance is of specific factors in

the explanation of the (early) retirement age. The factors that are found to be significant in the

literature research will be tested in the data analysis. The result of the data analysis, in addition to

the literature research in chapter 3, will be used in the calculation of the expected retirement age in

the following chapter.

In the data analysis the variables that were found in the literature research will be tested on whether

they add to the model used for the explanation of the (early) retirement age. The pension right can

be found for specific individuals and will be divided into FLEX pension right and Old Age pension

right. The pension rights will be measured separately since they work differently. FLEX pension is

a pension right that needs to be saved for, which means that the participant needs to make the

decision to save for early retirement. The Old Age pension is a pension right that is already there

and the individual has the option to use it earlier than the original age of 65. Wage can also be

included in the model as a variable specific for each individual. In addition to this there might also

be other variables that could have an impact on the (early) retirement age which should be taken

into account.

Other variables that will be taken into account in the model and that will be tested are the marital

status, the status and the part-time factor of the individual. The status of the participant will be

explained in the next section. It will be interesting to know the significance of the factors in the

explanation of the (early) retirement age. Therefore the next sections will include the set up of the

data analysis and the actual research with its results.

4.1.1 Sample and data sources

The data contains the main characteristics of all participants in the pension fund PFZW that entered

or will enter into retirement in the years 2000 until 2011. Since the dataset contains more than

thirty-four thousand participants and is spread over a period of more than ten years it is necessary to

narrow down the dataset. This will be done to make sure that the dataset will contain more up to


date information. Since the last large group with individuals who came out of the VUT/OBU went

into retirement in 2008, I decided to narrow down the dataset to the year thereafter. This means that

the dataset includes the year 2009.

4.1.2 Conceptual framework and variables

Figure 1 presents the framework that will be used in this paper to determine the factors that impact

the (early) retirement decision. The variable in the middle represents the dependent variable; Age,

which represents the time at which a participant at PFZW enters into (early) retirement.

Figure 1: Conceptual framework of the data analysis.

Then there are seven independent variables that are used. The first four are general aspects, which

are the blue circles; Marital Status, Part-time Factor, Status (active or inactive participant) and

Gender. The factor marital status has five options; single (in which the individual is alone or does

not have a registered partner), married (when the individual is married by law), registered

partnership (when the individual has a legal binding towards another person which is equal to

marriage), divorced (when the person has been married to another person) and widowed (when the

person has been married and his or her partner has deceased). The part-time factor represents the

fulltime equivalent, which shows the hours of work of an individual per week. Status shows if an

Average wage

Old Age pension

right at age 55 /

Average wage

FLEX pension

right at age 55 /

Average wage


individual is an active participant or if the person is “asleep” which means that he or she is not

actively contributing to his or her pension so he or she does not work and does not receive income.

This means that when the individual is “asleep” that he or she has been a participant in the pension

fund. However this person may have switched to another job and/or pension fund or may have quit

working. Therefore he or she is not actively involved in the pension fund PFZW anymore. Gender

is a factor which speaks for itself, the person is male or female.

The other independent variables represent the income at retirement and can be found in the red

circles. These red circles represent factors that will be tested on its influence on the (early)

retirement age. The income out of the FLEX pension is represented in FLEX pension right/ average

wage. The FLEX pension right is the amount of FLEX pension that the individual has saved, until

the abolishment in 2006, in euro’s per year, to be able to go into early retirement. The income out

of the Old Age pension is represented in Old Age pension right/ average wage. After the

abolishment of the FLEX pension the decision has been made to adjust the conditions of the Old

Age pension, an example of an adjustment is that the build-up percentage of the pension right has

increased. In this transition the contribution rises from 1.75 percent towards 2.05 percent. In this

data analysis it is assumed that the participants see this partially as an opportunity for early

retirement. This increase can be seen as an extra incentive for individuals to retire early. So the

decision at PGGM has been taken to assume that 0.25 out of the 0.30 percent rise will be used as an

opportunity for early retirement. This number was taken to give the participant an extra margin. So

this way the Old Age pension takes over the same financial incentive and it gives individuals an

early retirement opportunity.

When trying to explain the retirement age with the factors in Figure 1 there is a difficulty. The

problem in the model is that the pension rights influence the outcome variable: the (early)

retirement age also has an influence on the pension rights. For example, when an individual is older

at the time of retirement the amount of pension rights that the individual has will be higher, but

when the pension rights are higher this will also influence his or her retirement age. Therefore it is

necessary to have a good standard of comparison in the data-analysis. To make sure that the

influence of the pension rights on the (early) retirement age is measured properly and to avoid

biases it is decided to compute the pension rights all at the same age. The age of 55 is chosen as the

benchmark in the data, this was done since this is the first year at which an individual in the data of

2009 at PFZW retires. This way the amount of pension rights in the model will show the financial

status of the person before he or she makes the decision to retire. The pension right will be divided


by the average wage so that it reflects the relative pension earnings of an individual. In this model

the average wage is the fulltime salary, per individual, multiplied by the part-time factor. The

figures used are all yearly figures and the salary and pension rights are entered as euro’s per year.

Average wage will also be used in the model as a separate variable.

There are independent variables that cannot be used in the regression as cardinal or ordinal

variables, therefore they are changed into dummy variables. The independent variables that are

transferred into dummies are Marital Status, Status and Gender. With the transition from the

independent variable Marital status into a dummy variable the following dummies occur: Dummy-

single, Dummy-cohabiting, Dummy-divorced and the Dummy-widowed. When adding these dummy

variables the option “married” is the disappearing value. For the independent variable Status the

dummy variable Dummy-active is made, which makes “inactive” the option that is the disappearing

value. Lastly with the independent variable Gender the Dummy-male is made and “female” is the

option that is the disappearing value. The dependent, independent and dummy variables result in

the following regression model.

4.1.3 Methodology

Pearson’s correlation matrix is used to get insight in the relation between the independent variables,

that will be used in the regression model. High correlation could indicate multicollinearity, which

could negatively affect the outcome of the model. If the independent variables would be highly

correlated, a precise measure of the independent influence of one variable on the dependent variable

would be very hard to provide.


After the use of the correlation matrix a regression will be performed. The formula which

represents this regression can be found in the previous section. In this regression the importance

and significance of the separate factors will be tested.

4.2 Data analysis

In the data analysis the factors that were found to be important in the literature research in chapter

three are tested on their significance. In section 4.2.1 the data will be described and the goal is to

get knowledge on the data set in total. In section 4.2.2 a regression analysis will be performed on to

get insight into the specific significance of the factors.

4.2.1 Descriptive statistics

As a start it might be interesting to give some insight in the distribution of the (early) retirement

age. The insight will be split into the retirement age for active and for inactive participants. This is

because there is a strong assumption that the retirement of the inactive participants will be strongly

centered around the age of 60. This strong assumption is based on the fact that regulation at PFZW

states for inactive participants that they have to move into retirement at age sixty6. The only

exception on this regulation is when the participant has mentioned that he or she prefers another

age.

Graph 3&4:Histograms with the distribution of the retirement ages for inactive (left) and active (right) participants in

2009.

6 Article 4.6.3in:”Statuten en reglementen 2009” states that the person should be employed for the same part as the

part of the FLEX pension that he or she wants to delay. Otherwise should the FLEX pension start at age 60.


Active participants have, according to the graph on the right, a strong preference to retire at age 60.

However, in contrast to the inactive participants, there are also quite some individuals that retire at

another age. As was expected, the peak at age sixty in the histogram with the inactive participants

immediately catches the eye in the graph on the left. According to the histogram of the inactive

participants the conclusion can be drawn that there is such a strong peak at age 60, due to

regulation, that it will be difficult to do a regression on determinants of retirement with these

participants. Therefore the decision is made to only do a regression for the active participants.

Following the previous conclusion, the regression will be done based on the available information

at PFZW of the active participants. Table 2 provides summary statistics for the active participants

of pension fund PFZW that entered into (early) retirement during the year 2009. The table presents

a summary of all variables, including a description of means, standard deviations, minimum and

maximum values.

2009: Descriptive statistics

N Minimum Maximum Mean Std. Deviation

Age 5339 55 64 60.30 0.987

Part-time factor 5339 0.01 2.16 0.624 0.277

FLEX pension right /

Average wage

5339 0.0007 3.730 0.317 0.278

Old Age pension right/

Average wage

5339 0.0001 0.445 0.003 0.012

Average wage 5339 237 348631 23392 20088

Dummy_single 5339 0 1 0.082 0.275

Dummy_cohabiting 5339 0 1 0.043 0.203

Dummy_divorced 5339 0 1 0.133 0.339

Dummy_widowed 5339 0 1 0.023 0.150

Dummy_male 5339 0 1 0.168 0.374

Table 2: Descriptive statistics on the active participants that retired in 2009.

An interesting variable, according to the table above, is the part-time factor, the average of this

factor is 62,4 percent for the active participants. At PFZW the average participation rate for

females is 62.2 percent and for males 83.4 percent7. With the knowledge of the fact that the data set

contains for 82 percent females and that participants already reduce their work hours before their

(complete) retirement this variable is plausible and can be representative for PFZW. A remark on

7 These percentages are stated in:“SEA 2009, Sociaal Economische Analyse Operations”. This is published by; F&C

Operations, Jan Jacob van Houte September 22, 2009 PGGM.


the variable part-time factor is that the maximum is fairly high, so a graph has been made to give

some insight in the distribution of the variable. Graph 5 shows that the maxima of the variable part-

time factor are outliers of the analysis and they will be removed.

Graph 5: The distribution of the variable part-time factor for active participants in 2009.

The factor FLEX pension right/average wage and Old Age pension right/ average wage have, in

Table 2, relatively low averages comparing them with the highest value. It is suspected that the

variables are skewed to the left, when this would be the case it might be interesting to take a log()

of the variable. When taking a log () of the variable the outcomes will be more distributed like the

normal distribution, because the outliers will be better distributed when the log() is taken of a

variable. The difference of using a linear variable or a log() variable, lies in the fact that a linear

variable measure the difference in numbers and the log() variable in percentages. In the literature

the use of the log() variable is widely accepted. To find out if these variables are skewed, and

would need a logarithm, identical graphs as for the part-time factor will be made and can be found

below.

Grap 6&7: The graphs above represent the distributions of the variables FLEX right pension/ Average wage (on the

left) and Old Age pension right/ Average wage (on the right).


It turns out that both graphs are highly skewed to the left. Especially Old Age pension right/

Average wage turns out to be concentrated on the left side of the graph. So based on this

information the decision is made to take the logarithm of both variables in the model to make them

better suiting in the model. The outliers in the two variables will be removed to enhance the model

and regression. The graphs below give the distribution of the logarithms of the variables for the

FLEX pension and the Old Age pension.

Graph 8&9: The graphs above represent the new distributions with the use of logarithms on the variables FLEX

pension right/ Average wage (on the left) and Old Age pension/ Average wage (on the right).

The variable average wage is an underlying factor of the two pension rights that have been

analyzed above. Therefore, it is interesting to perform the same analysis on the variable average

wage. The graph below shows the distribution of the variable. Based on this it is decided to also

take a log() of this variable in the model. The result of the distribution with the logarithm of the

average wage can be found in Graph 11 below. It turns out that the variable Log Average wage has

a distribution close to the normal distribution.

Graph 10&11: The graphs above represent the distributions of the average wage (on the left) and for the logarithm of

the average wage(on the right).


The other variables in Table 2 do not have any remarkable numbers or outcomes that need to be

discussed. Therefore the topic correlation will now be discussed. In Table 3 below a correlation

matrix is set up with the correlation coefficients and significance of the researched variables.

2009: Pearson correlation matrix

Age Part-time

factor

LOG(FLE

X Pension

right/

Average

wage)

LOG(Old

Age

pension

right /

Average

wage)

LOG(Ave

rage

wage)

Dum

my_

single

Dummy

_cohabi

ting

Dummy

_divorc

ed

Dummy_widowed Dummy_male

Age Corr. C..

Sign.

1

Part-time

factor

Corr. C..

Sign.

-0.008

0.555

1

LOG(FLEX

Pension right/

Average wage)

Corr. C..

Sign.

-0.338

0.000

0.019

0.167

1

LOG(Old Age

pension right

/Average

wage)

Corr. C.

Sign.

-0.343

0.000

-0.516

0.000

0.096

0.000

1

LOG(Average

wage)

Corr. C.

Sign.

-0.052

0.000

0.886

0.000

0.079

0.000

-0.572

0.000

1

Dummy_

single

Corr. C.

Sign.

-0.010

0.462

0.175

0.000

0.061

0.000

-0.089

0.000

0.121

0.000

1

Dummy_

cohabiting

Corr. C.

Sign.

-0.024

0.079

0.107

0.000

0.076

0.000

-0.078

0.000

0.129

0.000

-.063

0.000

1

Dummy_

divorced

Corr. C.

Sign.

0.077

0.000

0.094

0.000

-0.114

0.000

-0.063

0.000

0.015

0.266

-.117

0.000

-0.083

0.000

1

Dummy_

widowed

Corr. C.

Sign.

0.010

0.484

-0.051

0.000

-0.042

0.002

0.006

0.648

-0.051

0.000

-.046

0.001

-0.033

0.018

-0.060

0.000

1

Dummy_ male Corr. C.

Sign.

0.085

0.000

0.376

0.000

0.080

0.000

-0.090

0.000

0.399

0.000

0.006

0.651

0.041

0.003

-0.020

0.139

-0.036

0.009

1

Table 3: The Pearson correlation matrix with the new Log() variables incorporated in the model.

The average wage and the part-time factor have a relatively high positive correlation of 0.886. This

correlation was expected, due to the fact that the average wage is calculated by multiplying the

maximum full time salary by the part-time factor. This explains the relatively high correlation

between the two variables. In the analysis the decision was made not to use the fulltime salary, but

the average wage, due to the fact that there are is a large number of individuals in the data set who

work part-time. The fulltime salary would therefore give a biased figure, since the full time wages

would give a high number that is not representative for the included participants.

Two important correlations that need some extra explanation are between Age and Log(FLEX

pension right/ Average wage) (-0.338) and between Age and Log(Old Age pension right/ Average

wage) (-0.343). These two relations are both negative which was expected, since it implies that


when the relative pension right rises the (early) retirement age decreases. So when an individual has

saved for retirement this person will allow himself to retire earlier.

In the correlation matrix two strong negative correlations with the Log(Old Age pension right/

Average wage) -factor are found. First of all it has a negative correlation with the Part-time factor

of -0.516. This negative correlation can be explained by the fact that the Part-time factor is

included in the Average wage. So when the Part-time factor rises the Log(Old Age pension right/

Average wage) decreases. The same explanation holds for the correlation with Log( Old Age

pension right/ Average wage) and Log(Average wage).

Regarding the dummies that were entered into the model, different values of correlation with the

outcome variable, Age, were found. Dummy_single and Dummy_cohabiting are negatively

correlated with Age and in contrary to this, Dummy_divorced and Dummy_widowed are positively

correlated with the outcome variable. An explanation that could clarify (part) of these figures is the

fact that the last two dummy variables correspond with events that were, in most cases, not

expected in the financial- and work planning. Which explains why these events are positively

related with the (early) retirement age; when an individual divorces or loses his or her partner, the

(early) retirement age increases.

So the conclusion can be made that, based on Table 2, the outliers in the data set are removed. In

addition to this the correlations have been researched in Table 3. The remarkable correlations have

been explained. The information in this section functions as a solid foundation for the regression

analysis that will be performed in the following section.

4.2.2 Regression analysis on the influences on the (early) retirement decision.

In the regression analysis the variables will be used that have been described in the previous

section. As has been stated before, the information is used from the participants that were actively

participating in the pension fund while moving into retirement in 2009. This gives a total of 5337

participants on which the regression will be done. The first outcome of the linear regression can be

found in the table below.


2009: Regression analysis

R R Square Adjusted R Square Std. Error of the estimate

0.624 0.390 0.389 0.772

Model Sum of squares Df. Mean Square F Sig.

Regression 2024.072 9 224.897 377.776 0.000

Residual 3171.852 5328 0.595

Total 5195.924 5337

Unstandardized coefficients Standardized

coefficients

Model B Std. Error Beta t Sig.

(constant) 62.813 0.266 236.451 0.000

Part-time factor 0.111 0.086 0.031 1.294 0.196

Log(FLEX right/

average wage)

-0.247 0.011 -0.255 -23.029 0.000

Log(Old Age

pension right/

Average wage)

-0.686 0.015 -0.689 -47.071 0.000

Log(Average wage) -0.807 0.034 -0.616 -23.739 0.000

Dummy_single 0.046 0.040 0.013 1.143 0.253

Dummy_cohabiting 0.016 0.053 0.003 0.297 0.766

Dummy_divorced 0.059 0.032 0.020 1.812 0.070

Dummy_widowed -0.070 0.071 -0.011 -0.988 0.323

Dummy_male 1.060 0.034 0.402 31.037 0.000

Table 4: Regression analysis of the active participants at pension fund PFZW in 2009.

The table above describes the results of the first regression analysis. When focusing on the

significances quite a few variables turn out to be significant when assuming α=0.05, with

corresponding high t-values. The numbers concerning significance can be found in the last column

of Table 4. The figures that are not significant, assuming α=0.05, are Part-time factor,

Dummy_single, Dummy_cohabiting. Dummy_divorced and Dummy_ widowed. However a remark

that needs to be made is that the part-time factor is also included in the factors for the pension rights

and the average wage. So that the factor Part-time factor, itself is not significant does not mean that

it plays no role at all. Since the dummy-variables work together it is tested if the dummy-variables

are also together not significant in the model. The regression analysis that is made with the

exclusion of the Part-time factor can be found in Appendix I. With the help of this regression

analysis and the following in the table below, it can be tested whether the dummy-variables are of

significance together.




0.623 0.389 0.388 0.772


Regression 2018.851 4 504.713 847.205 0.000

Residual 3177.074 5333 0.596

Total 5195.924 5337


coefficients

Model B Std. Error Beta T Sig.

(constant) 62.501 0.154 404.720 0.000

Log(FLEX right/

average wage)

-0.249 0.011 -0.257 -23.580 0.000

Log(Old Age

pension right/

Average wage)

-0.688 0.015 -0.691 -47.261 0.000

Log(Average wage) -0.769 0.021 -0.587 -37.071 0.000

Dummy_male 1.062 0.034 0.402 31.196 0.000

Table 5 : Regression results of the active participants of pension fund PFZW in 2009 with the

Dummy_single,Dummy_cohabiting, Dummy_divorced and Dummy_widowed excluded.

Finally, a regression with significant variables and high t-values is found. However it should be

checked now if it was a good decision to remove the dummy variables, based on their joint

significance. This check can be done with the F-test and the calculation and the outcome can be

found below.

The SSEr and SSEu represent the Sum of Squared residuals. The SSEr represents the second

regression, without the dummies for marital status and the SSEu represents the regression including

the marital status. The number of independent variables dropped is in this case equal to four since

there are four dummies that are excluded out of the model. The N represents the total of degrees of

freedom and the k represents the number of variables in the model. When implementing the

numbers into the formula for the F-test the critical value of the F-distribution is equal to 1.774.


Now the value for will be used to be able to conclude on the F-test. When the outcome

out of this regression is higher than the F-value the H0 hypothesis should be rejected and when it is

lower it should not be rejected. The critical value of the F-distribution is equal to 2.37 and thus the

H0 hypothesis should not be rejected, which means that, based on the joint significance, it is

positive for the model to exclude the factor marital status from the model.

The four variables that are left in the final model in Table 5 explain 38.9 percent of the variation in

the outcome of the (early) retirement age. The numbers found can be entered into the formula,

which was presented at the beginning of this chapter.

The formula above shows that the variables Log(Flex right/ average wage), Log(Old Age pension

right/ average wage) and Log(average wage) have a negative influence on the (early) retirement

age. Since the variables are log() variables the effects need to be multiplied differently to find the

effect on the (early) retirement age. This means that when the average wage of an individual

increases with 10 percent, assuming all else staying equal, the (early) retirement age will decrease

with 0.769*0.1. This decrease is equal to 0.0769, which is equal to 28 days. So when the average

wage of an individual increases, his or her expected retirement age decrease with about a month.

The influence of the FLEX right and the Old Age pension right, on the retirement age, are smaller

compared to the impact of the average wage. However the effects can be found by doing the same

calculation as for the average wage. The explanation for the fact that the (negative) influence of the

Old Age pension right is larger than that of the FLEX pension right might lie in the fact that the

FLEX pension is already an early retirement exit route by itself. The Old Age pension can be used

at age 65 but it can also be used as an exit into early retirement. The gender is in contrast to the

other variables the only factor that has a positive influence on the retirement age. This means that

when the person is male he has about a year higher retirement age than a female.

𝐹5329;0.954


4.2.3 Robustness check

Since in the regression the log of three variables are taken the robustness can be checked by adding

the squares of the log-variables. In this section new regressions will be done with additional

squared variables for the three log-variables. Below the first regression of the robustness check is

given with the addition of the variables: Log(FLEX right/ Average wage)^2, Log( Old Age pension

right/ Average wage)^2 and Log(Average wage)^2.

2009: Regression analysis – Robustness check


0.681 0.464 0.463 0.723


Regression 2408.525 7 344.075 657.932 0.000

Residual 2787.399 5330 0.523

Total 5195.924 5337


coefficients


(constant) 61.794 0.945 65.413 0.000

Log(FLEX right/

average wage)

-0.259 0.028 -0.268 -9.189 0.000

Log(Old Age

pension right/

Average wage)

1.652 0.087 1.657 18.906 0.000

Log(Average wage) 1.132 0.216 0.864 5.240 0.000

Dummy_male 1.804 0.044 0.683 41.346 0.000

Log(FLEX right/

average wage)^2

-0.009 0.006 -0.042 -1.459 0.145

Log(Old Age

pension right/

Average wage)^2

0.218 0.008 2.657 27.116 0.000

Log( Average

wage)^2

-0.129 0.012 -1.908 -10.988 0.000

Table 6: Regression analysis with the addition of the squares of the log-variables.

The regression shows that the Log(FLEX right/ Average wage)^2 is not significant, when assuming

that α=0.05. Therefore this variable will be removed out of the regression. With the outcome of the


new regression calculations can be made to find out what the influence is of the log()-variables

together with the squared log()-variables.

2009: Regression analysis – Robustness check


0.681 0.463 0.463 0.723


Regression 2407.412 6 401.235 767.070 0.000

Residual 2788.513 5331 0.523

Total 5195.924 5337


coefficients


(constant) 61.722 0.944 65.418 0.000

Log(FLEX right/

average wage)

-0.221 0.010 -0.228 -22.106 0.000

Log(Old Age

pension right/

Average wage)

1.640 0.087 1.646 18.850 0.000

Log(Average wage) 1.142 0.216 0.871 5.289 0.000

Dummy_male 1.797 0.043 0.680 41.413 0.000

Log(Old Age

pension right/

Average wage)^2

0.217 0.008 2.644 27.089 0.000

Log( Average

wage)^2

-0.130 0.012 -1.913 -11.016 0.000

Table 7:Second regression with addition of the log-square variables.

This regression shows for the variable Log(FLEX right/ Average wage) a negative linear relation

with the (early) retirement age of -0.221. Concerning the average wage a linear as well as quadratic

relation is found. The linear relation is positive (1.142) and the quadratic is negative (-0.130). The

total impact of this variable can be measured by filling in the numbers in the formula below. Based

on Graph 11 it can be concluded, with the outcome out of the formula below, if the top of the

parabolic is on the right or on the left hand side of the curve .


The outcome of the formula above is equal to 4.93 for the variable Log(Average wage). In addition

to this, graph 11 shows that the Log(Average wage) has a distribution in between, roughly, six and

twelve. This means that the variable Average wage is negatively related. In Appendix J a parabolic

is drawn, in the top figure, to show the relation of the Average wage. The number 4.93 is inserted

as the top of the parabolic and the spread of the variable has been added.

For the variable Old Age pension right the same calculation can be done to find the top of the

parabolic. The outcome of the calculation is equal to -3.78, this means that there is no top of the

parabolic but a sag. Graph 9 shows that the Log(Old Age pension right/ Average wage) has a

spread in between minus ten and minus two. This spread implies that the variable Old Age pension

lies mainly at the left hand side of the parabolic, so the variable is mainly negatively related. The

figure on the bottom of Appendix J represents the parabolic for the variable Old Age pension right.

The figure includes th

e sag of the parabolic and the spread of the variable.

Based on the parabola’s that have been drawn, for the variables Average wage and Old Age pension

right, some conclusions can be made. In these conclusions the values are the values that are taken in

the data analysis. For the Log(Average wage) it holds that the higher the value for Log(Average

wage) gets the stronger the effect on the (early) retirement age is. This means that the (early)

retirement age will decrease more heavily, when the variable for Average wage becomes higher.

For the Old Age pension right it holds that when the value of the variable decreases the effect on

the (early) retirement age becomes stronger. The found relations for the Log(Average wage) and the

Log(Old Age pension right/ Average wage) can be checked in the original regression. According to

the robustness check and the figures in Appendix J the variables are both negatively related. In the

regression analysis in Table 4 the Beta for Log(Average wage) is equal to -0.807 and the Beta for

Log(Old Age pension right/ Average wage) is equal to -0.686. These figures confirm the found

negative relation in the parabola’s.


In the table on the next page the regression will be divided concerning gender, to study how the

factors influence males and females differently.


2009: Regression analysis – Robustness check – Females


0.767 0.588 0.587 0.612


Regression 2368.074 5 473.615 1264.089 0.000

Residual 1662.406 4437 0.375

Total 4030.480 4442


coefficients


(constant) 56.134 0.976 57.522 0.000

Log(FLEX right/

average wage)

-0.189 0.009 -0.201 -20.181 0.000

Log(Old Age pension

right/ Average wage)

2.525 0.084 2.636 30.153 0.000

Log(Average wage) 3.121 0.232 2.242 13.463 0.000

Log(Old Age pension

right/ Average wage)^2

0.303 0.008 3.827 39.062 0.000

Log(Average wage)^2 -0.253 0.013 -3.437 -19.665 0.000

2009: Regression analysis – Robustness check – Males


0.432 0.186 0.182 1.016


Regression 209.985 5 41.997 40.683 0.000

Residual 917.703 889 1.032

Total 1127.687 894


coefficients


(constant) 57.593 4.041 14.252 0.000

Log(FLEX right/

average wage)

-0.309 0.033 -0.285 -9.272 0.000

Log(Old Age pension

right/ Average wage)

-0.683 0.399 -0.574 -1.712 0.087

Log(Average wage) 0.197 0.949 0.127 0.208 0.835

Log(Old Age pension

right/ Average wage)^2

-0.013 0.035 -0.133 -0.363 0.717

Log(Average wage)^2 -0.033 0.049 -0.427 -0.669 0.503

Table 8: Regression analysis for robustness check split into males and females.


The figures show that the males follow the negative relation of the Old Age pension right that was

found in the regression in the previous section. The females however still have a positive relation

between the Old Age pension right and the (early) retirement age. This is a problem, since about

eighty percent of the participants is female. However, no explanation can be found in the data set

for the negative relation that turns positive. So this is the negative remark that can be made based

on the robustness check.

However an important remark can be made based on the figures in Table 8. It turns out that the only

variable that is of significance for males is the FLEX pension right. In contrary to women since for

them all remaining variables are of significance. This is an important finding in the data analysis.

4.3 Conclusions

Based on the data analysis in the previous sections there are five factors that appeared to be of

importance in the determination of the (early) retirement age at PFZW.

Concerning the work circumstances the variable Part-time factor was tested in the model.

The regression analysis showed that the factor was not of importance in the model.

However the remark that needs to be made is that the factors for the FLEX pension right,

Old Age pension right and Average wage all have the part-time factor in the calculation of

the factor. This means that the Part-time factor is in the model, but the variable is not of

significance in addition to being included in the other factors.

The status of the participant was taken into account in the data set, however before the start

of the regression analysis the data was split into active and inactive participants. The split of

the data set showed a significant difference, which could be explained by different

regulation regarding retirement for inactive participants. Therefore it was decided to

perform the regression analysis solely on active participants.

To test the family circumstances the variable Marital Status was added in the regression

analysis. The Marital Status was transformed into dummy variables and tested. However the

test turned out that the Marital Status did not add significantly to the model. The joint

significance has also been tested and confirmed the fact that Marital Status did not have a

significant value in the model.


The financial incentives appeared to be of significance since the factors: Log(FLEX right/

average wage), Log(Old Age pension right/ average wage) and Log( Average wage) did all

have a significant value in the model. The FLEX right turned out to be of significant

importance for men, and all of the financial incentives were significant for women.

The previous conclusion shows that a significant relation was found in the model regarding

gender.

When adding the squared log() variables to the model it turned out that the squared log()

variable was not of importance for the FLEX right. The Old Age pension right turned out to

have a positive relation and the Average wage had a negative relation.

So it can be concluded that five variables were found that appeared to add significantly to the

model. In Chapter 3 research already showed that these variables were significant in previous

studies. This means that it can be concluded, based on literature research and data analysis, that

the five variables are very important. These five variables will function as a solid foundation to

calculate the expected retirement age for PFZW in the next chapter.


Chapter 5: (early) retirement age at PFZW

In Chapter 5 the calculation for the expected (early) retirement age at PFZW is performed. This

means that in Section 5.1 the calculation that was performed in 2008 will be explained first.

Following Section 5.1, in Section 5.2.1 a short literature research will be done on the specifics of

the calculation of the expected retirement age. Then in Section 5.2.2 the new calculation of the

expected (early) retirement age will be done. This calculation will be based on the literature

research of Section 5.2.1, but especially on the literature research of Chapter 3 and the data analysis

that was performed in Chapter 4. The factors that were found to be of significance based on Chapter

3 and Chapter 4 will be taken into account in the new calculation of the expected (early) retirement

age in Section 5.2.2.

5.1 Description of previous research regarding the age of (early) retirement at

PFZW

In this section the calculation of the possible adjustment of the expected (early) retirement age in

the research project GO2008 will be explained. In this project, research was done on the probability

that an individual retires (early), and thus uses an early exit into retirement. Early exit into

retirement can be done with the use of the FLEX –pension arrangement or with the advanced use of

the Old-Age pension arrangement.

GO2008

In 2008, when this research project on the expected retirement ages was going on, there were

changes in the pension plan that influenced the expected retirement age. The first change was that

participants who were born after the first of January 1950, or entered the program after December

31st 2005, were not able to build up any FLEX pension rights anymore. The other amendment to

the retirement opportunities was that the VUT/OBU, was only available for participants born before

January 1, 1949.

Until 2008 the assumption was made that every participant would exit the labor force at age 60.

This assumption was made since then the VUT/OBU arrangement would allow them. However,


due to the amendments this assumption was not possible anymore from 2008 on. Therefore new

assumptions were made, which will be explained below. These assumptions are the ones that were

made by the board of PGGM, which means that they do not completely follow the advice that was

given based on the GO2008.

- For the period 2006-2008 it was assumed that all participants would retire with the

VUT/OBU-arrangement or would otherwise continue to work until the age of 65.

- In the year of 2009 the FLEX pension would start to be the most important exit into

retirement. Since entrance into retirement with the FLEX arrangement was new, no data on

this pension was available. Because of this, the prognosis on the retirement age was made

based on a forecast, which can be found in Table 9. This forecast contained a prediction on

the probabilities of retirement. For 2009 it was concluded that the average age of retirement

for males and females was equal to 61 years.

Table 9: Per year (jaar) the probability that an individual will retire. When calculating the average retirement

age this is equal to 60.88 years.

- From the year of 2021 on it is assumed that men retire at the age of 62 and women at the

age of 61. These ages are also given with the forecast in mind, which results in a relatively

early retirement age.

- The period from 2010 until 2020 was seen as a transition period. In this period the

probabilities of retirement were calculated by use of linear interpolation, with the use of the

retirement age for 2009 and 2021.

Voorlopige aanname verdeling FLEX

55 jaar 3%

56 jaar 3%

57 jaar 3%

58 jaar 5%

59 jaar 3%

60 jaar 20%

61 jaar 17%

62 jaar 25%

63 jaar 15%

64 jaar 5%

65 jaar 1%

100%


Table 9 translates the decisions that were made by the board of PGGM, for the years 2006 until

2021, into numbers that give the probability of retirement per specific age. The percentages in

the table are results of a combination of the guidelines that were decided by the board, which

are summarized above, and the data available at PGGM.

5.2 Research on the new age of (early) retirement at PFZW

5.2.1 Literature research on the age of (early) retirement

According to van Nimwegen and Heering (2009) the elderly as a percentage of the labor force will

increase during the coming fifteen years, this effect can be seen in Graph 12. The article finds that

the participation of the elderly in the labor force will increase. The increase will especially occur in

the age group of the 55-64 year olds. In the year 2000 the percentage of the elderly that was

working was lower than 10 percent, which can be seen in Graph 12. It is expected that this rate will

increase to 20 percent in 2025.

Graph 12: representation of the young (line) and the old (dotted line) as a percentage of the labor force8.

The strong increase in the old age rate can be seen as a confirmation that the (early) retirement age

will also increase strongly. The article of Euwals, Van Vuuren and Wolthof (2006) confirms this

fact. In this article it is stated that it became financially more attractive to work longer. This

financial attractiveness is due to the revisions in the pension arrangements.

8 Nimwegen, N., van, Heering, L. (2009). Werkverband periodieke rapportage bevolkingsvraagstukken,

bevolkingsvraagstukken in Nederland anno 2009. Van Groei naar krimp. Een demografische omslag in beeld.


The health care sector in the article from Van Nimwegen and Heering (2009) is an important

subject. The focus in this article is on participation in the health care and personal services. The

health care sector is a sector in which it is difficult to have an international labor market, because of

the native language that the employees need to speak. This means that the employees mainly need

to be searched for in the home country. So with an increase in the demand for health care, labor

immigration is not a fulfilling solution. In addition to this the inflow of young employees is

decreasing, which makes the solution to the problem of employment in the health care sector even

more difficult. This will make the policy option of rewarding employees an opportunity to make

work in the health care sector more attractive, according to van Nimwegen and Heering (2009).

When the pension plan will be adjusted to a higher retirement age, as it is currently discussed in

Dutch politics, the (early) retirement age will also be influenced. This is because an increase in the

AOW retirement age, will make it less attractive to retire and will probably lead to an increase in

the participation rate of the elderly age groups. Within pension fund PFZW it is assumed that when

the retirement age will increase, the (early) retirement age will increase with the same amount of

years. However according to research from CPB, an increase in the AOW age of two years will

make employees decide to postpone their retirement for only one year (Nimwegen, 2009).

Therefore it is advisable to study this subject intensively when the adjustment in the retirement age

is implemented. This subject will not be further researched in this thesis.

5.2.2 Data-analysis: on the age of (early) retirement at PFZW

Research on the (early) retirement age at PFZW is performed intensively every three years. The

intensive research for GO2011 will be performed this year and will be explained in this section.

The difference with GO2008 is that the VUT/OBU is only left as an exit route for a limited amount

of participants. The number of people is that small that it is negligible for the calculations of the

expected (early) retirement age. So it can be concluded that the primary opportunity for employees

to retire early is by use of the FLEX arrangement and by an advanced use of the Old Age pension.

Therefore, the calculations in the data-analysis will be based on the FLEX pension and the early use

of the Old Age pension.

At PFZW there are two important factors that are taken into account when calculating the expected

retirement age: the year of birth and gender. A model has been set up, with the use of these factors,


to calculate the expected retirement age for the coming years. Now a brief description of this model

will be given. The exact formulas and calculations are available upon request.

To start off, the focus will be on the option to use FLEX-right. The FLEX-right is the amount of

money that is saved to go into (early) retirement. The average net FLEX-rights, per year of birth

and gender, will be calculated first. This calculation is done by dividing the net FLEX-right by the

amount of individuals that have built up FLEX-rights. The result of the calculations can be found in

appendix C.

An individual has the option to forward or postpone his or her retirement. For the individuals who

use this option PFZW has factors9 that can be used to calculate the retirement income that he or she

will receive in a particular situation. With the use of these factors, which are actuarially fair, the

retirement income for males and females for specific years of birth can be calculated. These

calculations can be found in appendix D for males and in appendix E for females. So it can be

concluded that the table contains the retirement income that an individual can expect when retiring

early, at age 65 or when he or she decides to postpone retirement.

For an individual the AOW retirement income at age 65 is equal to on average, seventy percent of

the net minimum wage10

. It is an average since the exact number depends on the situation of the

individual. When an individual has a high wage, the seventy percent of net minimum wage will not

come close to seventy percent of his own wage. However this person will add to the AOW with the

pension that has been build up at the occupational pension scheme. This means that individuals are

likely to use the seventy percent as a reference point. Therefore this might be a possibility to use

this percentage as a guideline and minimum for the calculation of the needed pension payment at

early retirement. Calculation of the percentage, of pension income subject to the wage at retirement,

in previous years shows an average of 78 percent. However this percentage is biased due to the fact

that the VUT/OBU arrangement is still in it. Adding to this, at PFZW it turns out that this guideline

holds more strongly for men than for women. For 2009 and the first quarter of 2010 the exact

numbers for males and females can be calculated with the available data at PFZW. The table below

shows the percentage of the net average wage that males and females have at the moment that they

enter into (early) retirement. However these numbers differ immensely with the 78 percent due to

9 PGGM (2009). “ Statuten en reglementen 2009”, page 98.

10 http://www.svb.nl/int/nl/aow/hoogte_aow/hoeveel_aow_later/. Consulted at June 3rd 2010.

http://www.svb.nl/int/nl/aow/hoogte_aow/hoeveel_aow_later/


the fact that in the 78 percent the VUT/OBU was included and on the other hand, without this

arrangement individuals have the opportunity to retire at an even earlier age.

Year Gender % into (early) retirement

2009 Male 57% Female 43%

2010 Male 54%

Female 38%

Table 10: Percentage of net average wage for females and males when the enter into (early) retirement in 2009 and the

first quarter of 2010.

There is an important remark that needs to be made when looking at table 10. This table gives a

biased view, since this includes the individuals that retired in the last years and did not use the

VUT/OBU. This means that these retirees are relatively young and will therefore not have a high

percentage. Based on the figures and the remark, PGGM decided to set the percentages in the

calculations for the (early) retirement age for males at seventy percent and for females at fifty

percent. The difference in percentage in Table 10 between men and women is quite large. It is

therefore chosen to also implement this difference in the calculation of the expected early

retirement ages.

Before implementing this knowledge into the research some base calculations on the labor income

need to be done. In Appendix B the average net FLEX rights are found for each year of birth. These

FLEX rights are implemented in the top row of the sheets in Appendix C and D, just like the Old

Age pension rights. On the vertical axes the factors are inserted that determine the pay out of the

pension income in specific retiring years. With the pension rights in the top row and the

multiplication factors on the vertical axes the whole sheets in Appendix C and D can be filled in

with the to-be-received pension rights in specific years. In these sheets it can be found what value

of pension right an individual, out of a specific year of birth, will receive when retiring at a specific

age.

In appendix E and F, the average income of males and females can be found for each year of birth.

Based on the percentages that were set by PGGM the average income is multiplied by seventy

percent, for men, and fifty percent, for women. To be able to see the difference the option of thirty

percent is also calculated. The numbers, for the thirthy, fifty and seventy percent, are implemented


in the table in appendix B and in appendix C, by making the boxes red when the seventy percent

minimum is reached, green at fifty percent and blue at thirty percent. The colored boxes represent

an important indication for the retirement expectation, assuming that people work until they have

reached the seventy and fifty percent of the net average wage for their retirement income.

For the years that have passed, indexation has been included in the figures that are given. Pensions

are fully indexed. For the years that are still to come the assumption is made that price indexation is

equal to wage indexation.

With the help of the boxes retirement ages can be found for each year of birth, for females as well

as males. However in the first years, from 1945 until 1948, individuals mainly retired with the VUT

as their exit into retirement. When the entry into VUT/OBU is taken into account the entry into

early retirement will be according to the graphs below.

Grap13&14: Representation of the (early) retirement ages of males and females, for the years of birth 1945-1990.

The beginning of the graph shows a fall which can be attributed to the VUT/OBU arrangement,

which is not researched in this thesis, therefore the first four years will not be taken into account in

the calculations. The number of individuals that is left in the group of participants that will use

VUT/OBU as an exit into retirement is that small that it is negligible. The exemption of the years

1945 until 1948 out of the graphs gives the new graphs below.

57,00

59,00

61,00

63,00

65,00

1945 1950 1955 1960 1965 1970 1975 1980 1985 1990

(early) retirement age- male

(early) retirement age 2011 (early) retirement age 2008

57,00

59,00

61,00

63,00

65,00

1945 1950 1955 1960 1965 1970 1975 1980 1985 1990

(early) retirement age - female



Grap 15&16: Representation of the (early) retirement age of males and females, for the years of birth 1949-1990.

With the numbers found, a model has been set up for PFZW on which it can base the (early)

retirement age. In the graph it can be noticed that within a period of forty years the (early)

retirement age will increase with on average 2.5 till 3 years. This increase is, compared to previous

years, very big. The decision of the board of PFZW based on GO2008 is represented in the graphs

with the dashed lines. The difference in the two researches is fairly large, especially for women

since the decision of the board in 2008 made clear that they do not expect an increase.

Based on the literature research in the previous section and the calculations in this section it can be

concluded that an increase in (early) retirement age is representative for the future. So it is clear out

of these two researches that an increase will occur, but the size of this increase is debatable. The set

up in this section, with the 70 percent for males and 50 percent for females, is plausible however it

can be argued if this is the best fit with reality. It may be an option to adjust the percentages and

thus the prospects based on new or extra information.

5.2.3 Conclusion on the literature research and the calculation on GO2011.

In this paragraph a brief summary of GO2011 will be given with average (early) retirement ages

given for the coming years. In this summary a comparison will be made with GO2008, in which the

VUT/OBU is still taken into account, to be able to see the difference. This also because in GO2011

the new approach with the 50 percent/70 percent- assumption is used.

57,00

59,00

61,00

63,00

65,00

1949 1954 1959 1964 1969 1974 1979 1984 1989

(early) retirement age- male


57,00

59,00

61,00

63,00

65,00

1949 1954 1959 1964 1969 1974 1979 1984 1989

(early) retirement age - female



The analysis shows for GO2011 for males that the retirement age is in 2010 equal to 61.33

and for females 60.92. These numbers are on average in accordance with GO2008 which

states that the retirement age is equal to 61.

The analysis in GO2011 shows that the (early) retirement age increases rapidly. This is not

the case in GO2008 which states that the (early) retirement age increases in ten years, until

2021, towards 62 for men and stays at 61 for women. In GO2011 the numbers show an

increase towards 62 over a three year period for men as well as women, which indicates that

in 2013 the (early) retirement age is equal to 62. So in GO2011 a rapid increase is projected

in the coming years.

Until 2023, in GO2011, the (early) retirement age for men increased to 63. In contrary, for

women the retirement age increases a lot less rapid, they do not reach the average (early)

retirement age of 63 until 2036. The prediction in GO2008 does not continue after the year

2021, which means that no further predictions are known and no further comparisons can be

made.

The increase of the (early) retirement age of men increases that rapidly that in 2037 the age

of 64 is reached. The number for females at that moment just passed 63.This is how far the

current information reaches and is also still relatively valid to use and to do projections

with.


Chapter 6: Conclusion

6.1 Conclusion

The questions that were set up at the beginning of this chapter and which needed to be answered

were: “When do employees in the sector health care and welfare retire? And what factors influence

this retirement age?”. In this research these questions have been answered and will now be briefly

summarized.

Literature research shows that especially financial incentives are important determinants of

retirement. The literature states that financial incentives appear to be more important to men

than to women. The data analysis, based on the participants at PFZW, confirms this

statement. Financial incentives in total, turn out to be very important in the determination of

the retirement decision specifically for men, but as well for women. The FLEX pension

right is especially of importance to men, women find all financial incentives important. This

means that for women the FLEX pension right, but as well Old Age pension right and the

Average wage are of importance.

Family circumstances matter in the retirement decision in the sense that it matters if the

person is male or female. However the tested variable, marital status, appeared not to be

significant in the model. The literature research showed that men and women can influence

the retirement decision of the spouse. Data analysis shows that this does not depend on the

Marital Status, additional information, for instance on the income of the spouse, would be

needed to research this topic. Gender was of significant importance in the data analysis, for

this relation there was already a lot of evidence found in the literature research in Chapter 3.

For the work circumstances there was little information available. The status of the

participant turned out to be relevant in the retirement decision. The remark that needs to be

made on the significance of the Status of the participant is that this can be attributed to the

regulation of PFZW. The regulation strongly influences the individual to retire at age 60

when he or she is not actively participating.

Based on the literature research on the work circumstances the Part-time factor was also

included in the data analysis. The Part-time factor turned out not to be of significance as a

separate variable in the model. However when the variables for the FLEX pension right, Old

Age pension right and wage were inserted in the data analysis they were all divided or


multiplied by the Part-time factor. This was done to omit biases in the model. This means

that the Part-time factor was inserted in the regression analysis in several factors. So the

fact that the Part-time factor is not of significance separately does not mean that it is not of

significance at all because it is included in three other significant variables in the model.

The conclusion that can be made for PFZW based on the research is that the retirement age will

strongly increase towards age 64 within the next forty years. This calculated age could be

calculated more accurately when the financial incentives, gender and status of the individuals

would be taken into account.

The advice towards PFZW that can be given based on this research is that the found factors should

be used in the calculation of the retirement age. Because a calculation for al individuals separately

would be very time consuming my advice is to make a deviation into income- and pension right –

classes. With these classes, the gender and status included, the next research will be more accurate

and will give a more precise value! Especially since the differences in values turn out to influence


6.2 Recommendations for further research

As was already stated in the previous section, the recommendation towards PFZW is made

that the expected (early) retirement age should be calculated with the use of the five factors

that were found to be of significance.

Besides this the research could be expanded to a regression done on more years than only

2009. By making more regressions the conclusion of the research could be stated more

strongly and could be more precise.

Lastly the variables that are researched in the regression could be expanded if the

participants would be asked personal information. However this information is not available

at PFZW and this would need a completely other approach and would therefore give a

different set up compared to this thesis.


Articles and references:

Belloni, M., Alessie, R. (2009). The importance of financial incentives on retirement choices:

New evidence for Italy. Labour economics, 16(5) 578-588.

Donner, J., Klijnsma, J. (2009). Wetsvoorstel tot wijziging van de algemene ouderdomswet,

de wet inkomstenbelasting 2001 en de wet op de loonbelasting 1964 i.v.m. de

verhoging van de leeftijd waarop recht op ouderdomspensioen ontstaat. Retrieved

May 3, 2010 from http://docs.minszw.nl/pdf/34/2009/34_2009_3_13632.pdf.

Euwals, R., Trevisan, E. (2010). “ Early retirement and financial incentives: differences

between high and low wage earners”. Forthcoming.

Euwals, R., Vuuren, D., van, Wolthoff, R., (2006). Early retirement behaviour in the

Netherlands, evidence from a policy reform. CPB discussion paper 52.

Henkens, K., Kalmijn, M., (2006). Labor market exits of older men in the Netherlands: an

analysis of survey data 1979-99. In: Blossfeld, H.P., Buchholz, S., Hofacker, D.

(eds.), Globalization, uncertainty and late careers in society. London, New York:

Routledge, page 79-99.

Henkens, K., Dalen, H.P., van, Solinge, H., van, (2009). De vervagende grens tussen werk en

pensioen: over doorwerkers, doorstarters en herintreders. NIDI, KNAW Press, rapport

no. 78.

Heijdra, B.J., Romp, W.E., (2009). Retirement, pensions and ageing. Journal of public

economics, volume 93, issues 3-4, pages 586-604.

Heyma, A. (2004). A structural dynamic analysis of retirement behavior in the Netherlands.

Journal of applied econometrics, volume 19, pages 739-759.

Kerkhofs, M., M. Lindeboom, and J. Theeuwes, (1999). Retirement, Financial Incentives and

Health. Labour Economics, volume 6, 1999, pages 203-227.

Kohli, M., Rein, M., (1991). The changing balance of work and retirement. In: M. Kohli, M.

Rein, A. Guillemard and H. v. Gunsteren (eds.). Time for Retirement, Cambridge

University Press, pages 1-35.

Lumsdaine, R., Mitchell, O. (1999). New development in the economic analysis of

retirement. In; Ashenfelter, O., Card, D. (eds.). Handbook of Labour Economics,

volume 3, pages 3261-3307.

http://docs.minszw.nl/pdf/34/2009/34_2009_3_13632.pdf


Nimwegen, N. van, Heering, L., (2009). Bevolkingsvraagstukken in Nederland anno 2009.

Van groei naar krimp; een demografische omslag in beleid. Werkverband periodieke

rapportage bevolkingsvraagstukken (WPRB). NIDI rapport nr. 80.

Oorschot, W., Jensen, P.H. (2009). Early retirement differences between Denmark and the

Netherlands: A cross-national comparison of push and pull factors in two small

European welfare states. Journal of Aging Studies, volume 23(4), pages 267-278.

PFZW (2008). “ De ontwikkeling van de pensioenregeling en de financiering van het

pensioenfonds voor de sector zorg en welzijn tot en met 2007”. Pensioenfonds Zorg

&Welzijn, pages 64-68.

PFZW (2009). Jaarverslag 2009. Pensioenfonds Zorg & Welzijn, pages 91-95.

PGGM(2010). Betaalbaar, goed pensioen niet zonder risico. Bram@PGGM, volume 11.

PFZW (2009). Statuten en reglementen 2009. Pensioenfonds Zorg & Welzijn, page 98.

Solinge, H. van, Henkens, K., Dalen, H.P., van (2009). Do retirement plans come true?

Demos, bulletin on population and society, volume 25 (special issue), pages 7-9.

Vuren, A., van., Vuuren, D., van, Euwals, R., (2009). The decline of substitute pathways into

retirement. CPB Discussion Paper, forthcoming.

Welten Opleidingen & Ontwikkeling BV (2008). Succes verzekerd. Examentraining Wft

Verzekeren Leven.


Appendix A -- Pensions

Partner pension

The partner pension is financed for fifty percent out of capital-coverage and for the other fifty

percent out of risk-coverage. The partner pension of the active participant is equal to 1.25 percent

of the pension base, per year. When the employee dies before the age of 65 it is assumed that the

company, which the employee worked for, will continue at least until the employee would have

reached the age of 65. So that the spouse who is left behind does not have to worry about his or her

financial position.

Orphan pension

When an active employee or retiree has died, the children that he or she has left behind have, until

the age of 21, the right to receive an orphan pension. The orphan pension is equal to 0.25 percent of

the pension base, per year. The old arrangement, the NCP calculates the pension base differently

than nowadays in the NFP. In the old arrangement the pension base is calculated subtracting the

middle-wage franchise from the salary. In the NFP the contribution is raised on the pension base,

which is equal to the salary of the employee minus the franchise.

The orphan pension works just like the partner pension: when the employee dies before the age of

65 it is assumed that the company will continue at least until the employee would have reached the

age of 65.

Disability pension

In the disability pension it is made sure that the individual receives a pension worth in total on

average 70 percent of the gross last received salary. This pension acts as an insurance to guarantee

the individual with a certain minimal standard of living.


Appendix B – Average net FLEX right

Average net FLEX-right for males and females.


Appendix C – Male rights

Table with forward and postpone factors on the vertical axes, the year of birth and average pension right on the horizontal axes.

The blue boxes represent the 30% of income for that year of birth, the green boxes 50% income and the red boxes 70%.

mannen nog op te bouwen 2,101530514 9,173267154 20,85420377 26,62972473 18,46694783 586,8701614 691,7027143 758,6730575 860,0218677 940,2688421 1203,603116 1280,260221 1320,674732 1402,962134 1484,251832 1521,335484 1562,22572

FLEX 13891,88039 15041,37707 17113,97863 20478,97461 22942,20411 20202,45196 16975,49644 15824,33526 15175,73655 14673,25353 13909,09388 13038,46643 12028,61065 11204,47937 10604,17985 9815,813975 9111,636761

opgebouwd 17,59378154 31,45011511 55,90133632 56,75133896 28,0697539 796,6676725 767,8928396 717,2231474 692,1479963 667,0633569 471,1512204 445,0069127 416,2474517 422,6801553 427,9312495 409,5523682 407,0256116

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961

13911,5757 15082,00045 17190,73417 20562,35568 22988,74081 21585,9898 18435,09199 17300,23146 16727,90641 16280,58573 15583,84821 14763,73356 13765,53283 13030,12166 12516,36293 11746,70183 11080,88809

55 45,71% 6.358,63€ 6.893,60€ 7.857,45€ 9.398,53€ 10.507,57€ 9.866,41€ 8.426,22€ 7.907,50€ 7.645,90€ 7.441,45€ 7.122,98€ 6.748,13€ 6.291,88€ 5.955,74€ 5.720,91€ 5.369,12€ 5.064,79€

55 1/12 46,17% 6.422,56€ 6.962,92€ 7.936,46€ 9.493,03€ 10.613,22€ 9.965,62€ 8.510,94€ 7.987,01€ 7.722,78€ 7.516,27€ 7.194,60€ 6.815,98€ 6.355,14€ 6.015,62€ 5.778,44€ 5.423,11€ 5.115,72€

55 2/12 46,63% 6.487,43€ 7.033,24€ 8.016,62€ 9.588,92€ 10.720,42€ 10.066,27€ 8.596,90€ 8.067,68€ 7.800,78€ 7.592,18€ 7.267,27€ 6.884,82€ 6.419,33€ 6.076,38€ 5.836,80€ 5.477,88€ 5.167,39€

55 3/12 47,11% 6.553,26€ 7.104,60€ 8.097,96€ 9.686,21€ 10.829,19€ 10.168,41€ 8.684,13€ 8.149,54€ 7.879,93€ 7.669,22€ 7.341,01€ 6.954,68€ 6.484,46€ 6.138,04€ 5.896,02€ 5.533,46€ 5.219,82€

55 4/12 47,59% 6.620,06€ 7.177,03€ 8.180,50€ 9.784,95€ 10.939,58€ 10.272,06€ 8.772,65€ 8.232,61€ 7.960,26€ 7.747,39€ 7.415,84€ 7.025,57€ 6.550,56€ 6.200,60€ 5.956,12€ 5.589,87€ 5.273,03€

55 5/12 48,07% 6.687,86€ 7.250,53€ 8.264,28€ 9.885,16€ 11.051,62€ 10.377,26€ 8.862,50€ 8.316,92€ 8.041,78€ 7.826,74€ 7.491,79€ 7.097,53€ 6.617,65€ 6.264,11€ 6.017,12€ 5.647,12€ 5.327,03€

55 6/12 48,57% 6.756,68€ 7.325,14€ 8.349,33€ 9.986,88€ 11.165,34€ 10.484,05€ 8.953,69€ 8.402,51€ 8.124,54€ 7.907,28€ 7.568,88€ 7.170,56€ 6.685,75€ 6.328,57€ 6.079,04€ 5.705,23€ 5.381,85€

55 7/12 49,07% 6.826,54€ 7.400,88€ 8.435,66€ 10.090,14€ 11.280,80€ 10.592,45€ 9.046,28€ 8.489,39€ 8.208,54€ 7.989,04€ 7.647,14€ 7.244,71€ 6.754,88€ 6.394,01€ 6.141,90€ 5.764,22€ 5.437,50€

55 8/12 49,58% 6.897,48€ 7.477,78€ 8.523,31€ 10.194,99€ 11.398,01€ 10.702,52€ 9.140,27€ 8.577,60€ 8.293,84€ 8.072,05€ 7.726,60€ 7.319,98€ 6.825,07€ 6.460,44€ 6.205,72€ 5.824,11€ 5.494,00€

55 9/12 50,10% 6.969,50€ 7.555,87€ 8.612,31€ 10.301,45€ 11.517,03€ 10.814,27€ 9.235,72€ 8.667,17€ 8.380,44€ 8.156,34€ 7.807,29€ 7.396,42€ 6.896,34€ 6.527,91€ 6.270,52€ 5.884,93€ 5.551,37€

55 10/12 50,62% 7.042,65€ 7.635,17€ 8.702,70€ 10.409,56€ 11.637,90€ 10.927,77€ 9.332,65€ 8.758,13€ 8.468,39€ 8.241,94€ 7.889,22€ 7.474,05€ 6.968,71€ 6.596,42€ 6.336,33€ 5.946,69€ 5.609,63€

55 11/12 51,16% 7.116,93€ 7.715,70€ 8.794,50€ 10.519,36€ 11.760,66€ 11.043,04€ 9.431,09€ 8.850,51€ 8.557,72€ 8.328,88€ 7.972,44€ 7.552,88€ 7.042,22€ 6.666,00€ 6.403,17€ 6.009,42€ 5.668,80€

56 51,70% 7.192,39€ 7.797,51€ 8.887,75€ 10.630,90€ 11.885,36€ 11.160,13€ 9.531,09€ 8.944,36€ 8.648,46€ 8.417,19€ 8.056,97€ 7.632,97€ 7.116,89€ 6.736,68€ 6.471,06€ 6.073,14€ 5.728,91€

56 1/12 52,27% 7.271,64€ 7.883,43€ 8.985,67€ 10.748,03€ 12.016,31€ 11.283,09€ 9.636,10€ 9.042,91€ 8.743,75€ 8.509,93€ 8.145,74€ 7.717,07€ 7.195,30€ 6.810,90€ 6.542,36€ 6.140,05€ 5.792,03€

56 2/12 52,85% 7.352,20€ 7.970,76€ 9.085,21€ 10.867,10€ 12.149,43€ 11.408,08€ 9.742,85€ 9.143,08€ 8.840,61€ 8.604,20€ 8.235,98€ 7.802,56€ 7.275,01€ 6.886,35€ 6.614,83€ 6.208,07€ 5.856,19€

56 3/12 53,44% 7.434,09€ 8.059,55€ 9.186,41€ 10.988,15€ 12.284,76€ 11.535,16€ 9.851,38€ 9.244,93€ 8.939,09€ 8.700,05€ 8.327,72€ 7.889,47€ 7.356,05€ 6.963,06€ 6.688,52€ 6.277,22€ 5.921,42€

56 4/12 54,04% 7.517,37€ 8.149,82€ 9.289,32€ 11.111,23€ 12.422,37€ 11.664,37€ 9.961,73€ 9.348,49€ 9.039,22€ 8.797,50€ 8.421,01€ 7.977,84€ 7.438,45€ 7.041,06€ 6.763,44€ 6.347,54€ 5.987,75€

56 5/12 54,65% 7.602,05€ 8.241,63€ 9.393,96€ 11.236,40€ 12.562,31€ 11.795,77€ 10.073,95€ 9.453,80€ 9.141,05€ 8.896,61€ 8.515,87€ 8.067,71€ 7.522,24€ 7.120,37€ 6.839,63€ 6.419,04€ 6.055,21€

56 6/12 55,26% 7.688,18€ 8.335,01€ 9.500,39€ 11.363,71€ 12.704,64€ 11.929,41€ 10.188,08€ 9.560,91€ 9.244,61€ 8.997,40€ 8.612,35€ 8.159,12€ 7.607,47€ 7.201,05€ 6.917,12€ 6.491,77€ 6.123,81€

56 7/12 55,89% 7.775,79€ 8.430,00€ 9.608,66€ 11.493,21€ 12.849,42€ 12.065,36€ 10.304,19€ 9.669,86€ 9.349,97€ 9.099,94€ 8.710,50€ 8.252,10€ 7.694,16€ 7.283,11€ 6.995,95€ 6.565,75€ 6.193,60€

56 8/12 56,54% 7.864,93€ 8.526,63€ 9.718,81€ 11.624,96€ 12.996,72€ 12.203,67€ 10.422,31€ 9.780,71€ 9.457,15€ 9.204,25€ 8.810,35€ 8.346,70€ 7.782,37€ 7.366,60€ 7.076,15€ 6.641,02€ 6.264,60€

56 9/12 57,19% 7.955,63€ 8.624,96€ 9.830,89€ 11.759,02€ 13.146,60€ 12.344,41€ 10.542,50€ 9.893,51€ 9.566,21€ 9.310,40€ 8.911,96€ 8.442,96€ 7.872,11€ 7.451,55€ 7.157,75€ 6.717,60€ 6.336,84€

56 10/12 57,85% 8.047,94€ 8.725,04€ 9.944,95€ 11.895,46€ 13.299,14€ 12.487,64€ 10.664,82€ 10.008,30€ 9.677,20€ 9.418,42€ 9.015,36€ 8.540,92€ 7.963,45€ 7.538,01€ 7.240,80€ 6.795,54€ 6.410,37€

56 11/12 58,53% 8.141,89€ 8.826,89€ 10.061,05€ 12.034,32€ 13.454,39€ 12.633,42€ 10.789,32€ 10.125,13€ 9.790,17€ 9.528,38€ 9.120,60€ 8.640,62€ 8.056,42€ 7.626,01€ 7.325,33€ 6.874,88€ 6.485,20€

57 59,21% 8.237,53€ 8.930,58€ 10.179,24€ 12.175,69€ 13.612,44€ 12.781,82€ 10.916,07€ 10.244,08€ 9.905,18€ 9.640,31€ 9.227,74€ 8.742,13€ 8.151,06€ 7.715,59€ 7.411,38€ 6.955,64€ 6.561,38€

57 1/12 59,94% 8.338,24€ 9.039,76€ 10.303,68€ 12.324,54€ 13.778,85€ 12.938,08€ 11.049,51€ 10.369,31€ 10.026,27€ 9.758,16€ 9.340,55€ 8.849,00€ 8.250,70€ 7.809,92€ 7.501,98€ 7.040,67€ 6.641,60€

57 2/12 60,67% 8.440,84€ 9.151,00€ 10.430,47€ 12.476,20€ 13.948,41€ 13.097,29€ 11.185,48€ 10.496,91€ 10.149,65€ 9.878,24€ 9.455,49€ 8.957,89€ 8.352,23€ 7.906,02€ 7.594,30€ 7.127,31€ 6.723,32€

57 3/12 61,43% 8.545,41€ 9.264,36€ 10.559,68€ 12.630,76€ 14.121,20€ 13.259,54€ 11.324,05€ 10.626,94€ 10.275,38€ 10.000,61€ 9.572,63€ 9.068,86€ 8.455,70€ 8.003,96€ 7.688,38€ 7.215,60€ 6.806,61€

57 4/12 62,19% 8.651,99€ 9.379,91€ 10.691,39€ 12.788,29€ 14.297,33€ 13.424,92€ 11.465,29€ 10.759,49€ 10.403,54€ 10.125,34€ 9.692,02€ 9.181,97€ 8.561,16€ 8.103,79€ 7.784,27€ 7.305,60€ 6.891,51€

57 5/12 62,97% 8.760,65€ 9.497,71€ 10.825,66€ 12.948,89€ 14.476,88€ 13.593,51€ 11.609,27€ 10.894,61€ 10.534,20€ 10.252,50€ 9.813,74€ 9.297,28€ 8.668,68€ 8.205,56€ 7.882,03€ 7.397,34€ 6.978,05€

57 6/12 63,77% 8.871,44€ 9.617,82€ 10.962,56€ 13.112,65€ 14.659,96€ 13.765,42€ 11.756,09€ 11.032,39€ 10.667,42€ 10.382,16€ 9.937,85€ 9.414,86€ 8.778,31€ 8.309,33€ 7.981,71€ 7.490,89€ 7.066,30€

57 7/12 64,58% 8.984,43€ 9.740,32€ 11.102,19€ 13.279,66€ 14.846,68€ 13.940,75€ 11.905,82€ 11.172,90€ 10.803,28€ 10.514,39€ 10.064,42€ 9.534,77€ 8.890,11€ 8.415,16€ 8.083,37€ 7.586,30€ 7.156,30€

57 8/12 65,41% 9.099,68€ 9.865,27€ 11.244,61€ 13.450,02€ 15.037,14€ 14.119,59€ 12.058,56€ 11.316,23€ 10.941,87€ 10.649,27€ 10.193,53€ 9.657,09€ 9.004,16€ 8.523,12€ 8.187,06€ 7.683,62€ 7.248,11€

57 9/12 66,26% 9.217,27€ 9.992,75€ 11.389,92€ 13.623,83€ 15.231,46€ 14.302,05€ 12.214,38€ 11.462,47€ 11.083,27€ 10.786,89€ 10.325,26€ 9.781,88€ 9.120,51€ 8.633,26€ 8.292,86€ 7.782,91€ 7.341,77€

57 10/12 67,12% 9.337,27€ 10.122,85€ 11.538,20€ 13.801,19€ 15.429,75€ 14.488,24€ 12.373,40€ 11.611,69€ 11.227,56€ 10.927,32€ 10.459,68€ 9.909,23€ 9.239,25€ 8.745,65€ 8.400,82€ 7.884,24€ 7.437,35€

57 11/12 68,00% 9.459,75€ 10.255,63€ 11.689,55€ 13.982,22€ 15.632,14€ 14.678,28€ 12.535,70€ 11.764,00€ 11.374,83€ 11.070,65€ 10.596,88€ 10.039,21€ 9.360,44€ 8.860,37€ 8.511,02€ 7.987,65€ 7.534,91€

58 68,90% 9.584,78€ 10.391,18€ 11.844,05€ 14.167,03€ 15.838,76€ 14.872,29€ 12.701,39€ 11.919,50€ 11.525,18€ 11.216,98€ 10.736,94€ 10.171,90€ 9.484,16€ 8.977,48€ 8.623,51€ 8.093,23€ 7.634,50€

58 1/12 69,85% 9.716,86€ 10.534,37€ 12.007,27€ 14.362,25€ 16.057,02€ 15.077,23€ 12.876,42€ 12.083,75€ 11.683,99€ 11.371,55€ 10.884,90€ 10.312,07€ 9.614,85€ 9.101,19€ 8.742,34€ 8.204,76€ 7.739,70€

58 2/12 70,82% 9.851,85€ 10.680,72€ 12.174,07€ 14.561,77€ 16.280,08€ 15.286,69€ 13.055,29€ 12.251,61€ 11.846,31€ 11.529,52€ 11.036,11€ 10.455,33€ 9.748,42€ 9.227,62€ 8.863,79€ 8.318,74€ 7.847,22€

58 3/12 71,81% 9.989,84€ 10.830,32€ 12.344,59€ 14.765,73€ 16.508,11€ 15.500,80€ 13.238,16€ 12.423,22€ 12.012,23€ 11.691,01€ 11.190,69€ 10.601,77€ 9.884,97€ 9.356,87€ 8.987,94€ 8.435,25€ 7.957,14€

58 4/12 72,82% 10.130,94€ 10.983,28€ 12.518,94€ 14.974,29€ 16.741,27€ 15.719,74€ 13.425,13€ 12.598,68€ 12.181,90€ 11.856,14€ 11.348,75€ 10.751,51€ 10.024,58€ 9.489,03€ 9.114,89€ 8.554,39€ 8.069,52€

58 5/12 73,86% 10.275,25€ 11.139,74€ 12.697,27€ 15.187,59€ 16.979,74€ 15.943,66€ 13.616,37€ 12.778,15€ 12.355,42€ 12.025,02€ 11.510,41€ 10.904,66€ 10.167,38€ 9.624,19€ 9.244,73€ 8.676,25€ 8.184,47€

58 6/12 74,92% 10.422,88€ 11.299,79€ 12.879,70€ 15.405,80€ 17.223,71€ 16.172,73€ 13.812,01€ 12.961,74€ 12.532,94€ 12.197,80€ 11.675,79€ 11.061,34€ 10.313,46€ 9.762,47€ 9.377,55€ 8.800,91€ 8.302,06€

58 7/12 76,01% 10.573,95€ 11.463,57€ 13.066,39€ 15.629,10€ 17.473,35€ 16.407,15€ 14.012,20€ 13.149,61€ 12.714,60€ 12.374,60€ 11.845,02€ 11.221,66€ 10.462,95€ 9.903,98€ 9.513,48€ 8.928,47€ 8.422,40€

58 8/12 77,12% 10.728,59€ 11.631,22€ 13.257,47€ 15.857,66€ 17.728,89€ 16.647,09€ 14.217,12€ 13.341,91€ 12.900,54€ 12.555,57€ 12.018,24€ 11.385,77€ 10.615,96€ 10.048,81€ 9.652,60€ 9.059,04€ 8.545,57€

58 9/12 78,26% 10.886,91€ 11.802,86€ 13.453,11€ 16.091,67€ 17.990,51€ 16.892,75€ 14.426,92€ 13.538,80€ 13.090,91€ 12.740,85€ 12.195,60€ 11.553,79€ 10.772,62€ 10.197,10€ 9.795,05€ 9.192,73€ 8.671,67€

58 10/12 79,42% 11.049,06€ 11.978,65€ 13.653,48€ 16.331,34€ 18.258,46€ 17.144,34€ 14.641,79€ 13.740,45€ 13.285,88€ 12.930,61€ 12.377,23€ 11.725,87€ 10.933,06€ 10.348,98€ 9.940,93€ 9.329,64€ 8.800,83€

58 11/12 80,62% 11.215,16€ 12.158,73€ 13.858,74€ 16.576,86€ 18.532,95€ 17.402,09€ 14.861,91€ 13.947,01€ 13.485,62€ 13.125,00€ 12.563,31€ 11.902,15€ 11.097,43€ 10.504,56€ 10.090,38€ 9.469,90€ 8.933,14€

59 81,84% 11.385,38€ 12.343,27€ 14.069,08€ 16.828,45€ 18.814,23€ 17.666,20€ 15.087,48€ 14.158,69€ 13.690,30€ 13.324,21€ 12.753,99€ 12.082,80€ 11.265,86€ 10.663,99€ 10.243,52€ 9.613,63€ 9.068,72€

59 1/12 83,14% 11.565,96€ 12.539,04€ 14.292,22€ 17.095,36€ 19.112,64€ 17.946,40€ 15.326,77€ 14.383,26€ 13.907,43€ 13.535,54€ 12.956,27€ 12.274,44€ 11.444,54€ 10.833,13€ 10.405,99€ 9.766,10€ 9.212,55€

59 2/12 84,47% 11.751,27€ 12.739,94€ 14.521,21€ 17.369,26€ 19.418,86€ 18.233,94€ 15.572,34€ 14.613,71€ 14.130,26€ 13.752,40€ 13.163,86€ 12.471,10€ 11.627,91€ 11.006,70€ 10.572,72€ 9.922,58€ 9.360,16€

59 3/12 85,84% 11.941,50€ 12.946,18€ 14.756,28€ 17.650,43€ 19.733,21€ 18.529,11€ 15.824,42€ 14.850,27€ 14.359,00€ 13.975,02€ 13.376,95€ 12.672,98€ 11.816,14€ 11.184,87€ 10.743,87€ 10.083,20€ 9.511,68€

59 4/12 87,24% 12.136,84€ 13.157,96€ 14.997,67€ 17.939,17€ 20.056,01€ 18.832,22€ 16.083,29€ 15.093,20€ 14.593,89€ 14.203,63€ 13.595,78€ 12.880,29€ 12.009,43€ 11.367,84€ 10.919,62€ 10.248,15€ 9.667,27€

59 5/12 88,69% 12.337,52€ 13.375,51€ 15.245,65€ 18.235,78€ 20.387,62€ 19.143,59€ 16.349,21€ 15.342,75€ 14.835,19€ 14.438,48€ 13.820,57€ 13.093,25€ 12.208,00€ 11.555,80€ 11.100,17€ 10.417,59€ 9.827,11€

59 6/12 90,17% 12.543,73€ 13.599,08€ 15.500,47€ 18.540,58€ 20.728,40€ 19.463,57€ 16.622,48€ 15.599,20€ 15.083,15€ 14.679,81€ 14.051,58€ 13.312,10€ 12.412,05€ 11.748,95€ 11.285,70€ 10.591,72€ 9.991,37€

59 7/12 91,69% 12.755,73€ 13.828,91€ 15.762,44€ 18.853,93€ 21.078,72€ 19.792,52€ 16.903,41€ 15.862,84€ 15.338,07€ 14.927,91€ 14.289,06€ 13.537,09€ 12.621,82€ 11.947,51€ 11.476,44€ 10.770,73€ 10.160,23€

59 8/12 93,26% 12.973,76€ 14.065,28€ 16.031,86€ 19.176,19€ 21.439,01€ 20.130,82€ 17.192,33€ 16.133,97€ 15.600,23€ 15.183,07€ 14.533,30€ 13.768,47€ 12.837,56€ 12.151,72€ 11.672,60€ 10.954,82€ 10.333,89€

59 9/12 94,87% 13.198,07€ 14.308,47€ 16.309,05€ 19.507,74€ 21.809,68€ 20.478,87€ 17.489,58€ 16.412,93€ 15.869,96€ 15.445,58€ 14.784,57€ 14.006,52€ 13.059,52€ 12.361,82€ 11.874,42€ 11.144,23€ 10.512,56€

59 10/12 96,53% 13.428,95€ 14.558,77€ 16.594,34€ 19.848,99€ 22.191,20€ 20.837,11€ 17.795,53€ 16.700,04€ 16.147,57€ 15.715,77€ 15.043,20€ 14.251,54€ 13.287,97€ 12.578,07€ 12.082,14€ 11.339,18€ 10.696,46€

59 11/12 98,24% 13.666,68€ 14.816,50€ 16.888,11€ 20.200,38€ 22.584,05€ 21.205,99€ 18.110,56€ 16.995,68€ 16.433,43€ 15.993,98€ 15.309,51€ 14.503,83€ 13.523,21€ 12.800,74€ 12.296,03€ 11.539,91€ 10.885,82€

60 100,00% 13.911,58€ 15.082,00€ 17.190,73€ 20.562,36€ 22.988,74€ 21.585,99€ 18.435,09€ 17.300,23€ 16.727,91€ 16.280,59€ 15.583,85€ 14.763,73€ 13.765,53€ 13.030,12€ 12.516,36€ 11.746,70€ 11.080,89€

60 1/12 101,87% 14.171,63€ 15.363,93€ 17.512,09€ 20.946,73€ 23.418,48€ 21.989,50€ 18.779,71€ 17.623,63€ 17.040,61€ 16.584,92€ 15.875,16€ 15.039,72€ 14.022,86€ 13.273,70€ 12.750,34€ 11.966,29€ 11.288,03€

60 2/12 103,80% 14.440,27€ 15.655,17€ 17.844,05€ 21.343,80€ 23.862,40€ 22.406,34€ 19.135,70€ 17.957,71€ 17.363,63€ 16.899,31€ 16.176,09€ 15.324,81€ 14.288,68€ 13.525,32€ 12.992,03€ 12.193,12€ 11.502,00€

60 3/12 105,80% 14.717,92€ 15.956,18€ 18.187,14€ 21.754,19€ 24.321,21€ 22.837,16€ 19.503,63€ 18.302,99€ 17.697,49€ 17.224,24€ 16.487,12€ 15.619,47€ 14.563,41€ 13.785,37€ 13.241,84€ 12.427,56€ 11.723,16€

60 4/12 107,86% 15.005,03€ 16.267,45€ 18.541,93€ 22.178,56€ 24.795,66€ 23.282,65€ 19.884,09€ 18.660,03€ 18.042,72€ 17.560,24€ 16.808,74€ 15.924,16€ 14.847,50€ 14.054,29€ 13.500,15€ 12.669,99€ 11.951,85€

60 5/12 110,00% 15.302,07€ 16.589,49€ 18.908,99€ 22.617,62€ 25.286,53€ 23.743,57€ 20.277,73€ 19.029,43€ 18.399,90€ 17.907,87€ 17.141,49€ 16.239,41€ 15.141,43€ 14.332,52€ 13.767,41€ 12.920,82€ 12.188,45€

60 6/12 112,21% 15.609,58€ 16.922,86€ 19.288,98€ 23.072,13€ 25.794,67€ 24.220,70€ 20.685,22€ 19.411,84€ 18.769,66€ 18.267,74€ 17.485,96€ 16.565,75€ 15.445,71€ 14.620,53€ 14.044,07€ 13.180,46€ 12.433,38€

60 7/12 114,50% 15.928,08€ 17.268,16€ 19.682,56€ 23.542,90€ 26.321,00€ 24.714,92€ 21.107,29€ 19.807,93€ 19.152,65€ 18.640,48€ 17.842,75€ 16.903,76€ 15.760,87€ 14.918,86€ 14.330,63€ 13.449,41€ 12.687,08€

60 8/12 116,87% 16.258,18€ 17.626,03€ 20.090,47€ 24.030,82€ 26.866,49€ 25.227,12€ 21.544,73€ 20.218,44€ 19.549,57€ 19.026,80€ 18.212,53€ 17.254,08€ 16.087,50€ 15.228,04€ 14.627,62€ 13.728,14€ 12.950,01€

60 9/12 119,33% 16.600,51€ 17.997,16€ 20.513,49€ 24.536,80€ 27.432,17€ 25.758,29€ 21.998,36€ 20.644,15€ 19.961,20€ 19.427,42€ 18.596,01€ 17.617,38€ 16.426,24€ 15.548,68€ 14.935,62€ 14.017,19€ 13.222,68€

60 10/12 121,88% 16.955,74€ 18.382,28€ 20.952,45€ 25.061,85€ 28.019,19€ 26.309,48€ 22.469,10€ 21.085,90€ 20.388,34€ 19.843,14€ 18.993,94€ 17.994,36€ 16.777,74€ 15.881,40€ 15.255,22€ 14.317,14€ 13.505,63€

60 11/12 124,53% 17.324,60€ 18.782,17€ 21.408,25€ 25.607,06€ 28.628,73€ 26.881,83€ 22.957,90€ 21.544,61€ 20.831,88€ 20.274,81€ 19.407,14€ 18.385,82€ 17.142,72€ 16.226,89€ 15.587,09€ 14.628,60€ 13.799,44€

61 127,29% 17.707,88€ 19.197,70€ 21.881,88€ 26.173,57€ 29.262,09€ 27.476,55€ 23.465,81€ 22.021,26€ 21.292,75€ 20.723,36€ 19.836,49€ 18.792,58€ 17.521,98€ 16.585,88€ 15.931,93€ 14.952,23€ 14.104,73€

61 1/12 130,23% 18.117,09€ 19.641,33€ 22.387,54€ 26.778,42€ 29.938,31€ 28.111,50€ 24.008,07€ 22.530,14€ 21.784,80€ 21.202,25€ 20.294,89€ 19.226,85€ 17.926,89€ 16.969,17€ 16.300,10€ 15.297,76€ 14.430,67€

61 2/12 133,30% 18.543,45€ 20.103,57€ 22.914,41€ 27.408,62€ 30.642,87€ 28.773,07€ 24.573,08€ 23.060,36€ 22.297,48€ 21.701,23€ 20.772,51€ 19.679,34€ 18.348,78€ 17.368,52€ 16.683,70€ 15.657,78€ 14.770,28€

61 3/12 136,49% 18.988,06€ 20.585,58€ 23.463,81€ 28.065,78€ 31.377,57€ 29.462,94€ 25.162,25€ 23.613,27€ 22.832,10€ 22.221,54€ 21.270,56€ 20.151,17€ 18.788,72€ 17.784,95€ 17.083,72€ 16.033,20€ 15.124,42€

61 4/12 139,83% 19.452,08€ 21.088,64€ 24.037,21€ 28.751,64€ 32.144,37€ 30.182,95€ 25.777,16€ 24.190,32€ 23.390,06€ 22.764,58€ 21.790,36€ 20.643,62€ 19.247,87€ 18.219,57€ 17.501,20€ 16.425,01€ 15.494,03€

61 5/12 143,31% 19.936,80€ 21.614,15€ 24.636,19€ 29.468,09€ 32.945,36€ 30.935,07€ 26.419,49€ 24.793,11€ 23.972,91€ 23.331,85€ 22.333,35€ 21.158,03€ 19.727,50€ 18.673,58€ 17.937,31€ 16.834,30€ 15.880,12€

61 6/12 146,95% 20.443,62€ 22.163,60€ 25.262,47€ 30.217,20€ 33.782,87€ 31.721,47€ 27.091,10€ 25.423,38€ 24.582,33€ 23.924,97€ 22.901,09€ 21.695,90€ 20.229,00€ 19.148,28€ 18.393,30€ 17.262,25€ 16.283,81€

61 7/12 150,77% 20.974,05€ 22.738,66€ 25.917,94€ 31.001,23€ 34.659,41€ 32.544,53€ 27.794,02€ 26.083,02€ 25.220,15€ 24.545,73€ 23.495,28€ 22.258,82€ 20.753,87€ 19.645,11€ 18.870,53€ 17.710,14€ 16.706,31€

61 8/12 154,76% 21.529,77€ 23.341,14€ 26.604,65€ 31.822,63€ 35.577,74€ 33.406,82€ 28.530,44€ 26.774,11€ 25.888,37€ 25.196,09€ 24.117,81€ 22.848,59€ 21.303,76€ 20.165,62€ 19.370,52€ 18.179,38€ 17.148,96€

61 9/12 158,95% 22.112,61€ 23.973,02€ 27.324,87€ 32.684,10€ 36.540,87€ 34.311,18€ 29.302,79€ 27.498,92€ 26.589,20€ 25.878,18€ 24.770,71€ 23.467,13€ 21.880,47€ 20.711,53€ 19.894,90€ 18.671,52€ 17.613,20€

61 10/12 163,35% 22.724,57€ 24.636,46€ 28.081,08€ 33.588,63€ 37.552,13€ 35.260,73€ 30.113,74€ 28.259,94€ 27.325,05€ 26.594,35€ 25.456,23€ 24.116,57€ 22.486,01€ 21.284,72€ 20.445,49€ 19.188,25€ 18.100,64€

61 11/12 167,97% 23.367,87€ 25.333,88€ 28.876,01€ 34.539,47€ 38.615,17€ 36.258,91€ 30.966,21€ 29.059,94€ 28.098,58€ 27.347,19€ 26.176,85€ 24.799,27€ 23.122,55€ 21.887,25€ 21.024,27€ 19.731,44€ 18.613,04€

62 172,84% 24.044,94€ 26.067,91€ 29.712,67€ 35.540,23€ 39.734,02€ 37.309,49€ 31.863,44€ 29.901,93€ 28.912,72€ 28.139,56€ 26.935,31€ 25.517,82€ 23.792,52€ 22.521,42€ 21.633,43€ 20.303,14€ 19.152,34€

62 1/12 178,12% 24.779,57€ 26.864,35€ 30.620,47€ 36.626,07€ 40.948,00€ 38.449,39€ 32.836,95€ 30.815,51€ 29.796,07€ 28.999,30€ 27.758,26€ 26.297,45€ 24.519,44€ 23.209,51€ 22.294,39€ 20.923,46€ 19.737,50€

62 2/12 183,71% 25.556,26€ 27.706,39€ 31.580,24€ 37.774,08€ 42.231,47€ 39.654,55€ 33.866,19€ 31.781,40€ 30.730,01€ 29.908,25€ 28.628,31€ 27.121,72€ 25.287,98€ 23.936,99€ 22.993,19€ 21.579,28€ 20.356,15€

62 3/12 189,62% 26.378,70€ 28.598,02€ 32.596,54€ 38.989,70€ 43.590,54€ 40.930,68€ 34.956,05€ 32.804,16€ 31.718,94€ 30.870,74€ 29.549,61€ 27.994,53€ 26.101,78€ 24.707,31€ 23.733,14€ 22.273,73€ 21.011,24€

62 4/12 195,89% 27.251,00€ 29.543,71€ 33.674,45€ 40.279,03€ 45.032,01€ 42.284,20€ 36.111,99€ 33.888,94€ 32.767,83€ 31.891,59€ 30.526,77€ 28.920,27€ 26.964,92€ 25.524,34€ 24.517,96€ 23.010,29€ 21.706,04€

62 5/12 202,55% 28.177,80€ 30.548,49€ 34.819,72€ 41.648,91€ 46.563,54€ 43.722,28€ 37.340,15€ 35.041,50€ 33.882,26€ 32.976,22€ 31.564,98€ 29.903,84€ 27.881,99€ 26.392,42€ 25.351,81€ 23.792,86€ 22.444,26€

62 6/12 209,64% 29.164,34€ 31.618,02€ 36.038,79€ 43.107,08€ 48.193,78€ 45.253,04€ 38.647,47€ 36.268,34€ 35.068,51€ 34.130,75€ 32.670,10€ 30.950,81€ 28.858,17€ 27.316,45€ 26.239,40€ 24.625,88€ 23.230,06€

62 7/12 217,20% 30.216,52€ 32.758,73€ 37.338,99€ 44.662,29€ 49.932,50€ 46.885,67€ 40.041,78€ 37.576,82€ 36.333,71€ 35.362,11€ 33.848,76€ 32.067,44€ 29.899,31€ 28.301,96€ 27.186,06€ 25.514,32€ 24.068,15€

62 8/12 225,29% 31.341,08€ 33.977,90€ 38.728,62€ 46.324,47€ 51.790,82€ 48.630,60€ 41.532,01€ 38.975,31€ 37.685,93€ 36.678,17€ 35.108,51€ 33.260,89€ 31.012,06€ 29.355,27€ 28.197,84€ 26.463,88€ 24.963,89€

62 9/12 233,95% 32.545,69€ 35.283,87€ 40.217,18€ 48.104,99€ 53.781,44€ 50.499,75€ 43.128,32€ 40.473,35€ 39.134,41€ 38.087,92€ 36.457,92€ 34.539,29€ 32.204,03€ 30.483,56€ 29.281,64€ 27.481,04€ 25.923,39€

62 10/12 243,24% 33.839,17€ 36.686,16€ 41.815,54€ 50.016,83€ 55.918,89€ 52.506,77€ 44.842,38€ 42.081,89€ 40.689,74€ 39.601,66€ 37.906,88€ 35.912,00€ 33.483,92€ 31.695,08€ 30.445,39€ 28.573,23€ 26.953,67€

62 11/12 253,25% 35.231,64€ 38.195,79€ 43.536,24€ 52.075,01€ 58.219,93€ 54.667,41€ 46.687,63€ 43.813,55€ 42.364,11€ 41.231,25€ 39.466,74€ 37.389,76€ 34.861,78€ 32.999,32€ 31.698,20€ 29.749,01€ 28.062,80€

63 264,06% 36.734,85€ 39.825,47€ 45.393,79€ 54.296,88€ 60.703,98€ 56.999,88€ 48.679,63€ 45.682,92€ 44.171,64€ 42.990,45€ 41.150,65€ 38.985,06€ 36.349,21€ 34.407,29€ 33.050,66€ 31.018,29€ 29.260,15€

63 1/12 276,14% 38.416,06€ 41.648,12€ 47.471,28€ 56.781,83€ 63.482,16€ 59.608,54€ 50.907,50€ 47.773,65€ 46.193,20€ 44.957,95€ 43.033,95€ 40.769,25€ 38.012,77€ 35.981,97€ 34.563,26€ 32.437,88€ 30.599,27€

63 2/12 289,31% 40.247,83€ 43.634,00€ 49.734,82€ 59.489,32€ 66.509,14€ 62.450,81€ 53.334,89€ 50.051,61€ 48.395,80€ 47.101,65€ 45.085,91€ 42.713,22€ 39.825,31€ 37.697,68€ 36.211,31€ 33.984,59€ 32.058,32€

63 3/12 303,71% 42.251,24€ 45.805,97€ 52.210,46€ 62.450,51€ 69.819,75€ 65.559,41€ 55.989,73€ 52.543,02€ 50.804,79€ 49.446,22€ 47.330,14€ 44.839,35€ 41.807,68€ 39.574,15€ 38.013,80€ 35.676,24€ 33.654,07€

63 4/12 319,53% 44.451,48€ 48.191,32€ 54.929,33€ 65.702,63€ 73.455,63€ 68.973,44€ 58.905,42€ 55.279,21€ 53.450,47€ 52.021,15€ 49.794,87€ 47.174,37€ 43.984,83€ 41.634,98€ 39.993,38€ 37.534,09€ 35.406,62€

63 5/12 336,98% 46.878,95€ 50.823,03€ 57.929,00€ 69.290,62€ 77.467,01€ 72.740,04€ 62.122,21€ 58.297,98€ 56.369,37€ 54.862,00€ 52.514,14€ 49.750,54€ 46.386,82€ 43.908,65€ 42.177,39€ 39.583,80€ 37.340,16€

63 6/12 356,33% 49.570,63€ 53.741,16€ 61.255,14€ 73.269,12€ 81.914,97€ 76.916,60€ 65.689,12€ 61.645,31€ 59.605,96€ 58.012,04€ 55.529,38€ 52.607,09€ 49.050,24€ 46.429,78€ 44.599,12€ 41.856,61€ 39.484,14€

63 7/12 377,90% 52.571,97€ 56.995,02€ 64.963,94€ 77.705,33€ 86.874,66€ 81.573,66€ 69.666,38€ 65.377,73€ 63.214,91€ 61.524,48€ 58.891,51€ 55.792,29€ 52.020,08€ 49.240,95€ 47.299,45€ 44.390,89€ 41.874,78€

63 8/12 402,11% 55.939,51€ 60.645,87€ 69.125,25€ 82.682,80€ 92.439,48€ 86.798,91€ 74.128,91€ 69.565,55€ 67.264,19€ 65.465,48€ 62.663,84€ 59.366,10€ 55.352,26€ 52.395,11€ 50.329,25€ 47.234,38€ 44.557,10€

63 9/12 429,46% 59.744,40€ 64.770,89€ 73.827,01€ 88.306,72€ 98.727,03€ 92.702,80€ 79.171,01€ 74.297,26€ 71.839,36€ 69.918,31€ 66.926,11€ 63.404,06€ 59.117,21€ 55.958,92€ 53.752,55€ 50.447,17€ 47.587,78€

63 10/12 460,61% 64.077,54€ 69.468,59€ 79.181,54€ 94.711,43€ 105.887,50€ 99.426,35€ 84.913,12€ 79.685,89€ 77.049,73€ 74.989,34€ 71.780,13€ 68.002,63€ 63.404,86€ 60.017,51€ 57.651,11€ 54.106,00€ 51.039,23€

63 11/12 496,40% 69.056,87€ 74.866,84€ 85.334,56€ 102.071,25€ 114.115,79€ 107.152,55€ 91.511,54€ 85.878,11€ 83.037,09€ 80.816,60€ 77.358,00€ 73.286,97€ 68.331,91€ 64.681,34€ 62.131,05€ 58.310,46€ 55.005,37€

64 537,96% 74.838,25€ 81.134,63€ 92.478,70€ 110.616,56€ 123.669,46€ 116.123,27€ 99.172,81€ 93.067,75€ 89.988,89€ 87.582,50€ 83.834,35€ 79.422,49€ 74.052,60€ 70.096,41€ 67.332,61€ 63.192,17€ 59.610,38€

64 1/12 588,64% 81.889,22€ 88.778,82€ 101.191,69€ 121.038,43€ 135.321,13€ 127.063,96€ 108.516,49€ 101.836,24€ 98.467,30€ 95.834,18€ 91.732,90€ 86.905,37€ 81.029,55€ 76.700,62€ 73.676,43€ 69.145,89€ 65.226,64€

64 2/12 649,47% 90.352,05€ 97.953,65€ 111.649,32€ 133.547,12€ 149.305,86€ 140.195,36€ 119.731,10€ 112.360,48€ 108.643,38€ 105.738,15€ 101.213,02€ 95.886,59€ 89.403,54€ 84.627,23€ 81.290,50€ 76.291,76€ 71.967,47€

64 3/12 723,84% 100.697,35€ 109.169,34€ 124.433,17€ 148.838,26€ 166.401,38€ 156.247,72€ 133.440,31€ 125.225,75€ 121.083,04€ 117.845,16€ 112.801,91€ 106.865,60€ 99.640,24€ 94.317,05€ 90.598,26€ 85.027,16€ 80.207,74€

64 4/12 816,81% 113.631,09€ 123.191,24€ 140.415,58€ 167.955,31€ 187.774,25€ 176.316,45€ 150.579,61€ 141.309,96€ 136.635,15€ 132.981,40€ 127.290,38€ 120.591,60€ 112.438,20€ 106.431,29€ 102.234,86€ 95.948,19€ 90.509,76€

64 5/12 936,36% 130.262,62€ 141.222,03€ 160.967,39€ 192.537,95€ 215.257,69€ 202.122,87€ 172.619,08€ 161.992,68€ 156.633,65€ 152.445,12€ 145.921,13€ 138.241,90€ 128.895,13€ 122.009,03€ 117.198,39€ 109.991,58€ 103.757,16€

64 6/12 1095,78% 152.440,85€ 165.266,18€ 188.373,35€ 225.319,05€ 251.907,00€ 236.535,87€ 202.008,83€ 189.573,21€ 183.301,76€ 178.400,09€ 170.765,35€ 161.778,66€ 150.840,54€ 142.782,02€ 137.152,33€ 128.718,51€ 121.422,62€

64 7/12 1319,00% 183.493,84€ 198.931,76€ 226.745,98€ 271.217,71€ 303.221,75€ 284.719,45€ 243.159,07€ 228.190,25€ 220.641,28€ 214.741,11€ 205.551,14€ 194.733,81€ 181.567,54€ 171.867,45€ 165.090,97€ 154.939,13€ 146.157,04€

64 8/12 1653,86% 230.077,70€ 249.434,86€ 284.310,32€ 340.072,15€ 380.201,12€ 357.001,61€ 304.890,24€ 286.121,25€ 276.655,81€ 269.257,76€ 257.734,71€ 244.171,18€ 227.662,36€ 215.499,70€ 207.002,86€ 194.273,76€ 183.262,15€

64 9/12 2211,99% 307.723,35€ 333.613,09€ 380.258,17€ 454.838,27€ 508.509,79€ 477.481,00€ 407.783,30€ 382.680,25€ 370.020,45€ 360.125,73€ 344.713,94€ 326.573,04€ 304.492,89€ 288.225,63€ 276.861,32€ 259.836,45€ 245.108,69€

64 10/12 3328,33% 463.023,56€ 501.979,20€ 572.164,88€ 684.383,67€ 765.141,85€ 718.453,62€ 613.581,25€ 575.809,31€ 556.760,43€ 541.872,11€ 518.682,36€ 491.386,22€ 458.162,77€ 433.685,84€ 416.586,24€ 390.969,35€ 368.808,85€

64 11/12 6677,48% 928.942,19€ 1.007.097,03€ 1.147.907,22€ 1.373.046,46€ 1.535.067,75€ 1.441.399,38€ 1.230.998,93€ 1.155.218,88€ 1.117.002,01€ 1.087.132,28€ 1.040.607,79€ 985.844,83€ 919.190,21€ 870.083,30€ 835.777,19€ 784.383,25€ 739.923,69€


1602,863808 1629,325751 1693,361314 1722,615457 1789,932193 1824,012979 1870,104546 1920,678637 1956,863005 2024,597406 2056,224352 2115,265739 2086,753823 2104,653924 2098,514858 2062,09048 2065,418269 1994,468968 1942,727287 1883,150789 1794,91559 1736,774431 1621,950277 1449,049046 1262,44668 1138,67792 927,752963 693,0177969 504,6277714

8437,673666 7565,321071 7011,254565 6307,973648 5793,360408 5183,504683 4742,065888 4293,851207 3855,310417 3349,387828 3033,938725 2626,443488 2351,817757 2149,746969 1893,598005 1675,008674 1412,134442 1232,264926 990,0446696 787,5689713 643,3463277 445,6247133 308,7224435 216,1769089 126,5462094 76,53198962 40,44534591 20,38507042 10,28235294

403,4136722 378,8538433 377,0120913 363,1044149 353,5593241 340,0383765 334,2276219 329,7105881 319,1334748 319,8199587 306,9140823 304,0941904 286,3524009 270,6731089 259,2227832 240,3415694 229,6705503 205,4760604 191,4927571 167,5849158 149,9949695 128,9440696 111,4482988 96,92729275 87,7210009 70,42925843 55,59746577 39,64661267 26,48548231

1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

10443,95115 9573,500665 9081,62797 8393,69352 7936,851926 7347,556038 6946,398055 6544,240432 6131,306896 5693,805193 5397,077159 5045,803417 4724,923981 4525,074002 4251,335646 3977,440723 3707,223261 3432,209955 3124,264714 2838,304676 2588,256887 2311,343214 2042,12102 1762,153247 1476,71389 1285,639168 1023,795775 753,04948 541,3956066

4.773,67€ 4.375,81€ 4.150,98€ 3.836,55€ 3.627,73€ 3.358,38€ 3.175,02€ 2.991,21€ 2.802,47€ 2.602,49€ 2.466,87€ 2.306,31€ 2.159,64€ 2.068,30€ 1.943,18€ 1.817,99€ 1.694,48€ 1.568,78€ 1.428,02€ 1.297,32€ 1.183,03€ 1.056,46€ 933,40€ 805,44€ 674,97€ 587,63€ 467,95€ 344,20€ 247,46€

4.821,66€ 4.419,80€ 4.192,72€ 3.875,12€ 3.664,21€ 3.392,15€ 3.206,95€ 3.021,28€ 2.830,64€ 2.628,66€ 2.491,67€ 2.329,50€ 2.181,36€ 2.089,09€ 1.962,72€ 1.836,27€ 1.711,52€ 1.584,55€ 1.442,38€ 1.310,36€ 1.194,92€ 1.067,08€ 942,79€ 813,53€ 681,76€ 593,54€ 472,66€ 347,66€ 249,95€

4.870,36€ 4.464,44€ 4.235,07€ 3.914,26€ 3.701,22€ 3.426,41€ 3.239,34€ 3.051,80€ 2.859,23€ 2.655,21€ 2.516,84€ 2.353,03€ 2.203,39€ 2.110,19€ 1.982,54€ 1.854,81€ 1.728,80€ 1.600,55€ 1.456,95€ 1.323,60€ 1.206,99€ 1.077,86€ 952,31€ 821,75€ 688,64€ 599,54€ 477,43€ 351,17€ 252,47€

4.919,78€ 4.509,74€ 4.278,04€ 3.953,98€ 3.738,77€ 3.461,18€ 3.272,21€ 3.082,76€ 2.888,24€ 2.682,15€ 2.542,37€ 2.376,90€ 2.225,75€ 2.131,60€ 2.002,66€ 1.873,63€ 1.746,34€ 1.616,79€ 1.471,73€ 1.337,03€ 1.219,24€ 1.088,79€ 961,97€ 830,09€ 695,63€ 605,62€ 482,27€ 354,74€ 255,03€

4.969,93€ 4.555,71€ 4.321,65€ 3.994,28€ 3.776,89€ 3.496,46€ 3.305,56€ 3.114,19€ 2.917,69€ 2.709,49€ 2.568,29€ 2.401,13€ 2.248,44€ 2.153,33€ 2.023,07€ 1.892,73€ 1.764,15€ 1.633,28€ 1.486,73€ 1.350,66€ 1.231,67€ 1.099,89€ 971,78€ 838,55€ 702,72€ 611,79€ 487,19€ 358,35€ 257,63€

5.020,83€ 4.602,37€ 4.365,91€ 4.035,19€ 3.815,57€ 3.532,27€ 3.339,42€ 3.146,08€ 2.947,57€ 2.737,24€ 2.594,59€ 2.425,72€ 2.271,46€ 2.175,39€ 2.043,79€ 1.912,12€ 1.782,21€ 1.650,00€ 1.501,96€ 1.364,49€ 1.244,28€ 1.111,16€ 981,73€ 847,14€ 709,92€ 618,06€ 492,18€ 362,02€ 260,27€

5.072,50€ 4.649,73€ 4.410,83€ 4.076,71€ 3.854,83€ 3.568,62€ 3.373,78€ 3.178,46€ 2.977,90€ 2.765,41€ 2.621,29€ 2.450,68€ 2.294,84€ 2.197,77€ 2.064,82€ 1.931,79€ 1.800,55€ 1.666,98€ 1.517,42€ 1.378,53€ 1.257,08€ 1.122,59€ 991,83€ 855,86€ 717,22€ 624,42€ 497,24€ 365,75€ 262,95€

5.124,95€ 4.697,81€ 4.456,44€ 4.118,87€ 3.894,69€ 3.605,52€ 3.408,66€ 3.211,32€ 3.008,69€ 2.794,00€ 2.648,40€ 2.476,02€ 2.318,57€ 2.220,50€ 2.086,17€ 1.951,77€ 1.819,17€ 1.684,22€ 1.533,11€ 1.392,78€ 1.270,08€ 1.134,20€ 1.002,09€ 864,71€ 724,64€ 630,88€ 502,39€ 369,53€ 265,67€

5.178,20€ 4.746,62€ 4.502,75€ 4.161,66€ 3.935,16€ 3.642,98€ 3.444,08€ 3.244,69€ 3.039,95€ 2.823,04€ 2.675,92€ 2.501,75€ 2.342,66€ 2.243,57€ 2.107,85€ 1.972,05€ 1.838,07€ 1.701,72€ 1.549,04€ 1.407,26€ 1.283,28€ 1.145,98€ 1.012,50€ 873,69€ 732,17€ 637,43€ 507,61€ 373,37€ 268,43€

5.232,27€ 4.796,19€ 4.549,77€ 4.205,12€ 3.976,25€ 3.681,02€ 3.480,05€ 3.278,57€ 3.071,70€ 2.852,52€ 2.703,86€ 2.527,88€ 2.367,12€ 2.267,00€ 2.129,86€ 1.992,64€ 1.857,27€ 1.719,49€ 1.565,21€ 1.421,95€ 1.296,68€ 1.157,95€ 1.023,07€ 882,81€ 739,81€ 644,09€ 512,91€ 377,27€ 271,23€

5.287,18€ 4.846,52€ 4.597,52€ 4.249,25€ 4.017,98€ 3.719,65€ 3.516,57€ 3.312,98€ 3.103,93€ 2.882,45€ 2.732,24€ 2.554,41€ 2.391,96€ 2.290,79€ 2.152,21€ 2.013,55€ 1.876,76€ 1.737,53€ 1.581,64€ 1.436,87€ 1.310,29€ 1.170,10€ 1.033,81€ 892,08€ 747,58€ 650,85€ 518,29€ 381,23€ 274,08€

5.342,95€ 4.897,65€ 4.646,01€ 4.294,08€ 4.060,36€ 3.758,89€ 3.553,66€ 3.347,93€ 3.136,68€ 2.912,86€ 2.761,06€ 2.581,35€ 2.417,19€ 2.314,95€ 2.174,91€ 2.034,79€ 1.896,55€ 1.755,86€ 1.598,32€ 1.452,03€ 1.324,11€ 1.182,45€ 1.044,72€ 901,49€ 755,46€ 657,71€ 523,76€ 385,25€ 276,97€

5.399,61€ 4.949,58€ 4.695,27€ 4.339,61€ 4.103,42€ 3.798,74€ 3.591,34€ 3.383,42€ 3.169,93€ 2.943,74€ 2.790,33€ 2.608,72€ 2.442,82€ 2.339,50€ 2.197,97€ 2.056,37€ 1.916,66€ 1.774,48€ 1.615,27€ 1.467,43€ 1.338,15€ 1.194,98€ 1.055,79€ 911,05€ 763,47€ 664,69€ 529,31€ 389,33€ 279,91€

5.459,10€ 5.004,11€ 4.747,01€ 4.387,42€ 4.148,63€ 3.840,60€ 3.630,91€ 3.420,70€ 3.204,86€ 2.976,18€ 2.821,08€ 2.637,46€ 2.469,74€ 2.365,28€ 2.222,19€ 2.079,03€ 1.937,78€ 1.794,03€ 1.633,07€ 1.483,59€ 1.352,89€ 1.208,15€ 1.067,43€ 921,09€ 771,88€ 672,01€ 535,14€ 393,62€ 282,99€

5.519,57€ 5.059,55€ 4.799,59€ 4.436,02€ 4.194,58€ 3.883,15€ 3.671,14€ 3.458,60€ 3.240,36€ 3.009,15€ 2.852,33€ 2.666,68€ 2.497,10€ 2.391,48€ 2.246,81€ 2.102,06€ 1.959,25€ 1.813,91€ 1.651,16€ 1.500,03€ 1.367,88€ 1.221,53€ 1.079,25€ 931,29€ 780,44€ 679,45€ 541,07€ 397,98€ 286,12€

5.581,06€ 5.115,90€ 4.853,06€ 4.485,44€ 4.241,31€ 3.926,40€ 3.712,03€ 3.497,12€ 3.276,46€ 3.042,67€ 2.884,10€ 2.696,39€ 2.524,91€ 2.418,12€ 2.271,84€ 2.125,47€ 1.981,07€ 1.834,11€ 1.669,55€ 1.516,74€ 1.383,12€ 1.235,14€ 1.091,27€ 941,66€ 789,13€ 687,02€ 547,10€ 402,42€ 289,31€

5.643,57€ 5.173,21€ 4.907,42€ 4.535,68€ 4.288,82€ 3.970,38€ 3.753,61€ 3.536,30€ 3.313,16€ 3.076,75€ 2.916,41€ 2.726,59€ 2.553,20€ 2.445,20€ 2.297,28€ 2.149,28€ 2.003,26€ 1.854,66€ 1.688,25€ 1.533,73€ 1.398,61€ 1.248,98€ 1.103,50€ 952,21€ 797,97€ 694,72€ 553,23€ 406,92€ 292,55€

5.707,15€ 5.231,49€ 4.962,70€ 4.586,77€ 4.337,13€ 4.015,11€ 3.795,89€ 3.576,13€ 3.350,48€ 3.111,41€ 2.949,26€ 2.757,30€ 2.581,96€ 2.472,75€ 2.323,16€ 2.173,49€ 2.025,83€ 1.875,55€ 1.707,27€ 1.551,01€ 1.414,37€ 1.263,04€ 1.115,93€ 962,94€ 806,96€ 702,54€ 559,46€ 411,51€ 295,85€

5.771,81€ 5.290,76€ 5.018,93€ 4.638,74€ 4.386,27€ 4.060,60€ 3.838,90€ 3.616,65€ 3.388,44€ 3.146,66€ 2.982,67€ 2.788,54€ 2.611,21€ 2.500,76€ 2.349,48€ 2.198,12€ 2.048,78€ 1.896,80€ 1.726,61€ 1.568,58€ 1.430,39€ 1.277,35€ 1.128,57€ 973,85€ 816,10€ 710,50€ 565,80€ 416,17€ 299,20€

5.837,59€ 5.351,05€ 5.076,12€ 4.691,61€ 4.436,26€ 4.106,87€ 3.882,65€ 3.657,86€ 3.427,06€ 3.182,52€ 3.016,66€ 2.820,32€ 2.640,97€ 2.529,26€ 2.376,26€ 2.223,17€ 2.072,13€ 1.918,41€ 1.746,29€ 1.586,45€ 1.446,69€ 1.291,91€ 1.141,43€ 984,95€ 825,40€ 718,60€ 572,24€ 420,91€ 302,61€

5.904,50€ 5.412,39€ 5.134,31€ 4.745,39€ 4.487,11€ 4.153,95€ 3.927,16€ 3.699,80€ 3.466,34€ 3.219,00€ 3.051,25€ 2.852,65€ 2.671,24€ 2.558,26€ 2.403,50€ 2.248,65€ 2.095,88€ 1.940,41€ 1.766,31€ 1.604,64€ 1.463,28€ 1.306,72€ 1.154,52€ 996,24€ 834,86€ 726,84€ 578,80€ 425,74€ 306,08€

5.972,60€ 5.474,81€ 5.193,52€ 4.800,11€ 4.538,86€ 4.201,86€ 3.972,45€ 3.742,46€ 3.506,32€ 3.256,12€ 3.086,43€ 2.885,55€ 2.702,05€ 2.587,76€ 2.431,22€ 2.274,58€ 2.120,05€ 1.962,78€ 1.786,68€ 1.623,15€ 1.480,15€ 1.321,79€ 1.167,83€ 1.007,72€ 844,49€ 735,22€ 585,48€ 430,65€ 309,61€

6.041,89€ 5.538,33€ 5.253,78€ 4.855,81€ 4.591,52€ 4.250,61€ 4.018,54€ 3.785,89€ 3.547,00€ 3.293,90€ 3.122,24€ 2.919,03€ 2.733,40€ 2.617,78€ 2.459,43€ 2.300,98€ 2.144,65€ 1.985,56€ 1.807,41€ 1.641,98€ 1.497,32€ 1.337,13€ 1.181,38€ 1.019,42€ 854,29€ 743,75€ 592,27€ 435,64€ 313,20€

6.112,43€ 5.602,99€ 5.315,11€ 4.912,49€ 4.645,12€ 4.300,23€ 4.065,45€ 3.830,08€ 3.588,41€ 3.332,36€ 3.158,69€ 2.953,11€ 2.765,31€ 2.648,34€ 2.488,14€ 2.327,84€ 2.169,69€ 2.008,74€ 1.828,51€ 1.661,15€ 1.514,80€ 1.352,74€ 1.195,17€ 1.031,32€ 864,26€ 752,43€ 599,19€ 440,73€ 316,86€

6.184,23€ 5.668,81€ 5.377,55€ 4.970,20€ 4.699,69€ 4.350,75€ 4.113,21€ 3.875,08€ 3.630,56€ 3.371,50€ 3.195,80€ 2.987,80€ 2.797,79€ 2.679,46€ 2.517,37€ 2.355,18€ 2.195,18€ 2.032,33€ 1.849,99€ 1.680,66€ 1.532,60€ 1.368,63€ 1.209,21€ 1.043,43€ 874,41€ 761,27€ 606,23€ 445,91€ 320,58€

6.259,83€ 5.738,11€ 5.443,29€ 5.030,96€ 4.757,14€ 4.403,93€ 4.163,49€ 3.922,45€ 3.674,95€ 3.412,72€ 3.234,87€ 3.024,32€ 2.832,00€ 2.712,21€ 2.548,14€ 2.383,97€ 2.222,01€ 2.057,18€ 1.872,60€ 1.701,21€ 1.551,33€ 1.385,36€ 1.223,99€ 1.056,19€ 885,10€ 770,58€ 613,64€ 451,36€ 324,50€

6.336,86€ 5.808,72€ 5.510,27€ 5.092,87€ 4.815,68€ 4.458,13€ 4.214,72€ 3.970,71€ 3.720,17€ 3.454,71€ 3.274,67€ 3.061,54€ 2.866,85€ 2.745,59€ 2.579,50€ 2.413,31€ 2.249,36€ 2.082,49€ 1.895,65€ 1.722,14€ 1.570,42€ 1.402,41€ 1.239,06€ 1.069,19€ 896,00€ 780,06€ 621,19€ 456,91€ 328,49€

6.415,36€ 5.880,68€ 5.578,54€ 5.155,96€ 4.875,34€ 4.513,35€ 4.266,94€ 4.019,90€ 3.766,25€ 3.497,51€ 3.315,24€ 3.099,47€ 2.902,36€ 2.779,60€ 2.611,45€ 2.443,21€ 2.277,22€ 2.108,29€ 1.919,13€ 1.743,47€ 1.589,88€ 1.419,78€ 1.254,41€ 1.082,43€ 907,10€ 789,72€ 628,88€ 462,57€ 332,56€

6.495,38€ 5.954,02€ 5.648,11€ 5.220,27€ 4.936,15€ 4.569,65€ 4.320,15€ 4.070,04€ 3.813,23€ 3.541,13€ 3.356,59€ 3.138,12€ 2.938,56€ 2.814,27€ 2.644,02€ 2.473,68€ 2.305,62€ 2.134,59€ 1.943,07€ 1.765,22€ 1.609,71€ 1.437,49€ 1.270,05€ 1.095,93€ 918,41€ 799,57€ 636,73€ 468,34€ 336,71€

6.576,95€ 6.028,80€ 5.719,04€ 5.285,83€ 4.998,14€ 4.627,03€ 4.374,41€ 4.121,16€ 3.861,12€ 3.585,60€ 3.398,74€ 3.177,53€ 2.975,46€ 2.849,61€ 2.677,23€ 2.504,74€ 2.334,58€ 2.161,39€ 1.967,47€ 1.787,39€ 1.629,92€ 1.455,54€ 1.286,00€ 1.109,69€ 929,94€ 809,62€ 644,72€ 474,22€ 340,94€

6.660,13€ 6.105,04€ 5.791,37€ 5.352,67€ 5.061,34€ 4.685,55€ 4.429,73€ 4.173,27€ 3.909,95€ 3.630,95€ 3.441,73€ 3.217,72€ 3.013,09€ 2.885,65€ 2.711,08€ 2.536,42€ 2.364,10€ 2.188,73€ 1.992,35€ 1.809,99€ 1.650,54€ 1.473,95€ 1.302,26€ 1.123,73€ 941,70€ 819,85€ 652,88€ 480,22€ 345,25€

6.744,95€ 6.182,80€ 5.865,13€ 5.420,85€ 5.125,81€ 4.745,23€ 4.486,15€ 4.226,43€ 3.959,74€ 3.677,20€ 3.485,56€ 3.258,70€ 3.051,47€ 2.922,40€ 2.745,61€ 2.568,73€ 2.394,21€ 2.216,60€ 2.017,72€ 1.833,04€ 1.671,56€ 1.492,72€ 1.318,85€ 1.138,04€ 953,70€ 830,30€ 661,19€ 486,34€ 349,65€

6.831,48€ 6.262,11€ 5.940,37€ 5.490,39€ 5.191,56€ 4.806,10€ 4.543,70€ 4.280,65€ 4.010,54€ 3.724,37€ 3.530,28€ 3.300,50€ 3.090,61€ 2.959,89€ 2.780,84€ 2.601,68€ 2.424,93€ 2.245,04€ 2.043,61€ 1.856,56€ 1.693,00€ 1.511,87€ 1.335,77€ 1.152,64€ 965,93€ 840,95€ 669,67€ 492,58€ 354,13€

6.919,76€ 6.343,03€ 6.017,14€ 5.561,34€ 5.258,65€ 4.868,21€ 4.602,42€ 4.335,96€ 4.062,37€ 3.772,50€ 3.575,90€ 3.343,16€ 3.130,55€ 2.998,14€ 2.816,77€ 2.635,30€ 2.456,26€ 2.274,05€ 2.070,02€ 1.880,55€ 1.714,88€ 1.531,41€ 1.353,03€ 1.167,53€ 978,41€ 851,82€ 678,33€ 498,94€ 358,71€

7.009,85€ 6.425,61€ 6.095,47€ 5.633,74€ 5.327,11€ 4.931,59€ 4.662,33€ 4.392,41€ 4.115,25€ 3.821,61€ 3.622,45€ 3.386,68€ 3.171,31€ 3.037,17€ 2.853,44€ 2.669,61€ 2.488,24€ 2.303,66€ 2.096,97€ 1.905,03€ 1.737,20€ 1.551,34€ 1.370,65€ 1.182,73€ 991,15€ 862,90€ 687,16€ 505,44€ 363,38€

7.101,79€ 6.509,90€ 6.175,43€ 5.707,64€ 5.396,99€ 4.996,27€ 4.723,49€ 4.450,03€ 4.169,23€ 3.871,74€ 3.669,96€ 3.431,10€ 3.212,91€ 3.077,01€ 2.890,87€ 2.704,62€ 2.520,88€ 2.333,87€ 2.124,47€ 1.930,02€ 1.759,99€ 1.571,69€ 1.388,62€ 1.198,25€ 1.004,15€ 874,22€ 696,17€ 512,07€ 368,14€

7.195,66€ 6.595,94€ 6.257,05€ 5.783,08€ 5.468,32€ 5.062,31€ 4.785,92€ 4.508,84€ 4.224,34€ 3.922,91€ 3.718,47€ 3.476,45€ 3.255,37€ 3.117,68€ 2.929,08€ 2.740,37€ 2.554,20€ 2.364,72€ 2.152,55€ 1.955,53€ 1.783,25€ 1.592,47€ 1.406,98€ 1.214,09€ 1.017,42€ 885,78€ 705,37€ 518,84€ 373,01€

7.294,82€ 6.686,83€ 6.343,27€ 5.862,77€ 5.543,68€ 5.132,07€ 4.851,87€ 4.570,98€ 4.282,55€ 3.976,97€ 3.769,71€ 3.524,36€ 3.300,23€ 3.160,64€ 2.969,44€ 2.778,14€ 2.589,40€ 2.397,31€ 2.182,21€ 1.982,48€ 1.807,83€ 1.614,41€ 1.426,37€ 1.230,82€ 1.031,44€ 897,98€ 715,09€ 525,98€ 378,15€

7.396,16€ 6.779,73€ 6.431,39€ 5.944,21€ 5.620,69€ 5.203,36€ 4.919,27€ 4.634,48€ 4.342,05€ 4.032,22€ 3.822,08€ 3.573,32€ 3.346,08€ 3.204,55€ 3.010,70€ 2.816,73€ 2.625,37€ 2.430,61€ 2.212,53€ 2.010,02€ 1.832,94€ 1.636,84€ 1.446,18€ 1.247,92€ 1.045,77€ 910,46€ 725,03€ 533,29€ 383,40€

7.499,75€ 6.874,69€ 6.521,48€ 6.027,47€ 5.699,42€ 5.276,25€ 4.988,18€ 4.699,39€ 4.402,86€ 4.088,70€ 3.875,62€ 3.623,37€ 3.392,95€ 3.249,44€ 3.052,86€ 2.856,18€ 2.662,14€ 2.464,65€ 2.243,52€ 2.038,17€ 1.858,62€ 1.659,77€ 1.466,44€ 1.265,39€ 1.060,42€ 923,21€ 735,18€ 540,76€ 388,77€

7.605,68€ 6.971,79€ 6.613,59€ 6.112,61€ 5.779,92€ 5.350,77€ 5.058,63€ 4.765,76€ 4.465,05€ 4.146,44€ 3.930,36€ 3.674,55€ 3.440,87€ 3.295,33€ 3.095,98€ 2.896,52€ 2.699,74€ 2.499,47€ 2.275,21€ 2.066,96€ 1.884,87€ 1.683,21€ 1.487,15€ 1.283,27€ 1.075,40€ 936,25€ 745,57€ 548,40€ 394,26€

7.714,02€ 7.071,10€ 6.707,79€ 6.199,68€ 5.862,25€ 5.426,99€ 5.130,69€ 4.833,65€ 4.528,65€ 4.205,51€ 3.986,34€ 3.726,89€ 3.489,88€ 3.342,27€ 3.140,08€ 2.937,78€ 2.738,20€ 2.535,07€ 2.307,62€ 2.096,40€ 1.911,72€ 1.707,18€ 1.508,33€ 1.301,55€ 1.090,72€ 949,59€ 756,19€ 556,21€ 399,88€

7.824,85€ 7.172,69€ 6.804,17€ 6.288,75€ 5.946,48€ 5.504,96€ 5.204,41€ 4.903,10€ 4.593,72€ 4.265,93€ 4.043,62€ 3.780,43€ 3.540,02€ 3.390,29€ 3.185,20€ 2.979,99€ 2.777,54€ 2.571,49€ 2.340,77€ 2.126,52€ 1.939,18€ 1.731,71€ 1.530,01€ 1.320,25€ 1.106,39€ 963,23€ 767,05€ 564,20€ 405,63€

7.938,27€ 7.276,66€ 6.902,79€ 6.379,90€ 6.032,67€ 5.584,75€ 5.279,84€ 4.974,17€ 4.660,30€ 4.327,77€ 4.102,23€ 3.835,23€ 3.591,33€ 3.439,43€ 3.231,37€ 3.023,19€ 2.817,80€ 2.608,76€ 2.374,70€ 2.157,35€ 1.967,29€ 1.756,81€ 1.552,18€ 1.339,38€ 1.122,43€ 977,19€ 778,17€ 572,38€ 411,51€

8.054,36€ 7.383,07€ 7.003,74€ 6.473,20€ 6.120,89€ 5.666,43€ 5.357,05€ 5.046,91€ 4.728,46€ 4.391,05€ 4.162,22€ 3.891,32€ 3.643,85€ 3.489,73€ 3.278,62€ 3.067,40€ 2.859,01€ 2.646,92€ 2.409,43€ 2.188,90€ 1.996,06€ 1.782,50€ 1.574,88€ 1.358,97€ 1.138,84€ 991,48€ 789,55€ 580,75€ 417,52€

8.173,22€ 7.492,02€ 7.107,09€ 6.568,73€ 6.211,22€ 5.750,05€ 5.436,11€ 5.121,39€ 4.798,23€ 4.455,85€ 4.223,64€ 3.948,74€ 3.697,63€ 3.541,23€ 3.327,01€ 3.112,66€ 2.901,20€ 2.685,98€ 2.444,98€ 2.221,20€ 2.025,52€ 1.808,81€ 1.598,12€ 1.379,02€ 1.155,65€ 1.006,11€ 801,20€ 589,32€ 423,69€

8.294,95€ 7.603,61€ 7.212,94€ 6.666,56€ 6.303,72€ 5.835,68€ 5.517,07€ 5.197,66€ 4.869,70€ 4.522,22€ 4.286,55€ 4.007,55€ 3.752,70€ 3.593,97€ 3.376,56€ 3.159,02€ 2.944,41€ 2.725,98€ 2.481,40€ 2.254,28€ 2.055,68€ 1.835,75€ 1.621,92€ 1.399,56€ 1.172,86€ 1.021,10€ 813,13€ 598,10€ 430,00€

8.419,65€ 7.717,92€ 7.321,38€ 6.766,79€ 6.398,49€ 5.923,42€ 5.600,01€ 5.275,80€ 4.942,91€ 4.590,20€ 4.350,99€ 4.067,80€ 3.809,12€ 3.648,00€ 3.427,32€ 3.206,51€ 2.988,67€ 2.766,96€ 2.518,70€ 2.288,17€ 2.086,59€ 1.863,35€ 1.646,31€ 1.420,60€ 1.190,49€ 1.036,45€ 825,36€ 607,09€ 436,46€

8.547,44€ 7.835,06€ 7.432,50€ 6.869,49€ 6.495,60€ 6.013,32€ 5.685,01€ 5.355,88€ 5.017,93€ 4.659,87€ 4.417,03€ 4.129,54€ 3.866,93€ 3.703,37€ 3.479,34€ 3.255,18€ 3.034,03€ 2.808,96€ 2.556,93€ 2.322,90€ 2.118,26€ 1.891,63€ 1.671,29€ 1.442,17€ 1.208,56€ 1.052,18€ 837,89€ 616,30€ 443,08€

8.683,01€ 7.959,32€ 7.550,39€ 6.978,44€ 6.598,63€ 6.108,69€ 5.775,17€ 5.440,82€ 5.097,51€ 4.733,78€ 4.487,08€ 4.195,04€ 3.928,26€ 3.762,11€ 3.534,52€ 3.306,81€ 3.082,15€ 2.853,51€ 2.597,49€ 2.359,74€ 2.151,85€ 1.921,63€ 1.697,80€ 1.465,04€ 1.227,73€ 1.068,87€ 851,17€ 626,08€ 450,11€

8.822,13€ 8.086,85€ 7.671,36€ 7.090,25€ 6.704,35€ 6.206,57€ 5.867,70€ 5.528,00€ 5.179,19€ 4.809,62€ 4.558,97€ 4.262,25€ 3.991,20€ 3.822,38€ 3.591,15€ 3.359,79€ 3.131,53€ 2.899,23€ 2.639,10€ 2.397,55€ 2.186,33€ 1.952,42€ 1.725,00€ 1.488,51€ 1.247,40€ 1.085,99€ 864,81€ 636,11€ 457,32€

8.964,94€ 8.217,76€ 7.795,54€ 7.205,03€ 6.812,88€ 6.307,04€ 5.962,69€ 5.617,48€ 5.263,03€ 4.887,48€ 4.632,77€ 4.331,25€ 4.055,81€ 3.884,26€ 3.649,29€ 3.414,18€ 3.182,23€ 2.946,16€ 2.681,82€ 2.436,36€ 2.221,72€ 1.984,02€ 1.752,93€ 1.512,61€ 1.267,59€ 1.103,57€ 878,81€ 646,41€ 464,73€

9.111,59€ 8.352,19€ 7.923,06€ 7.322,89€ 6.924,33€ 6.410,21€ 6.060,23€ 5.709,38€ 5.349,12€ 4.967,43€ 4.708,56€ 4.402,10€ 4.122,15€ 3.947,80€ 3.708,98€ 3.470,03€ 3.234,28€ 2.994,36€ 2.725,70€ 2.476,22€ 2.258,07€ 2.016,48€ 1.781,60€ 1.537,35€ 1.288,33€ 1.121,63€ 893,19€ 656,98€ 472,33€

9.262,24€ 8.490,28€ 8.054,06€ 7.443,97€ 7.038,82€ 6.516,20€ 6.160,43€ 5.803,78€ 5.437,56€ 5.049,57€ 4.786,41€ 4.474,88€ 4.190,31€ 4.013,07€ 3.770,31€ 3.527,40€ 3.287,76€ 3.043,86€ 2.770,76€ 2.517,16€ 2.295,40€ 2.049,82€ 1.811,06€ 1.562,77€ 1.309,63€ 1.140,17€ 907,96€ 667,84€ 480,14€

9.417,06€ 8.632,20€ 8.188,69€ 7.568,39€ 7.156,47€ 6.625,11€ 6.263,40€ 5.900,78€ 5.528,45€ 5.133,97€ 4.866,41€ 4.549,68€ 4.260,35€ 4.080,15€ 3.833,33€ 3.586,36€ 3.342,71€ 3.094,74€ 2.817,07€ 2.559,23€ 2.333,77€ 2.084,08€ 1.841,33€ 1.588,89€ 1.331,52€ 1.159,23€ 923,13€ 679,01€ 488,16€

9.576,22€ 8.778,09€ 8.327,08€ 7.696,30€ 7.277,42€ 6.737,08€ 6.369,26€ 6.000,51€ 5.621,89€ 5.220,74€ 4.948,66€ 4.626,57€ 4.332,35€ 4.149,11€ 3.898,11€ 3.646,98€ 3.399,21€ 3.147,04€ 2.864,69€ 2.602,48€ 2.373,21€ 2.119,31€ 1.872,45€ 1.615,74€ 1.354,02€ 1.178,82€ 938,73€ 690,48€ 496,41€

9.739,90€ 8.928,12€ 8.469,41€ 7.827,85€ 7.401,81€ 6.852,24€ 6.478,12€ 6.103,07€ 5.717,98€ 5.309,97€ 5.033,25€ 4.705,65€ 4.406,40€ 4.220,03€ 3.964,74€ 3.709,31€ 3.457,31€ 3.200,84€ 2.913,65€ 2.646,97€ 2.413,78€ 2.155,53€ 1.904,46€ 1.643,36€ 1.377,16€ 1.198,97€ 954,78€ 702,28€ 504,90€

9.908,30€ 9.082,49€ 8.615,84€ 7.963,19€ 7.529,78€ 6.970,71€ 6.590,13€ 6.208,60€ 5.816,84€ 5.401,78€ 5.120,27€ 4.787,01€ 4.482,59€ 4.292,99€ 4.033,29€ 3.773,44€ 3.517,08€ 3.256,18€ 2.964,03€ 2.692,73€ 2.455,51€ 2.192,80€ 1.937,38€ 1.671,77€ 1.400,98€ 1.219,70€ 971,29€ 714,43€ 513,63€

10.081,62€ 9.241,37€ 8.766,56€ 8.102,49€ 7.661,50€ 7.092,65€ 6.705,41€ 6.317,20€ 5.918,60€ 5.496,27€ 5.209,84€ 4.870,75€ 4.561,00€ 4.368,09€ 4.103,85€ 3.839,45€ 3.578,61€ 3.313,14€ 3.015,88€ 2.739,84€ 2.498,46€ 2.231,16€ 1.971,27€ 1.701,02€ 1.425,48€ 1.241,04€ 988,28€ 726,92€ 522,61€

10.260,10€ 9.404,97€ 8.921,76€ 8.245,93€ 7.797,13€ 7.218,21€ 6.824,11€ 6.429,04€ 6.023,37€ 5.593,57€ 5.302,07€ 4.956,98€ 4.641,75€ 4.445,42€ 4.176,50€ 3.907,42€ 3.641,96€ 3.371,79€ 3.069,27€ 2.788,34€ 2.542,69€ 2.270,65€ 2.006,17€ 1.731,13€ 1.450,72€ 1.263,01€ 1.005,77€ 739,79€ 531,86€

10.443,95€ 9.573,50€ 9.081,63€ 8.393,69€ 7.936,85€ 7.347,56€ 6.946,40€ 6.544,24€ 6.131,31€ 5.693,81€ 5.397,08€ 5.045,80€ 4.724,92€ 4.525,07€ 4.251,34€ 3.977,44€ 3.707,22€ 3.432,21€ 3.124,26€ 2.838,30€ 2.588,26€ 2.311,34€ 2.042,12€ 1.762,15€ 1.476,71€ 1.285,64€ 1.023,80€ 753,05€ 541,40€

10.639,18€ 9.752,46€ 9.251,39€ 8.550,60€ 8.085,22€ 7.484,91€ 7.076,25€ 6.666,57€ 6.245,92€ 5.800,24€ 5.497,97€ 5.140,13€ 4.813,25€ 4.609,66€ 4.330,81€ 4.051,79€ 3.776,52€ 3.496,37€ 3.182,67€ 2.891,36€ 2.636,64€ 2.354,55€ 2.080,30€ 1.795,09€ 1.504,32€ 1.309,67€ 1.042,93€ 767,13€ 551,52€

10.840,86€ 9.937,33€ 9.426,77€ 8.712,69€ 8.238,48€ 7.626,79€ 7.210,39€ 6.792,95€ 6.364,32€ 5.910,19€ 5.602,19€ 5.237,56€ 4.904,49€ 4.697,04€ 4.412,90€ 4.128,60€ 3.848,11€ 3.562,65€ 3.243,00€ 2.946,17€ 2.686,62€ 2.399,18€ 2.119,73€ 1.829,12€ 1.532,83€ 1.334,50€ 1.062,70€ 781,67€ 561,97€

11.049,30€ 10.128,40€ 9.608,02€ 8.880,21€ 8.396,89€ 7.773,43€ 7.349,02€ 6.923,56€ 6.486,69€ 6.023,83€ 5.709,90€ 5.338,27€ 4.998,79€ 4.787,36€ 4.497,75€ 4.207,98€ 3.922,10€ 3.631,15€ 3.305,35€ 3.002,82€ 2.738,28€ 2.445,31€ 2.160,49€ 1.864,29€ 1.562,31€ 1.360,16€ 1.083,14€ 796,70€ 572,78€

11.264,85€ 10.325,98€ 9.795,44€ 9.053,44€ 8.560,69€ 7.925,07€ 7.492,39€ 7.058,62€ 6.613,23€ 6.141,34€ 5.821,29€ 5.442,40€ 5.096,30€ 4.880,74€ 4.585,49€ 4.290,07€ 3.998,61€ 3.701,98€ 3.369,83€ 3.061,40€ 2.791,69€ 2.493,01€ 2.202,63€ 1.900,66€ 1.592,78€ 1.386,69€ 1.104,27€ 812,24€ 583,95€

11.487,85€ 10.530,40€ 9.989,36€ 9.232,66€ 8.730,16€ 8.081,96€ 7.640,71€ 7.198,35€ 6.744,15€ 6.262,92€ 5.936,53€ 5.550,14€ 5.197,19€ 4.977,37€ 4.676,27€ 4.375,00€ 4.077,77€ 3.775,27€ 3.436,54€ 3.122,00€ 2.846,96€ 2.542,37€ 2.246,24€ 1.938,29€ 1.624,32€ 1.414,14€ 1.126,13€ 828,32€ 595,51€

11.718,70€ 10.742,01€ 10.190,10€ 9.418,20€ 8.905,60€ 8.244,37€ 7.794,25€ 7.343,01€ 6.879,67€ 6.388,77€ 6.055,83€ 5.661,68€ 5.301,63€ 5.077,39€ 4.770,24€ 4.462,91€ 4.159,71€ 3.851,13€ 3.505,60€ 3.184,74€ 2.904,17€ 2.593,46€ 2.291,38€ 1.977,24€ 1.656,96€ 1.442,56€ 1.148,76€ 844,96€ 607,48€

11.957,82€ 10.961,20€ 10.398,03€ 9.610,37€ 9.087,31€ 8.412,60€ 7.953,29€ 7.492,84€ 7.020,05€ 6.519,13€ 6.179,39€ 5.777,20€ 5.409,81€ 5.180,99€ 4.867,57€ 4.553,98€ 4.244,59€ 3.929,71€ 3.577,13€ 3.249,72€ 2.963,43€ 2.646,38€ 2.338,13€ 2.017,58€ 1.690,77€ 1.471,99€ 1.172,20€ 862,21€ 619,87€

12.205,64€ 11.188,36€ 10.613,52€ 9.809,54€ 9.275,64€ 8.586,94€ 8.118,12€ 7.648,12€ 7.165,54€ 6.654,24€ 6.307,46€ 5.896,93€ 5.521,92€ 5.288,36€ 4.968,45€ 4.648,36€ 4.332,56€ 4.011,16€ 3.651,27€ 3.317,07€ 3.024,84€ 2.701,22€ 2.386,59€ 2.059,39€ 1.725,81€ 1.502,50€ 1.196,49€ 880,07€ 632,72€

12.462,63€ 11.423,94€ 10.836,99€ 10.016,09€ 9.470,95€ 8.767,75€ 8.289,05€ 7.809,16€ 7.316,41€ 6.794,35€ 6.440,26€ 6.021,09€ 5.638,19€ 5.399,71€ 5.073,07€ 4.746,23€ 4.423,78€ 4.095,61€ 3.728,15€ 3.386,91€ 3.088,53€ 2.758,10€ 2.436,84€ 2.102,76€ 1.762,14€ 1.534,14€ 1.221,68€ 898,60€ 646,04€

12.729,32€ 11.668,39€ 11.068,89€ 10.230,42€ 9.673,61€ 8.955,36€ 8.466,42€ 7.976,26€ 7.472,97€ 6.939,74€ 6.578,08€ 6.149,94€ 5.758,84€ 5.515,26€ 5.181,62€ 4.847,79€ 4.518,45€ 4.183,25€ 3.807,92€ 3.459,39€ 3.154,62€ 2.817,12€ 2.488,98€ 2.147,75€ 1.799,85€ 1.566,97€ 1.247,82€ 917,83€ 659,86€

13.006,24€ 11.922,23€ 11.309,69€ 10.452,98€ 9.884,05€ 9.150,18€ 8.650,61€ 8.149,78€ 7.635,54€ 7.090,71€ 6.721,18€ 6.283,72€ 5.884,12€ 5.635,24€ 5.294,34€ 4.953,25€ 4.616,74€ 4.274,26€ 3.890,76€ 3.534,65€ 3.223,25€ 2.878,40€ 2.543,13€ 2.194,47€ 1.839,01€ 1.601,05€ 1.274,97€ 937,80€ 674,22€

13.293,98€ 12.185,99€ 11.559,89€ 10.684,23€ 10.102,72€ 9.352,62€ 8.841,99€ 8.330,08€ 7.804,47€ 7.247,58€ 6.869,87€ 6.422,74€ 6.014,30€ 5.759,91€ 5.411,47€ 5.062,84€ 4.718,88€ 4.368,82€ 3.976,84€ 3.612,84€ 3.294,56€ 2.942,08€ 2.599,39€ 2.243,02€ 1.879,69€ 1.636,47€ 1.303,18€ 958,55€ 689,14€

13.601,19€ 12.467,60€ 11.827,03€ 10.931,13€ 10.336,19€ 9.568,74€ 9.046,31€ 8.522,58€ 7.984,82€ 7.415,06€ 7.028,63€ 6.571,16€ 6.153,28€ 5.893,02€ 5.536,53€ 5.179,83€ 4.827,93€ 4.469,78€ 4.068,74€ 3.696,33€ 3.370,69€ 3.010,07€ 2.659,46€ 2.294,86€ 1.923,13€ 1.674,29€ 1.333,29€ 980,70€ 705,06€

13.921,28€ 12.761,01€ 12.105,37€ 11.188,38€ 10.579,44€ 9.793,93€ 9.259,21€ 8.723,15€ 8.172,73€ 7.589,56€ 7.194,04€ 6.725,81€ 6.298,09€ 6.031,70€ 5.666,82€ 5.301,73€ 4.941,55€ 4.574,97€ 4.164,49€ 3.783,32€ 3.450,02€ 3.080,91€ 2.722,05€ 2.348,86€ 1.968,39€ 1.713,69€ 1.364,67€ 1.003,78€ 721,65€

14.255,06€ 13.066,97€ 12.395,61€ 11.456,64€ 10.833,09€ 10.028,76€ 9.481,21€ 8.932,30€ 8.368,69€ 7.771,53€ 7.366,53€ 6.887,07€ 6.449,10€ 6.176,32€ 5.802,69€ 5.428,85€ 5.060,03€ 4.684,66€ 4.264,34€ 3.874,03€ 3.532,74€ 3.154,78€ 2.787,31€ 2.405,18€ 2.015,58€ 1.754,78€ 1.397,39€ 1.027,85€ 738,96€

14.603,42€ 13.386,30€ 12.698,53€ 11.736,61€ 11.097,83€ 10.273,84€ 9.712,91€ 9.150,59€ 8.573,20€ 7.961,45€ 7.546,55€ 7.055,37€ 6.606,70€ 6.327,26€ 5.944,50€ 5.561,52€ 5.183,68€ 4.799,14€ 4.368,55€ 3.968,70€ 3.619,07€ 3.231,87€ 2.855,43€ 2.463,96€ 2.064,84€ 1.797,67€ 1.431,54€ 1.052,96€ 757,01€

14.967,32€ 13.719,87€ 13.014,96€ 12.029,07€ 11.374,37€ 10.529,85€ 9.954,94€ 9.378,61€ 8.786,83€ 8.159,84€ 7.734,60€ 7.231,18€ 6.771,33€ 6.484,92€ 6.092,63€ 5.700,10€ 5.312,85€ 4.918,73€ 4.477,41€ 4.067,60€ 3.709,25€ 3.312,41€ 2.926,58€ 2.525,36€ 2.116,29€ 1.842,46€ 1.467,21€ 1.079,20€ 775,88€

15.347,80€ 14.068,64€ 13.345,81€ 12.334,87€ 11.663,52€ 10.797,53€ 10.208,01€ 9.617,02€ 9.010,20€ 8.367,27€ 7.931,22€ 7.415,01€ 6.943,46€ 6.649,78€ 6.247,51€ 5.845,01€ 5.447,91€ 5.043,77€ 4.591,23€ 4.171,00€ 3.803,55€ 3.396,61€ 3.000,98€ 2.589,55€ 2.170,09€ 1.889,30€ 1.504,51€ 1.106,64€ 795,60€

15.746,02€ 14.433,67€ 13.692,09€ 12.654,91€ 11.966,15€ 11.077,68€ 10.472,87€ 9.866,55€ 9.243,98€ 8.584,37€ 8.137,01€ 7.607,40€ 7.123,62€ 6.822,31€ 6.409,61€ 5.996,66€ 5.589,27€ 5.174,64€ 4.710,36€ 4.279,22€ 3.902,23€ 3.484,74€ 3.078,84€ 2.656,74€ 2.226,40€ 1.938,32€ 1.543,55€ 1.135,35€ 816,25€

16.163,22€ 14.816,10€ 14.054,87€ 12.990,21€ 12.283,20€ 11.371,19€ 10.750,36€ 10.127,97€ 9.488,91€ 8.811,82€ 8.352,60€ 7.808,96€ 7.312,37€ 7.003,08€ 6.579,43€ 6.155,55€ 5.737,36€ 5.311,74€ 4.835,16€ 4.392,61€ 4.005,63€ 3.577,07€ 3.160,42€ 2.727,14€ 2.285,39€ 1.989,68€ 1.584,44€ 1.165,43€ 837,87€

16.600,78€ 15.217,19€ 14.435,35€ 13.341,87€ 12.615,72€ 11.679,03€ 11.041,38€ 10.402,15€ 9.745,78€ 9.050,37€ 8.578,72€ 8.020,36€ 7.510,32€ 7.192,66€ 6.757,55€ 6.322,19€ 5.892,67€ 5.455,54€ 4.966,06€ 4.511,52€ 4.114,06€ 3.673,91€ 3.245,98€ 2.800,96€ 2.347,25€ 2.043,54€ 1.627,34€ 1.196,98€ 860,55€

17.060,20€ 15.638,32€ 14.834,85€ 13.711,11€ 12.964,85€ 12.002,24€ 11.346,95€ 10.690,02€ 10.015,50€ 9.300,84€ 8.816,13€ 8.242,32€ 7.718,17€ 7.391,71€ 6.944,56€ 6.497,15€ 6.055,75€ 5.606,52€ 5.103,49€ 4.636,37€ 4.227,92€ 3.775,58€ 3.335,81€ 2.878,48€ 2.412,21€ 2.100,09€ 1.672,37€ 1.230,11€ 884,37€

17.543,15€ 16.081,02€ 15.254,80€ 14.099,24€ 13.331,87€ 12.342,00€ 11.668,16€ 10.992,64€ 10.299,02€ 9.564,13€ 9.065,70€ 8.475,65€ 7.936,66€ 7.600,96€ 7.141,15€ 6.681,08€ 6.227,18€ 5.765,23€ 5.247,96€ 4.767,62€ 4.347,61€ 3.882,46€ 3.430,24€ 2.959,96€ 2.480,50€ 2.159,54€ 1.719,71€ 1.264,93€ 909,41€

18.051,45€ 16.546,96€ 15.696,80€ 14.507,76€ 13.718,15€ 12.699,61€ 12.006,24€ 11.311,15€ 10.597,43€ 9.841,24€ 9.328,37€ 8.721,23€ 8.166,62€ 7.821,19€ 7.348,06€ 6.874,66€ 6.407,61€ 5.932,27€ 5.400,02€ 4.905,76€ 4.473,57€ 3.994,95€ 3.529,63€ 3.045,73€ 2.552,37€ 2.222,11€ 1.769,54€ 1.301,58€ 935,75€

18.602,97€ 17.052,51€ 16.176,37€ 14.951,01€ 14.137,28€ 13.087,61€ 12.373,06€ 11.656,73€ 10.921,20€ 10.141,92€ 9.613,38€ 8.987,68€ 8.416,13€ 8.060,15€ 7.572,56€ 7.084,70€ 6.603,38€ 6.113,52€ 5.565,00€ 5.055,64€ 4.610,25€ 4.117,01€ 3.637,47€ 3.138,78€ 2.630,35€ 2.290,01€ 1.823,61€ 1.341,35€ 964,34€

19.186,06€ 17.587,00€ 16.683,41€ 15.419,64€ 14.580,40€ 13.497,83€ 12.760,88€ 12.022,10€ 11.263,52€ 10.459,81€ 9.914,70€ 9.269,39€ 8.679,92€ 8.312,79€ 7.809,92€ 7.306,76€ 6.810,36€ 6.305,14€ 5.739,43€ 5.214,11€ 4.754,76€ 4.246,05€ 3.751,48€ 3.237,16€ 2.712,80€ 2.361,78€ 1.880,76€ 1.383,39€ 994,57€

19.803,50€ 18.152,98€ 17.220,30€ 15.915,86€ 15.049,61€ 13.932,21€ 13.171,54€ 12.408,99€ 11.625,99€ 10.796,42€ 10.233,77€ 9.567,70€ 8.959,25€ 8.580,30€ 8.061,25€ 7.541,90€ 7.029,52€ 6.508,05€ 5.924,13€ 5.381,91€ 4.907,77€ 4.382,70€ 3.872,21€ 3.341,34€ 2.800,10€ 2.437,79€ 1.941,29€ 1.427,91€ 1.026,58€

20.458,37€ 18.753,26€ 17.789,75€ 16.442,17€ 15.547,28€ 14.392,92€ 13.607,11€ 12.819,33€ 12.010,45€ 11.153,44€ 10.572,18€ 9.884,08€ 9.255,52€ 8.864,04€ 8.327,82€ 7.791,30€ 7.261,98€ 6.723,26€ 6.120,04€ 5.559,88€ 5.070,06€ 4.527,63€ 4.000,25€ 3.451,83€ 2.892,69€ 2.518,40€ 2.005,49€ 1.475,13€ 1.060,52€

21.154,15€ 19.391,06€ 18.394,78€ 17.001,37€ 16.076,04€ 14.882,42€ 14.069,88€ 13.255,31€ 12.418,92€ 11.532,76€ 10.931,74€ 10.220,24€ 9.570,30€ 9.165,51€ 8.611,05€ 8.056,28€ 7.508,96€ 6.951,92€ 6.328,18€ 5.748,97€ 5.242,50€ 4.681,61€ 4.136,30€ 3.569,23€ 2.991,07€ 2.604,05€ 2.073,69€ 1.525,30€ 1.096,59€

21.894,78€ 20.069,96€ 19.038,80€ 17.596,60€ 16.638,88€ 15.403,47€ 14.562,48€ 13.719,40€ 12.853,72€ 11.936,54€ 11.314,47€ 10.578,06€ 9.905,37€ 9.486,40€ 8.912,53€ 8.338,34€ 7.771,85€ 7.195,31€ 6.549,73€ 5.950,24€ 5.426,04€ 4.845,52€ 4.281,12€ 3.694,19€ 3.095,79€ 2.695,22€ 2.146,29€ 1.578,70€ 1.134,99€

22.684,70€ 20.794,04€ 19.725,67€ 18.231,45€ 17.239,17€ 15.959,20€ 15.087,86€ 14.214,36€ 13.317,45€ 12.367,18€ 11.722,68€ 10.959,69€ 10.262,73€ 9.828,65€ 9.234,08€ 8.639,17€ 8.052,24€ 7.454,90€ 6.786,03€ 6.164,92€ 5.621,80€ 5.020,33€ 4.435,57€ 3.827,47€ 3.207,48€ 2.792,46€ 2.223,73€ 1.635,65€ 1.175,93€

23.528,95€ 21.567,93€ 20.459,80€ 18.909,97€ 17.880,76€ 16.553,15€ 15.649,39€ 14.743,37€ 13.813,09€ 12.827,45€ 12.158,96€ 11.367,58€ 10.644,68€ 10.194,44€ 9.577,74€ 8.960,69€ 8.351,92€ 7.732,35€ 7.038,59€ 6.394,35€ 5.831,03€ 5.207,17€ 4.600,65€ 3.969,92€ 3.326,86€ 2.896,39€ 2.306,49€ 1.696,53€ 1.219,70€

24.433,30€ 22.396,90€ 21.246,18€ 19.636,78€ 18.568,02€ 17.189,38€ 16.250,88€ 15.310,05€ 14.344,00€ 13.320,48€ 12.626,29€ 11.804,50€ 11.053,81€ 10.586,27€ 9.945,87€ 9.305,10€ 8.672,93€ 8.029,55€ 7.309,12€ 6.640,12€ 6.055,15€ 5.407,31€ 4.777,48€ 4.122,50€ 3.454,73€ 3.007,71€ 2.395,14€ 1.761,74€ 1.266,58€

25.404,35€ 23.287,03€ 22.090,58€ 20.417,21€ 19.305,97€ 17.872,54€ 16.896,74€ 15.918,52€ 14.914,08€ 13.849,88€ 13.128,10€ 12.273,65€ 11.493,13€ 11.007,00€ 10.341,15€ 9.674,91€ 9.017,62€ 8.348,67€ 7.599,61€ 6.904,02€ 6.295,80€ 5.622,22€ 4.967,35€ 4.286,34€ 3.592,03€ 3.127,25€ 2.490,33€ 1.831,75€ 1.316,92€

26.449,74€ 24.245,28€ 22.999,60€ 21.257,37€ 20.100,40€ 18.607,99€ 17.592,04€ 16.573,56€ 15.527,79€ 14.419,80€ 13.668,32€ 12.778,70€ 11.966,06€ 11.459,94€ 10.766,68€ 10.073,03€ 9.388,70€ 8.692,21€ 7.912,33€ 7.188,12€ 6.554,87€ 5.853,57€ 5.171,76€ 4.462,73€ 3.739,84€ 3.255,93€ 2.592,80€ 1.907,13€ 1.371,11€

27.578,26€ 25.279,75€ 23.980,91€ 22.164,35€ 20.958,02€ 19.401,93€ 18.342,63€ 17.280,70€ 16.190,31€ 15.035,04€ 14.251,50€ 13.323,93€ 12.476,62€ 11.948,89€ 11.226,06€ 10.502,81€ 9.789,28€ 9.063,08€ 8.249,92€ 7.494,82€ 6.834,54€ 6.103,32€ 5.392,42€ 4.653,13€ 3.899,40€ 3.394,85€ 2.703,43€ 1.988,50€ 1.429,61€

28.840,40€ 26.436,70€ 25.078,42€ 23.178,73€ 21.917,18€ 20.289,88€ 19.182,10€ 18.071,56€ 16.931,27€ 15.723,13€ 14.903,73€ 13.933,71€ 13.047,62€ 12.495,75€ 11.739,83€ 10.983,49€ 10.237,30€ 9.477,86€ 8.627,49€ 7.837,82€ 7.147,33€ 6.382,65€ 5.639,21€ 4.866,09€ 4.077,87€ 3.550,22€ 2.827,16€ 2.079,51€ 1.495,03€

30.215,58€ 27.697,27€ 26.274,22€ 24.283,94€ 22.962,25€ 21.257,35€ 20.096,75€ 18.933,26€ 17.738,59€ 16.472,85€ 15.614,38€ 14.598,10€ 13.669,76€ 13.091,57€ 12.299,62€ 11.507,20€ 10.725,43€ 9.929,79€ 9.038,87€ 8.211,55€ 7.488,13€ 6.686,99€ 5.908,10€ 5.098,12€ 4.272,31€ 3.719,51€ 2.961,96€ 2.178,66€ 1.566,32€

31.719,62€ 29.075,95€ 27.582,07€ 25.492,72€ 24.105,23€ 22.315,47€ 21.097,10€ 19.875,70€ 18.621,56€ 17.292,81€ 16.391,61€ 15.324,75€ 14.350,20€ 13.743,23€ 12.911,85€ 12.080,00€ 11.259,31€ 10.424,06€ 9.488,79€ 8.620,29€ 7.860,87€ 7.019,85€ 6.202,18€ 5.351,88€ 4.484,97€ 3.904,65€ 3.109,40€ 2.287,11€ 1.644,29€

33.371,42€ 30.590,09€ 29.018,41€ 26.820,26€ 25.360,52€ 23.477,55€ 22.195,74€ 20.910,73€ 19.591,29€ 18.193,34€ 17.245,21€ 16.122,79€ 15.097,49€ 14.458,91€ 13.584,24€ 12.709,07€ 11.845,64€ 10.966,90€ 9.982,92€ 9.069,20€ 8.270,22€ 7.385,41€ 6.525,16€ 5.630,59€ 4.718,53€ 4.107,99€ 3.271,32€ 2.406,21€ 1.729,91€

35.193,82€ 32.260,59€ 30.603,09€ 28.284,90€ 26.745,45€ 24.759,65€ 23.407,84€ 22.052,65€ 20.661,16€ 19.186,87€ 18.186,96€ 17.003,25€ 15.921,96€ 15.248,51€ 14.326,07€ 13.403,10€ 12.492,53€ 11.565,79€ 10.528,09€ 9.564,46€ 8.721,86€ 7.788,72€ 6.881,50€ 5.938,07€ 4.976,20€ 4.332,32€ 3.449,97€ 2.537,61€ 1.824,38€

37.214,57€ 34.112,92€ 32.360,25€ 29.908,95€ 28.281,11€ 26.181,29€ 24.751,86€ 23.318,86€ 21.847,47€ 20.288,54€ 19.231,22€ 17.979,53€ 16.836,16€ 16.124,04€ 15.148,64€ 14.172,68€ 13.209,82€ 12.229,87€ 11.132,58€ 10.113,63€ 9.222,65€ 8.235,93€ 7.276,62€ 6.279,02€ 5.261,92€ 4.581,07€ 3.648,06€ 2.683,31€ 1.929,14€

39.467,79€ 36.178,35€ 34.319,56€ 31.719,85€ 29.993,44€ 27.766,48€ 26.250,50€ 24.730,75€ 23.170,27€ 21.516,94€ 20.395,60€ 19.068,14€ 17.855,53€ 17.100,30€ 16.065,84€ 15.030,79€ 14.009,63€ 12.970,35€ 11.806,63€ 10.725,98€ 9.781,05€ 8.734,59€ 7.717,19€ 6.659,19€ 5.580,52€ 4.858,44€ 3.868,93€ 2.845,78€ 2.045,94€

41.995,92€ 38.495,78€ 36.517,92€ 33.751,68€ 31.914,69€ 29.545,08€ 27.932,00€ 26.314,89€ 24.654,45€ 22.895,22€ 21.702,06€ 20.289,56€ 18.999,28€ 18.195,67€ 17.094,94€ 15.993,59€ 14.907,03€ 13.801,18€ 12.562,91€ 11.413,04€ 10.407,58€ 9.294,09€ 8.211,52€ 7.085,75€ 5.937,98€ 5.169,65€ 4.116,76€ 3.028,07€ 2.176,99€

44.852,40€ 41.114,18€ 39.001,79€ 36.047,40€ 34.085,46€ 31.554,68€ 29.831,88€ 28.104,78€ 26.331,40€ 24.452,51€ 23.178,19€ 21.669,62€ 20.291,57€ 19.433,30€ 18.257,71€ 17.081,44€ 15.920,97€ 14.739,91€ 13.417,41€ 12.189,33€ 11.115,48€ 9.926,25€ 8.770,06€ 7.567,71€ 6.341,87€ 5.521,28€ 4.396,77€ 3.234,03€ 2.325,07€

48.105,46€ 44.096,11€ 41.830,52€ 38.661,85€ 36.557,61€ 33.843,28€ 31.995,52€ 30.143,16€ 28.241,16€ 26.226,00€ 24.859,26€ 23.241,27€ 21.763,28€ 20.842,76€ 19.581,90€ 18.320,33€ 17.075,69€ 15.808,96€ 14.390,55€ 13.073,40€ 11.921,66€ 10.646,18€ 9.406,13€ 8.116,58€ 6.801,83€ 5.921,73€ 4.715,66€ 3.468,59€ 2.493,70€

51.843,63€ 47.522,72€ 45.081,07€ 41.666,18€ 39.398,42€ 36.473,17€ 34.481,82€ 32.485,52€ 30.435,72€ 28.263,97€ 26.791,02€ 25.047,30€ 23.454,46€ 22.462,40€ 21.103,57€ 19.743,96€ 18.402,60€ 17.037,44€ 15.508,81€ 14.089,30€ 12.848,07€ 11.473,48€ 10.137,06€ 8.747,30€ 7.330,39€ 6.381,89€ 5.082,11€ 3.738,13€ 2.687,48€

56.183,93€ 51.501,29€ 48.855,22€ 45.154,43€ 42.696,82€ 39.526,67€ 37.368,61€ 35.205,18€ 32.983,77€ 30.630,20€ 29.033,94€ 27.144,24€ 25.418,04€ 24.342,94€ 22.870,34€ 21.396,91€ 19.943,25€ 18.463,80€ 16.807,19€ 15.268,85€ 13.923,70€ 12.434,02€ 10.985,73€ 9.479,62€ 7.944,08€ 6.916,18€ 5.507,58€ 4.051,08€ 2.912,47€

61.477,37€ 56.353,54€ 53.458,18€ 49.408,71€ 46.719,56€ 43.250,72€ 40.889,34€ 38.522,07€ 36.091,38€ 33.516,07€ 31.769,40€ 29.701,66€ 27.812,83€ 26.636,44€ 25.025,10€ 23.412,84€ 21.822,23€ 20.203,39€ 18.390,70€ 16.707,42€ 15.235,54€ 13.605,51€ 12.020,76€ 10.372,75€ 8.692,54€ 7.567,80€ 6.026,48€ 4.432,76€ 3.186,88€

67.830,73€ 62.177,38€ 58.982,80€ 54.514,84€ 51.547,78€ 47.720,45€ 45.115,04€ 42.503,13€ 39.821,23€ 36.979,78€ 35.052,60€ 32.771,17€ 30.687,15€ 29.389,17€ 27.611,31€ 25.832,44€ 24.077,45€ 22.291,31€ 20.291,28€ 18.434,05€ 16.810,05€ 15.011,57€ 13.263,04€ 11.444,72€ 9.590,87€ 8.349,89€ 6.649,29€ 4.890,86€ 3.516,22€

75.597,35€ 69.296,69€ 65.736,33€ 60.756,79€ 57.450,00€ 53.184,45€ 50.280,71€ 47.369,74€ 44.380,76€ 41.213,96€ 39.066,13€ 36.523,47€ 34.200,82€ 32.754,23€ 30.772,81€ 28.790,25€ 26.834,31€ 24.843,66€ 22.614,63€ 20.544,74€ 18.734,80€ 16.730,39€ 14.781,66€ 12.755,15€ 10.689,02€ 9.305,95€ 7.410,63€ 5.450,86€ 3.918,83€

85.307,20€ 78.197,28€ 74.179,61€ 68.560,50€ 64.828,97€ 60.015,55€ 56.738,85€ 53.453,99€ 50.081,11€ 46.507,55€ 44.083,85€ 41.214,61€ 38.593,64€ 36.961,24€ 34.725,32€ 32.488,12€ 30.280,96€ 28.034,62€ 25.519,30€ 23.183,55€ 21.141,13€ 18.879,27€ 16.680,24€ 14.393,44€ 12.061,94€ 10.501,22€ 8.362,46€ 6.150,98€ 4.422,17€

97.793,12€ 89.642,56€ 85.036,86€ 78.595,30€ 74.317,62€ 68.799,68€ 65.043,39€ 61.277,74€ 57.411,19€ 53.314,59€ 50.536,15€ 47.246,95€ 44.242,36€ 42.371,04€ 39.807,86€ 37.243,22€ 34.713,01€ 32.137,89€ 29.254,41€ 26.576,79€ 24.235,44€ 21.642,52€ 19.121,63€ 16.500,12€ 13.827,38€ 12.038,23€ 9.586,43€ 7.051,26€ 5.069,42€

114.443,17€ 104.904,91€ 99.515,05€ 91.976,77€ 86.970,77€ 80.513,36€ 76.117,53€ 71.710,75€ 67.185,89€ 62.391,82€ 59.140,32€ 55.291,12€ 51.774,97€ 49.585,05€ 46.585,47€ 43.584,17€ 40.623,17€ 37.609,62€ 34.235,20€ 31.101,69€ 28.361,71€ 25.327,33€ 22.377,24€ 19.309,40€ 16.181,60€ 14.087,83€ 11.218,59€ 8.251,80€ 5.932,53€

137.755,83€ 126.274,58€ 119.786,78€ 110.712,91€ 104.687,17€ 96.914,35€ 91.623,07€ 86.318,61€ 80.872,01€ 75.101,36€ 71.187,51€ 66.554,20€ 62.321,80€ 59.685,78€ 56.075,17€ 52.462,49€ 48.898,32€ 45.270,89€ 41.209,09€ 37.437,27€ 34.139,14€ 30.486,64€ 26.935,60€ 23.242,82€ 19.477,87€ 16.957,60€ 13.503,88€ 9.932,73€ 7.141,01€

172.728,12€ 158.332,10€ 150.197,23€ 138.819,77€ 131.264,26€ 121.518,14€ 114.883,56€ 108.232,44€ 101.403,11€ 94.167,45€ 89.259,99€ 83.450,42€ 78.143,53€ 74.838,30€ 70.311,05€ 65.781,22€ 61.312,21€ 56.763,88€ 51.670,90€ 46.941,53€ 42.806,09€ 38.226,33€ 33.773,78€ 29.143,51€ 24.422,75€ 21.262,65€ 16.932,13€ 12.454,37€ 8.953,91€

231.019,67€ 211.765,35€ 200.885,15€ 185.668,08€ 175.562,76€ 162.527,57€ 153.653,97€ 144.758,27€ 135.624,20€ 125.946,68€ 119.383,07€ 111.612,92€ 104.515,08€ 100.094,41€ 94.039,33€ 87.980,79€ 82.003,59€ 75.920,31€ 69.108,58€ 62.783,16€ 57.252,11€ 51.126,80€ 45.171,61€ 38.978,74€ 32.664,84€ 28.438,27€ 22.646,31€ 16.657,42€ 11.975,64€

347.609,47€ 318.637,98€ 302.266,82€ 279.370,07€ 264.164,86€ 244.551,13€ 231.199,26€ 217.814,11€ 204.070,31€ 189.508,80€ 179.632,70€ 167.941,14€ 157.261,20€ 150.609,53€ 141.498,61€ 132.382,47€ 123.388,74€ 114.235,38€ 103.985,93€ 94.468,23€ 86.145,81€ 76.929,20€ 67.968,59€ 58.650,33€ 49.149,96€ 42.790,35€ 34.075,33€ 25.063,99€ 18.019,45€

697.392,38€ 639.268,25€ 606.423,57€ 560.486,91€ 529.981,42€ 490.631,32€ 463.844,09€ 436.990,11€ 409.416,57€ 380.202,50€ 360.388,56€ 336.932,33€ 315.505,69€ 302.160,75€ 283.881,94€ 265.592,67€ 247.548,96€ 229.185,01€ 208.622,04€ 189.527,13€ 172.830,24€ 154.339,40€ 136.362,15€ 117.667,37€ 98.607,22€ 85.848,25€ 68.363,72€ 50.284,70€ 36.151,56€


Appendix D-Female rights

Table with forward and postpone factors on the vertical axes, the year of birth and average pension right on the horizontal axes.

The red boxes represent the 70% of income, green 50% and blue 30% for that year of birth.

Nog op te bouwen 0,62€ 2,24€ 3,82€ 7,08€ 8,48€ 358,33€ 421,34€ 482,32€ 537,20€ 591,76€ 745,07€ 810,02€ 847,29€ 895,20€ 940,26€ 989,95€ 1.052,29€

FLEX-rechten 4.749,12€ 5.662,32€ 6.223,94€ 7.641,64€ 8.899,78€ 7.196,98€ 5.804,39€ 5.789,96€ 5.537,96€ 5.327,52€ 5.319,77€ 5.168,24€ 4.936,03€ 4.739,78€ 4.608,82€ 4.418,14€ 4.306,34€

opgebouwd 7,90€ 6,72€ 7,70€ 9,92€ 9,65€ 444,93€ 430,79€ 416,99€ 398,55€ 386,69€ 282,97€ 274,37€ 265,72€ 263,80€ 258,79€ 257,24€ 254,65€

1945 1.946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961

4.757,65€ 5.671,27€ 6.235,46€ 7.658,64€ 8.917,91€ 8.000,24€ 6.656,52€ 6.689,27€ 6.473,71€ 6.305,97€ 6.347,81€ 6.252,64€ 6.049,04€ 5.898,78€ 5.807,86€ 5.665,33€ 5.613,29€

55 45,71% 2.174,60€ 2.592,20€ 2.850,07€ 3.500,57€ 4.076,15€ 3.656,71€ 3.042,53€ 3.057,50€ 2.958,97€ 2.882,30€ 2.901,42€ 2.857,92€ 2.764,86€ 2.696,18€ 2.654,63€ 2.589,48€ 2.565,69€

55 1/12 46,17% 2.196,47€ 2.618,26€ 2.878,73€ 3.535,77€ 4.117,14€ 3.693,47€ 3.073,12€ 3.088,24€ 2.988,72€ 2.911,28€ 2.930,60€ 2.886,66€ 2.792,66€ 2.723,29€ 2.681,32€ 2.615,51€ 2.591,49€

55 2/12 46,63% 2.218,65€ 2.644,70€ 2.907,80€ 3.571,48€ 4.158,72€ 3.730,78€ 3.104,16€ 3.119,43€ 3.018,91€ 2.940,69€ 2.960,20€ 2.915,82€ 2.820,87€ 2.750,80€ 2.708,40€ 2.641,93€ 2.617,66€

55 3/12 47,11% 2.241,16€ 2.671,54€ 2.937,31€ 3.607,72€ 4.200,92€ 3.768,63€ 3.135,66€ 3.151,08€ 3.049,54€ 2.970,52€ 2.990,23€ 2.945,40€ 2.849,49€ 2.778,71€ 2.735,88€ 2.668,74€ 2.644,22€

55 4/12 47,59% 2.264,01€ 2.698,77€ 2.967,25€ 3.644,50€ 4.243,74€ 3.807,05€ 3.167,62€ 3.183,20€ 3.080,62€ 3.000,80€ 3.020,71€ 2.975,42€ 2.878,54€ 2.807,03€ 2.763,77€ 2.695,94€ 2.671,18€

55 5/12 48,07% 2.287,19€ 2.726,41€ 2.997,64€ 3.681,82€ 4.287,20€ 3.846,04€ 3.200,06€ 3.215,80€ 3.112,17€ 3.031,54€ 3.051,65€ 3.005,90€ 2.908,02€ 2.835,78€ 2.792,08€ 2.723,55€ 2.698,54€

55 6/12 48,57% 2.310,73€ 2.754,47€ 3.028,48€ 3.719,71€ 4.331,32€ 3.885,62€ 3.232,99€ 3.248,90€ 3.144,20€ 3.062,73€ 3.083,05€ 3.036,83€ 2.937,94€ 2.864,96€ 2.820,81€ 2.751,58€ 2.726,30€

55 7/12 49,07% 2.334,62€ 2.782,95€ 3.059,80€ 3.758,17€ 4.376,10€ 3.925,79€ 3.266,42€ 3.282,49€ 3.176,71€ 3.094,40€ 3.114,93€ 3.068,23€ 2.968,32€ 2.894,59€ 2.849,97€ 2.780,03€ 2.754,49€

55 8/12 49,58% 2.358,88€ 2.811,86€ 3.091,59€ 3.797,22€ 4.421,58€ 3.966,59€ 3.300,36€ 3.316,60€ 3.209,72€ 3.126,55€ 3.147,30€ 3.100,11€ 2.999,16€ 2.924,66€ 2.879,59€ 2.808,92€ 2.783,12€

55 9/12 50,10% 2.383,51€ 2.841,23€ 3.123,88€ 3.836,87€ 4.467,75€ 4.008,01€ 3.334,82€ 3.351,23€ 3.243,24€ 3.159,20€ 3.180,16€ 3.132,48€ 3.030,48€ 2.955,20€ 2.909,66€ 2.838,25€ 2.812,18€

55 10/12 50,62% 2.408,53€ 2.871,05€ 3.156,66€ 3.877,14€ 4.514,64€ 4.050,07€ 3.369,82€ 3.386,40€ 3.277,27€ 3.192,36€ 3.213,54€ 3.165,36€ 3.062,29€ 2.986,22€ 2.940,19€ 2.868,03€ 2.841,69€

55 11/12 51,16% 2.433,93€ 2.901,33€ 3.189,96€ 3.918,04€ 4.562,26€ 4.092,79€ 3.405,37€ 3.422,12€ 3.311,84€ 3.226,03€ 3.247,44€ 3.198,75€ 3.094,59€ 3.017,72€ 2.971,21€ 2.898,29€ 2.871,67€

56 51,70% 2.459,74€ 2.932,09€ 3.223,78€ 3.959,58€ 4.610,63€ 4.136,19€ 3.441,48€ 3.458,41€ 3.346,96€ 3.260,24€ 3.281,87€ 3.232,66€ 3.127,40€ 3.049,71€ 3.002,71€ 2.929,02€ 2.902,11€

56 1/12 52,27% 2.486,84€ 2.964,40€ 3.259,30€ 4.003,21€ 4.661,43€ 4.181,76€ 3.479,39€ 3.496,51€ 3.383,84€ 3.296,16€ 3.318,03€ 3.268,28€ 3.161,86€ 3.083,32€ 3.035,80€ 2.961,29€ 2.934,09€

56 2/12 52,85% 2.514,39€ 2.997,24€ 3.295,41€ 4.047,55€ 4.713,07€ 4.228,08€ 3.517,94€ 3.535,25€ 3.421,32€ 3.332,67€ 3.354,78€ 3.304,49€ 3.196,88€ 3.117,47€ 3.069,43€ 2.994,10€ 2.966,59€

56 3/12 53,44% 2.542,40€ 3.030,62€ 3.332,12€ 4.092,64€ 4.765,57€ 4.275,18€ 3.557,13€ 3.574,63€ 3.459,43€ 3.369,80€ 3.392,15€ 3.341,30€ 3.232,49€ 3.152,20€ 3.103,62€ 3.027,45€ 2.999,64€

56 4/12 54,04% 2.570,88€ 3.064,57€ 3.369,44€ 4.138,48€ 4.818,95€ 4.323,07€ 3.596,97€ 3.614,67€ 3.498,18€ 3.407,54€ 3.430,15€ 3.378,72€ 3.268,70€ 3.187,51€ 3.138,38€ 3.061,36€ 3.033,24€

56 5/12 54,65% 2.599,84€ 3.099,09€ 3.407,40€ 4.185,10€ 4.873,24€ 4.371,77€ 3.637,49€ 3.655,39€ 3.537,59€ 3.445,93€ 3.468,79€ 3.416,79€ 3.305,53€ 3.223,42€ 3.173,74€ 3.095,84€ 3.067,41€

56 6/12 55,26% 2.629,29€ 3.134,21€ 3.446,00€ 4.232,52€ 4.928,45€ 4.421,30€ 3.678,70€ 3.696,80€ 3.577,67€ 3.484,97€ 3.508,09€ 3.455,50€ 3.342,98€ 3.259,94€ 3.209,69€ 3.130,92€ 3.102,16€

56 7/12 55,89% 2.659,26€ 3.169,92€ 3.485,27€ 4.280,75€ 4.984,61€ 4.471,69€ 3.720,63€ 3.738,93€ 3.618,44€ 3.524,69€ 3.548,07€ 3.494,88€ 3.381,07€ 3.297,09€ 3.246,27€ 3.166,60€ 3.137,51€

56 8/12 56,54% 2.689,74€ 3.206,26€ 3.525,23€ 4.329,83€ 5.041,76€ 4.522,95€ 3.763,28€ 3.781,79€ 3.659,92€ 3.565,09€ 3.588,74€ 3.534,94€ 3.419,83€ 3.334,88€ 3.283,49€ 3.202,90€ 3.173,48€

56 9/12 57,19% 2.720,76€ 3.243,24€ 3.565,88€ 4.379,76€ 5.099,90€ 4.575,11€ 3.806,68€ 3.825,40€ 3.702,13€ 3.606,21€ 3.630,13€ 3.575,71€ 3.459,27€ 3.373,34€ 3.321,35€ 3.239,84€ 3.210,08€

56 10/12 57,85% 2.752,33€ 3.280,87€ 3.607,25€ 4.430,58€ 5.159,07€ 4.628,19€ 3.850,84€ 3.869,79€ 3.745,08€ 3.648,05€ 3.672,25€ 3.617,19€ 3.499,41€ 3.412,48€ 3.359,89€ 3.277,43€ 3.247,32€

56 11/12 58,53% 2.784,46€ 3.319,17€ 3.649,37€ 4.482,30€ 5.219,30€ 4.682,22€ 3.895,80€ 3.914,96€ 3.788,80€ 3.690,63€ 3.715,12€ 3.659,42€ 3.540,26€ 3.452,32€ 3.399,11€ 3.315,69€ 3.285,23€

57 59,21% 2.817,17€ 3.358,16€ 3.692,23€ 4.534,95€ 5.280,61€ 4.737,22€ 3.941,56€ 3.960,95€ 3.833,31€ 3.733,99€ 3.758,76€ 3.702,41€ 3.581,85€ 3.492,87€ 3.439,04€ 3.354,64€ 3.323,83€

57 1/12 59,94% 2.851,61€ 3.399,21€ 3.737,37€ 4.590,39€ 5.345,16€ 4.795,13€ 3.989,75€ 4.009,38€ 3.880,17€ 3.779,64€ 3.804,71€ 3.747,67€ 3.625,63€ 3.535,57€ 3.481,08€ 3.395,65€ 3.364,46€

57 2/12 60,67% 2.886,70€ 3.441,04€ 3.783,36€ 4.646,88€ 5.410,94€ 4.854,14€ 4.038,84€ 4.058,71€ 3.927,92€ 3.826,15€ 3.851,53€ 3.793,79€ 3.670,25€ 3.579,08€ 3.523,92€ 3.437,43€ 3.405,86€

57 3/12 61,43% 2.922,46€ 3.483,67€ 3.830,23€ 4.704,44€ 5.477,97€ 4.914,27€ 4.088,88€ 4.108,99€ 3.976,58€ 3.873,55€ 3.899,24€ 3.840,78€ 3.715,72€ 3.623,42€ 3.567,57€ 3.480,02€ 3.448,05€

57 4/12 62,19% 2.958,91€ 3.527,12€ 3.878,00€ 4.763,12€ 5.546,29€ 4.975,57€ 4.139,87€ 4.160,24€ 4.026,18€ 3.921,86€ 3.947,88€ 3.888,69€ 3.762,06€ 3.668,61€ 3.612,07€ 3.523,42€ 3.491,06€

57 5/12 62,97% 2.996,07€ 3.571,41€ 3.926,70€ 4.822,94€ 5.615,95€ 5.038,05€ 4.191,87€ 4.212,49€ 4.076,74€ 3.971,11€ 3.997,46€ 3.937,52€ 3.809,31€ 3.714,68€ 3.657,43€ 3.567,67€ 3.534,90€

57 6/12 63,77% 3.033,96€ 3.616,58€ 3.976,36€ 4.883,93€ 5.686,97€ 5.101,77€ 4.244,88€ 4.265,76€ 4.128,30€ 4.021,33€ 4.048,01€ 3.987,32€ 3.857,48€ 3.761,66€ 3.703,69€ 3.612,79€ 3.579,60€

57 7/12 64,58% 3.072,60€ 3.662,64€ 4.027,01€ 4.946,14€ 5.759,40€ 5.166,75€ 4.298,94€ 4.320,09€ 4.180,88€ 4.072,55€ 4.099,57€ 4.038,10€ 3.906,61€ 3.809,57€ 3.750,86€ 3.658,80€ 3.625,20€

57 8/12 65,41% 3.112,02€ 3.709,63€ 4.078,67€ 5.009,59€ 5.833,28€ 5.233,03€ 4.354,09€ 4.375,51€ 4.234,51€ 4.124,79€ 4.152,16€ 4.089,91€ 3.956,73€ 3.858,44€ 3.798,98€ 3.705,74€ 3.671,70€

57 9/12 66,26% 3.152,23€ 3.757,57€ 4.131,38€ 5.074,32€ 5.908,66€ 5.300,65€ 4.410,36€ 4.432,05€ 4.289,23€ 4.178,10€ 4.205,81€ 4.142,76€ 4.007,86€ 3.908,30€ 3.848,07€ 3.753,63€ 3.719,15€

57 10/12 67,12% 3.193,27€ 3.806,49€ 4.185,16€ 5.140,38€ 5.985,59€ 5.369,66€ 4.467,77€ 4.489,75€ 4.345,07€ 4.232,49€ 4.260,57€ 4.196,69€ 4.060,04€ 3.959,18€ 3.898,16€ 3.802,49€ 3.767,57€

57 11/12 68,00% 3.235,16€ 3.856,41€ 4.240,06€ 5.207,81€ 6.064,10€ 5.440,09€ 4.526,38€ 4.548,65€ 4.402,07€ 4.288,01€ 4.316,45€ 4.251,74€ 4.113,29€ 4.011,12€ 3.949,30€ 3.852,37€ 3.816,99€

58 68,90% 3.277,92€ 3.907,39€ 4.296,10€ 5.276,65€ 6.144,25€ 5.512,00€ 4.586,21€ 4.608,77€ 4.460,25€ 4.344,68€ 4.373,51€ 4.307,94€ 4.167,66€ 4.064,13€ 4.001,50€ 3.903,29€ 3.867,44€

58 1/12 69,85% 3.323,09€ 3.961,23€ 4.355,30€ 5.349,36€ 6.228,92€ 5.587,95€ 4.649,40€ 4.672,28€ 4.521,71€ 4.404,55€ 4.433,77€ 4.367,30€ 4.225,09€ 4.120,14€ 4.056,64€ 3.957,08€ 3.920,73€

58 2/12 70,82% 3.369,25€ 4.016,26€ 4.415,80€ 5.423,67€ 6.315,45€ 5.665,58€ 4.713,99€ 4.737,18€ 4.584,53€ 4.465,74€ 4.495,37€ 4.427,97€ 4.283,78€ 4.177,37€ 4.112,99€ 4.012,05€ 3.975,20€

58 3/12 71,81% 3.416,44€ 4.072,51€ 4.477,65€ 5.499,64€ 6.403,91€ 5.744,93€ 4.780,02€ 4.803,54€ 4.648,74€ 4.528,29€ 4.558,33€ 4.489,99€ 4.343,78€ 4.235,89€ 4.170,60€ 4.068,24€ 4.030,88€

58 4/12 72,82% 3.464,70€ 4.130,04€ 4.540,90€ 5.577,32€ 6.494,36€ 5.826,08€ 4.847,53€ 4.871,38€ 4.714,40€ 4.592,25€ 4.622,72€ 4.553,41€ 4.405,14€ 4.295,71€ 4.229,51€ 4.125,70€ 4.087,81€

58 5/12 73,86% 3.514,05€ 4.188,87€ 4.605,58€ 5.656,76€ 6.586,87€ 5.909,07€ 4.916,58€ 4.940,77€ 4.781,56€ 4.657,66€ 4.688,56€ 4.618,27€ 4.467,89€ 4.356,90€ 4.289,75€ 4.184,47€ 4.146,04€

58 6/12 74,92% 3.564,54€ 4.249,05€ 4.671,75€ 5.738,04€ 6.681,51€ 5.993,97€ 4.987,23€ 5.011,76€ 4.850,26€ 4.724,58€ 4.755,93€ 4.684,62€ 4.532,08€ 4.419,50€ 4.351,39€ 4.244,60€ 4.205,61€

58 7/12 76,01% 3.616,21€ 4.310,64€ 4.739,47€ 5.821,21€ 6.778,35€ 6.080,85€ 5.059,51€ 5.084,40€ 4.920,56€ 4.793,06€ 4.824,86€ 4.752,53€ 4.597,77€ 4.483,56€ 4.414,46€ 4.306,12€ 4.266,57€

58 8/12 77,12% 3.669,09€ 4.373,68€ 4.808,78€ 5.906,34€ 6.877,48€ 6.169,77€ 5.133,50€ 5.158,76€ 4.992,52€ 4.863,16€ 4.895,42€ 4.822,03€ 4.665,01€ 4.549,13€ 4.479,02€ 4.369,09€ 4.328,96€

58 9/12 78,26% 3.723,24€ 4.438,22€ 4.879,74€ 5.993,50€ 6.978,97€ 6.260,82€ 5.209,26€ 5.234,89€ 5.066,19€ 4.934,92€ 4.967,66€ 4.893,19€ 4.733,85€ 4.616,26€ 4.545,11€ 4.433,57€ 4.392,84€

58 10/12 79,42% 3.778,69€ 4.504,32€ 4.952,42€ 6.082,76€ 7.082,92€ 6.354,07€ 5.286,84€ 5.312,85€ 5.141,65€ 5.008,42€ 5.041,65€ 4.966,06€ 4.804,35€ 4.685,01€ 4.612,81€ 4.499,60€ 4.458,27€

58 11/12 80,62% 3.835,50€ 4.572,04€ 5.026,87€ 6.174,21€ 7.189,40€ 6.449,59€ 5.366,32€ 5.392,72€ 5.218,94€ 5.083,72€ 5.117,45€ 5.040,72€ 4.876,58€ 4.755,45€ 4.682,16€ 4.567,24€ 4.525,29€

59 81,84% 3.893,71€ 4.641,43€ 5.103,17€ 6.267,92€ 7.298,51€ 6.547,48€ 5.447,77€ 5.474,57€ 5.298,15€ 5.160,88€ 5.195,11€ 5.117,23€ 4.950,60€ 4.827,62€ 4.753,22€ 4.636,56€ 4.593,97€

59 1/12 83,14% 3.955,47€ 4.715,05€ 5.184,11€ 6.367,33€ 7.414,27€ 6.651,33€ 5.534,18€ 5.561,40€ 5.382,19€ 5.242,73€ 5.277,51€ 5.198,39€ 5.029,11€ 4.904,19€ 4.828,61€ 4.710,10€ 4.666,84€

59 2/12 84,47% 4.018,84€ 4.790,59€ 5.267,17€ 6.469,35€ 7.533,06€ 6.757,90€ 5.622,84€ 5.650,51€ 5.468,42€ 5.326,73€ 5.362,07€ 5.281,68€ 5.109,69€ 4.982,77€ 4.905,97€ 4.785,57€ 4.741,61€

59 3/12 85,84% 4.083,90€ 4.868,14€ 5.352,43€ 6.574,07€ 7.655,01€ 6.867,29€ 5.713,87€ 5.741,98€ 5.556,94€ 5.412,96€ 5.448,87€ 5.367,18€ 5.192,41€ 5.063,43€ 4.985,39€ 4.863,04€ 4.818,37€

59 4/12 87,24% 4.150,70€ 4.947,78€ 5.439,99€ 6.681,61€ 7.780,23€ 6.979,63€ 5.807,34€ 5.835,91€ 5.647,84€ 5.501,51€ 5.538,00€ 5.454,98€ 5.277,35€ 5.146,26€ 5.066,94€ 4.942,59€ 4.897,19€

59 5/12 88,69% 4.219,33€ 5.029,58€ 5.529,93€ 6.792,09€ 7.908,87€ 7.095,03€ 5.903,36€ 5.932,40€ 5.741,23€ 5.592,47€ 5.629,57€ 5.545,17€ 5.364,60€ 5.231,35€ 5.150,72€ 5.024,31€ 4.978,16€

59 6/12 90,17% 4.289,86€ 5.113,65€ 5.622,36€ 6.905,62€ 8.041,07€ 7.213,62€ 6.002,03€ 6.031,56€ 5.837,19€ 5.685,94€ 5.723,67€ 5.637,85€ 5.454,27€ 5.318,79€ 5.236,81€ 5.108,29€ 5.061,37€

59 7/12 91,69% 4.362,36€ 5.200,07€ 5.717,39€ 7.022,33€ 8.176,97€ 7.335,54€ 6.103,47€ 6.133,49€ 5.935,84€ 5.782,04€ 5.820,40€ 5.733,14€ 5.546,45€ 5.408,68€ 5.325,32€ 5.194,62€ 5.146,91€

59 8/12 93,26% 4.436,92€ 5.288,96€ 5.815,11€ 7.142,35€ 8.316,73€ 7.460,92€ 6.207,79€ 6.238,33€ 6.037,30€ 5.880,87€ 5.919,89€ 5.831,13€ 5.641,25€ 5.501,12€ 5.416,34€ 5.283,41€ 5.234,88€

59 9/12 94,87% 4.513,63€ 5.380,40€ 5.915,65€ 7.265,84€ 8.460,52€ 7.589,92€ 6.315,12€ 6.346,19€ 6.141,68€ 5.982,55€ 6.022,24€ 5.931,95€ 5.738,79€ 5.596,24€ 5.509,99€ 5.374,76€ 5.325,39€

59 10/12 96,53% 4.592,59€ 5.474,52€ 6.019,13€ 7.392,95€ 8.608,53€ 7.722,69€ 6.425,59€ 6.457,20€ 6.249,12€ 6.087,20€ 6.127,59€ 6.035,72€ 5.839,18€ 5.694,13€ 5.606,37€ 5.468,78€ 5.418,55€

59 11/12 98,24% 4.673,89€ 5.571,44€ 6.125,69€ 7.523,82€ 8.760,92€ 7.859,40€ 6.539,34€ 6.571,52€ 6.359,75€ 6.194,96€ 6.236,06€ 6.142,57€ 5.942,55€ 5.794,94€ 5.705,62€ 5.565,59€ 5.514,47€

60 100,00% 4.757,65€ 5.671,27€ 6.235,46€ 7.658,64€ 8.917,91€ 8.000,24€ 6.656,52€ 6.689,27€ 6.473,71€ 6.305,97€ 6.347,81€ 6.252,64€ 6.049,04€ 5.898,78€ 5.807,86€ 5.665,33€ 5.613,29€

60 1/12 101,87% 4.846,58€ 5.777,29€ 6.352,02€ 7.801,81€ 9.084,62€ 8.149,79€ 6.780,96€ 6.814,32€ 6.594,72€ 6.423,85€ 6.466,47€ 6.369,52€ 6.162,11€ 6.009,05€ 5.916,43€ 5.771,23€ 5.718,22€

60 2/12 103,80% 4.938,46€ 5.886,80€ 6.472,43€ 7.949,70€ 9.256,83€ 8.304,28€ 6.909,50€ 6.943,49€ 6.719,74€ 6.545,62€ 6.589,05€ 6.490,26€ 6.278,92€ 6.122,95€ 6.028,59€ 5.880,63€ 5.826,61€

60 3/12 105,80% 5.033,41€ 5.999,99€ 6.596,88€ 8.102,55€ 9.434,81€ 8.463,95€ 7.042,35€ 7.077,00€ 6.848,94€ 6.671,48€ 6.715,74€ 6.615,05€ 6.399,65€ 6.240,68€ 6.144,50€ 5.993,70€ 5.938,65€

60 4/12 107,86% 5.131,60€ 6.117,03€ 6.725,57€ 8.260,61€ 9.618,86€ 8.629,06€ 7.179,73€ 7.215,05€ 6.982,54€ 6.801,62€ 6.846,75€ 6.744,10€ 6.524,49€ 6.362,42€ 6.264,36€ 6.110,62€ 6.054,49€

60 5/12 110,00% 5.233,19€ 6.238,13€ 6.858,71€ 8.424,15€ 9.809,28€ 8.799,88€ 7.321,86€ 7.357,88€ 7.120,77€ 6.936,27€ 6.982,29€ 6.877,61€ 6.653,65€ 6.488,38€ 6.388,38€ 6.231,59€ 6.174,35€

60 6/12 112,21% 5.338,35€ 6.363,49€ 6.996,54€ 8.593,43€ 10.006,40€ 8.976,72€ 7.469,00€ 7.505,74€ 7.263,87€ 7.075,66€ 7.122,60€ 7.015,82€ 6.787,36€ 6.618,76€ 6.516,75€ 6.356,82€ 6.298,43€

60 7/12 114,50% 5.447,28€ 6.493,33€ 7.139,30€ 8.768,78€ 10.210,58€ 9.159,89€ 7.621,40€ 7.658,89€ 7.412,08€ 7.220,04€ 7.267,93€ 7.158,97€ 6.925,85€ 6.753,82€ 6.649,72€ 6.486,52€ 6.426,94€

60 8/12 116,87% 5.560,17€ 6.627,90€ 7.287,26€ 8.950,51€ 10.422,19€ 9.349,72€ 7.779,35€ 7.817,62€ 7.565,70€ 7.369,67€ 7.418,56€ 7.307,34€ 7.069,39€ 6.893,78€ 6.787,54€ 6.620,95€ 6.560,14€

60 9/12 119,33% 5.677,24€ 6.767,46€ 7.440,69€ 9.138,96€ 10.641,63€ 9.546,58€ 7.943,15€ 7.982,22€ 7.725,00€ 7.524,84€ 7.574,76€ 7.461,20€ 7.218,24€ 7.038,94€ 6.930,45€ 6.760,36€ 6.698,27€

60 10/12 121,88% 5.798,72€ 6.912,27€ 7.599,92€ 9.334,53€ 10.869,35€ 9.750,87€ 8.113,12€ 8.153,03€ 7.890,30€ 7.685,86€ 7.736,85€ 7.620,85€ 7.372,70€ 7.189,56€ 7.078,75€ 6.905,02€ 6.841,60€

60 11/12 124,53% 5.924,87€ 7.062,64€ 7.765,25€ 9.537,59€ 11.105,80€ 9.962,99€ 8.289,62€ 8.330,40€ 8.061,95€ 7.853,06€ 7.905,16€ 7.786,64€ 7.533,09€ 7.345,96€ 7.232,75€ 7.055,24€ 6.990,43€

61 127,29% 6.055,95€ 7.218,89€ 7.937,04€ 9.748,60€ 11.351,50€ 10.183,41€ 8.473,01€ 8.514,69€ 8.240,31€ 8.026,80€ 8.080,05€ 7.958,91€ 7.699,74€ 7.508,48€ 7.392,76€ 7.211,32€ 7.145,09€

61 1/12 130,23% 6.195,90€ 7.385,71€ 8.120,46€ 9.973,88€ 11.613,82€ 10.418,73€ 8.668,81€ 8.711,46€ 8.430,73€ 8.212,29€ 8.266,77€ 8.142,83€ 7.877,68€ 7.682,00€ 7.563,60€ 7.377,97€ 7.310,20€

61 2/12 133,30% 6.341,71€ 7.559,53€ 8.311,56€ 10.208,60€ 11.887,14€ 10.663,93€ 8.872,82€ 8.916,47€ 8.629,14€ 8.405,55€ 8.461,32€ 8.334,46€ 8.063,07€ 7.862,78€ 7.741,60€ 7.551,60€ 7.482,24€

61 3/12 136,49% 6.493,76€ 7.740,78€ 8.510,84€ 10.453,36€ 12.172,15€ 10.919,61€ 9.085,56€ 9.130,26€ 8.836,03€ 8.607,09€ 8.664,19€ 8.534,29€ 8.256,39€ 8.051,30€ 7.927,22€ 7.732,66€ 7.661,64€

61 4/12 139,83% 6.652,45€ 7.929,94€ 8.718,83€ 10.708,82€ 12.469,61€ 11.186,46€ 9.307,59€ 9.353,38€ 9.051,97€ 8.817,43€ 8.875,92€ 8.742,85€ 8.458,16€ 8.248,06€ 8.120,94€ 7.921,63€ 7.848,87€

61 5/12 143,31% 6.818,22€ 8.127,55€ 8.936,09€ 10.975,67€ 12.780,34€ 11.465,21€ 9.539,52€ 9.586,45€ 9.277,53€ 9.037,15€ 9.097,10€ 8.960,71€ 8.668,93€ 8.453,59€ 8.323,30€ 8.119,03€ 8.044,45€

61 6/12 146,95% 6.991,55€ 8.334,16€ 9.163,26€ 11.254,68€ 13.105,23€ 11.756,67€ 9.782,03€ 9.830,15€ 9.513,37€ 9.266,88€ 9.328,36€ 9.188,50€ 8.889,30€ 8.668,49€ 8.534,89€ 8.325,42€ 8.248,95€

61 7/12 150,77% 7.172,96€ 8.550,40€ 9.401,01€ 11.546,70€ 13.445,26€ 12.061,71€ 10.035,84€ 10.085,21€ 9.760,21€ 9.507,32€ 9.570,40€ 9.426,91€ 9.119,94€ 8.893,40€ 8.756,34€ 8.541,44€ 8.462,98€

61 8/12 154,76% 7.363,01€ 8.776,95€ 9.650,10€ 11.852,64€ 13.801,50€ 12.381,30€ 10.301,74€ 10.352,42€ 10.018,82€ 9.759,22€ 9.823,97€ 9.676,68€ 9.361,58€ 9.129,04€ 8.988,34€ 8.767,75€ 8.687,21€

61 9/12 158,95% 7.562,33€ 9.014,55€ 9.911,33€ 12.173,50€ 14.175,12€ 12.716,47€ 10.580,62€ 10.632,68€ 10.290,04€ 10.023,42€ 10.089,92€ 9.938,64€ 9.615,01€ 9.376,17€ 9.231,67€ 9.005,10€ 8.922,39€

61 10/12 163,35% 7.771,62€ 9.264,03€ 10.185,63€ 12.510,40€ 14.567,42€ 13.068,40€ 10.873,44€ 10.926,93€ 10.574,81€ 10.300,81€ 10.369,15€ 10.213,69€ 9.881,11€ 9.635,66€ 9.487,15€ 9.254,31€ 9.169,31€

61 11/12 167,97% 7.991,62€ 9.526,28€ 10.473,97€ 12.864,55€ 14.979,80€ 13.438,34€ 11.181,25€ 11.236,26€ 10.874,17€ 10.592,41€ 10.662,69€ 10.502,82€ 10.160,82€ 9.908,43€ 9.755,72€ 9.516,29€ 9.428,88€

62 172,84% 8.223,17€ 9.802,30€ 10.777,44€ 13.237,29€ 15.413,83€ 13.827,71€ 11.505,22€ 11.561,82€ 11.189,24€ 10.899,32€ 10.971,63€ 10.807,14€ 10.455,23€ 10.195,52€ 10.038,38€ 9.792,02€ 9.702,08€

62 1/12 178,12% 8.474,41€ 10.101,78€ 11.106,72€ 13.641,73€ 15.884,76€ 14.250,18€ 11.856,73€ 11.915,06€ 11.531,10€ 11.232,32€ 11.306,84€ 11.137,32€ 10.774,66€ 10.507,02€ 10.345,08€ 10.091,19€ 9.998,50€

62 2/12 183,71% 8.740,04€ 10.418,41€ 11.454,85€ 14.069,32€ 16.382,65€ 14.696,84€ 12.228,37€ 12.288,53€ 11.892,53€ 11.584,39€ 11.661,24€ 11.486,41€ 11.112,38€ 10.836,35€ 10.669,34€ 10.407,49€ 10.311,89€

62 3/12 189,62% 9.021,30€ 10.753,69€ 11.823,48€ 14.522,08€ 16.909,87€ 15.169,80€ 12.621,90€ 12.683,99€ 12.275,25€ 11.957,19€ 12.036,52€ 11.856,06€ 11.469,99€ 11.185,08€ 11.012,69€ 10.742,41€ 10.643,74€

62 4/12 195,89% 9.319,62€ 11.109,30€ 12.214,47€ 15.002,31€ 17.469,05€ 15.671,45€ 13.039,28€ 13.103,43€ 12.681,17€ 12.352,60€ 12.434,55€ 12.248,12€ 11.849,29€ 11.554,95€ 11.376,86€ 11.097,65€ 10.995,71€

62 5/12 202,55% 9.636,58€ 11.487,12€ 12.629,88€ 15.512,53€ 18.063,17€ 16.204,43€ 13.482,75€ 13.549,08€ 13.112,45€ 12.772,71€ 12.857,44€ 12.664,68€ 12.252,28€ 11.947,93€ 11.763,79€ 11.475,08€ 11.369,68€

62 6/12 209,64% 9.973,97€ 11.889,30€ 13.072,07€ 16.055,64€ 18.695,58€ 16.771,76€ 13.954,79€ 14.023,44€ 13.571,54€ 13.219,89€ 13.307,60€ 13.108,08€ 12.681,25€ 12.366,24€ 12.175,65€ 11.876,83€ 11.767,74€

62 7/12 217,20% 10.333,80€ 12.318,24€ 13.543,68€ 16.634,89€ 19.370,07€ 17.376,85€ 14.458,25€ 14.529,38€ 14.061,17€ 13.696,84€ 13.787,70€ 13.580,99€ 13.138,76€ 12.812,39€ 12.614,92€ 12.305,32€ 12.192,29€

62 8/12 225,29% 10.718,40€ 12.776,68€ 14.047,73€ 17.253,99€ 20.090,96€ 18.023,56€ 14.996,34€ 15.070,11€ 14.584,48€ 14.206,59€ 14.300,84€ 14.086,43€ 13.627,74€ 13.289,22€ 13.084,41€ 12.763,29€ 12.646,05€

62 9/12 233,95% 11.130,36€ 13.267,76€ 14.587,66€ 17.917,16€ 20.863,17€ 18.716,31€ 15.572,73€ 15.649,34€ 15.145,04€ 14.752,63€ 14.850,50€ 14.627,85€ 14.151,53€ 13.800,00€ 13.587,32€ 13.253,85€ 13.132,11€

62 10/12 243,24% 11.572,72€ 13.795,07€ 15.167,42€ 18.629,24€ 21.692,34€ 19.460,15€ 16.191,64€ 16.271,30€ 15.746,95€ 15.338,94€ 15.440,71€ 15.209,21€ 14.713,96€ 14.348,46€ 14.127,32€ 13.780,60€ 13.654,02€

62 11/12 253,25% 12.048,93€ 14.362,73€ 15.791,56€ 19.395,83€ 22.584,98€ 20.260,93€ 16.857,92€ 16.940,86€ 16.394,94€ 15.970,14€ 16.076,09€ 15.835,07€ 15.319,43€ 14.938,90€ 14.708,66€ 14.347,67€ 14.215,88€

63 264,06% 12.563,02€ 14.975,54€ 16.465,33€ 20.223,39€ 23.548,60€ 21.125,40€ 17.577,19€ 17.663,67€ 17.094,45€ 16.651,53€ 16.762,00€ 16.510,69€ 15.973,06€ 15.576,29€ 15.336,22€ 14.959,84€ 14.822,43€

63 1/12 276,14% 13.137,98€ 15.660,91€ 17.218,88€ 21.148,93€ 24.626,33€ 22.092,22€ 18.381,63€ 18.472,06€ 17.876,80€ 17.413,60€ 17.529,13€ 17.266,32€ 16.704,08€ 16.289,15€ 16.038,10€ 15.644,49€ 15.500,79€

63 2/12 289,31% 13.764,43€ 16.407,66€ 18.039,92€ 22.157,36€ 25.800,57€ 23.145,63€ 19.258,11€ 19.352,85€ 18.729,20€ 18.243,92€ 18.364,96€ 18.089,62€ 17.500,57€ 17.065,86€ 16.802,84€ 16.390,45€ 16.239,90€

63 3/12 303,71% 14.449,58€ 17.224,38€ 18.937,89€ 23.260,28€ 27.084,84€ 24.297,75€ 20.216,72€ 20.316,18€ 19.661,48€ 19.152,05€ 19.279,11€ 18.990,07€ 18.371,69€ 17.915,34€ 17.639,23€ 17.206,32€ 17.048,27€

63 4/12 319,53% 15.202,05€ 18.121,34€ 19.924,08€ 24.471,57€ 28.495,29€ 25.563,06€ 21.269,51€ 21.374,15€ 20.685,36€ 20.149,40€ 20.283,07€ 19.978,98€ 19.328,41€ 18.848,29€ 18.557,80€ 18.102,34€ 17.936,07€

63 5/12 336,98% 16.032,22€ 19.110,94€ 21.012,13€ 25.807,95€ 30.051,40€ 26.959,05€ 22.431,03€ 22.541,38€ 21.814,98€ 21.249,74€ 21.390,72€ 21.070,02€ 20.383,92€ 19.877,58€ 19.571,23€ 19.090,90€ 18.915,55€

63 6/12 356,33% 16.952,75€ 20.208,25€ 22.218,59€ 27.289,78€ 31.776,88€ 28.506,97€ 23.718,96€ 23.835,65€ 23.067,54€ 22.469,85€ 22.618,93€ 22.279,81€ 21.554,32€ 21.018,91€ 20.694,96€ 20.187,06€ 20.001,63€

63 7/12 377,90% 17.979,19€ 21.431,79€ 23.563,86€ 28.942,09€ 33.700,87€ 30.232,98€ 25.155,07€ 25.278,82€ 24.464,21€ 23.830,33€ 23.988,43€ 23.628,78€ 22.859,36€ 22.291,53€ 21.947,97€ 21.409,32€ 21.212,67€

63 8/12 402,11% 19.130,86€ 22.804,62€ 25.073,26€ 30.795,99€ 35.859,60€ 32.169,57€ 26.766,39€ 26.898,07€ 26.031,28€ 25.356,80€ 25.525,02€ 25.142,34€ 24.323,63€ 23.719,43€ 23.353,87€ 22.780,71€ 22.571,46€

63 9/12 429,46% 20.432,10€ 24.355,74€ 26.778,69€ 32.890,68€ 38.298,70€ 34.357,68€ 28.586,99€ 28.727,63€ 27.801,88€ 27.081,52€ 27.261,19€ 26.852,47€ 25.978,08€ 25.332,78€ 24.942,35€ 24.330,20€ 24.106,73€

63 10/12 460,61% 21.914,00€ 26.122,22€ 28.720,89€ 35.276,17€ 41.076,43€ 36.849,57€ 30.660,35€ 30.811,18€ 29.818,29€ 29.045,69€ 29.238,38€ 28.800,03€ 27.862,22€ 27.170,12€ 26.751,37€ 26.094,83€ 25.855,14€

63 11/12 496,40% 23.616,89€ 28.152,12€ 30.952,73€ 38.017,40€ 44.268,39€ 39.713,07€ 33.042,89€ 33.205,45€ 32.135,40€ 31.302,76€ 31.510,44€ 31.038,01€ 30.027,33€ 29.281,45€ 28.830,16€ 28.122,60€ 27.864,28€

64 537,96% 25.594,07€ 30.508,99€ 33.544,07€ 41.200,19€ 47.974,50€ 43.037,82€ 35.809,22€ 35.985,39€ 34.825,75€ 33.923,40€ 34.148,46€ 33.636,49€ 32.541,19€ 31.732,87€ 31.243,80€ 30.477,00€ 30.197,06€

64 1/12 588,64% 28.005,45€ 33.383,43€ 36.704,46€ 45.081,91€ 52.494,47€ 47.092,68€ 39.183,03€ 39.375,79€ 38.106,90€ 37.119,54€ 37.365,80€ 36.805,59€ 35.607,10€ 34.722,61€ 34.187,47€ 33.348,42€ 33.042,11€

64 2/12 649,47% 30.899,67€ 36.833,43€ 40.497,68€ 49.740,89€ 57.919,50€ 51.959,46€ 43.232,39€ 43.445,07€ 42.045,05€ 40.955,65€ 41.227,36€ 40.609,26€ 39.286,90€ 38.311,02€ 37.720,56€ 36.794,81€ 36.456,84€

64 3/12 723,84% 34.437,68€ 41.050,86€ 45.134,66€ 55.436,22€ 64.551,28€ 57.908,81€ 48.182,49€ 48.419,53€ 46.859,21€ 45.645,07€ 45.947,89€ 45.259,01€ 43.785,25€ 42.697,63€ 42.039,57€ 41.007,81€ 40.631,15€

64 4/12 816,81% 38.860,91€ 46.323,50€ 50.931,83€ 62.556,55€ 72.842,36€ 65.346,72€ 54.371,14€ 54.638,62€ 52.877,89€ 51.507,80€ 51.849,52€ 51.072,16€ 49.409,11€ 48.181,78€ 47.439,20€ 46.274,93€ 45.849,88€

64 5/12 936,36% 44.548,76€ 53.103,60€ 58.386,43€ 71.712,59€ 83.503,88€ 74.911,14€ 62.329,12€ 62.635,76€ 60.617,32€ 59.046,70€ 59.438,43€ 58.547,30€ 56.640,83€ 55.233,87€ 54.382,60€ 53.047,92€ 52.560,66€

64 6/12 1095,78% 52.133,54€ 62.144,91€ 68.327,18€ 83.922,22€ 97.721,07€ 87.665,35€ 72.941,15€ 73.299,99€ 70.937,89€ 69.099,86€ 69.558,29€ 68.515,43€ 66.284,38€ 64.637,87€ 63.641,66€ 62.079,74€ 61.509,53€

64 7/12 1319,00% 62.753,41€ 74.804,14€ 82.245,78€ 101.017,61€ 117.627,35€ 105.523,24€ 87.799,64€ 88.231,58€ 85.388,30€ 83.175,86€ 83.727,67€ 82.472,38€ 79.786,85€ 77.804,94€ 76.605,80€ 74.725,71€ 74.039,33€

64 8/12 1653,86% 78.684,71€ 93.794,79€ 103.125,64€ 126.663,10€ 147.489,59€ 132.312,58€ 110.089,46€ 110.631,06€ 107.065,96€ 104.291,84€ 104.983,75€ 103.409,77€ 100.042,46€ 97.557,40€ 96.053,83€ 93.696,44€ 92.835,81€

64 9/12 2211,99% 105.238,89€ 125.448,25€ 137.928,04€ 169.408,83€ 197.263,75€ 176.964,87€ 147.241,99€ 147.966,37€ 143.198,13€ 139.487,81€ 140.413,22€ 138.308,06€ 133.804,36€ 130.480,65€ 128.469,67€ 125.316,72€ 124.165,65€

64 10/12 3328,33% 158.350,30€ 188.758,82€ 207.536,85€ 254.905,19€ 296.817,79€ 266.274,58€ 221.551,30€ 222.641,26€ 215.466,61€ 209.883,79€ 211.276,22€ 208.108,65€ 201.332,05€ 196.330,95€ 193.305,08€ 188.560,90€ 186.828,92€

64 11/12 6677,48% 317.690,70€ 378.697,86€ 416.371,32€ 511.404,18€ 595.491,43€ 534.214,05€ 444.487,86€ 446.674,59€ 432.280,43€ 421.079,89€ 423.873,46€ 417.518,51€ 403.922,93€ 393.889,46€ 387.818,79€ 378.300,79€ 374.825,99€


1.097,56€ 1.141,99€ 1.210,03€ 1.267,65€ 1.324,52€ 1.400,70€ 1.457,80€ 1.532,80€ 1.582,22€ 1.632,25€ 1.694,42€ 1.733,35€ 1.733,98€ 1.791,44€ 1.814,33€ 1.806,33€ 1.808,06€ 1.793,87€ 1.770,22€ 1.738,79€ 1.702,45€ 1.652,74€ 1.579,74€ 1.459,49€ 1.339,51€ 1.212,68€ 1.093,29€ 936,43€ 750,57€

4.178,76€ 4.041,30€ 3.961,41€ 3.866,89€ 3.703,80€ 3.579,14€ 3.397,62€ 3.234,08€ 3.046,79€ 2.836,88€ 2.601,10€ 2.363,03€ 2.197,81€ 2.167,82€ 2.088,55€ 1.961,95€ 1.770,01€ 1.564,80€ 1.303,19€ 1.041,99€ 787,36€ 562,32€ 383,92€ 239,93€ 140,10€ 79,00€ 40,87€ 16,96€ 6,91€

251,90€ 249,22€ 250,63€ 250,59€ 249,96€ 251,51€ 253,47€ 255,10€ 254,87€ 254,60€ 256,03€ 251,87€ 247,40€ 245,39€ 239,47€ 232,36€ 222,23€ 212,55€ 199,43€ 184,49€ 166,45€ 147,52€ 128,70€ 110,86€ 92,97€ 74,04€ 55,91€ 39,34€ 25,64€

1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

5.528,22€ 5.432,51€ 5.422,07€ 5.385,12€ 5.278,28€ 5.231,35€ 5.108,89€ 5.021,98€ 4.883,88€ 4.723,73€ 4.551,54€ 4.348,25€ 4.179,19€ 4.204,64€ 4.142,35€ 4.000,63€ 3.800,31€ 3.571,22€ 3.272,84€ 2.965,27€ 2.656,27€ 2.362,58€ 2.092,36€ 1.810,27€ 1.572,59€ 1.365,72€ 1.190,07€ 992,73€ 783,12€

2.526,81€ 2.483,06€ 2.478,29€ 2.461,40€ 2.412,57€ 2.391,12€ 2.335,15€ 2.295,42€ 2.232,30€ 2.159,10€ 2.080,40€ 1.987,48€ 1.910,20€ 1.921,84€ 1.893,37€ 1.828,59€ 1.737,03€ 1.632,31€ 1.495,93€ 1.355,35€ 1.214,11€ 1.079,88€ 956,37€ 827,43€ 718,79€ 624,24€ 543,95€ 453,75€ 357,94€

2.552,21€ 2.508,03€ 2.503,21€ 2.486,15€ 2.436,83€ 2.415,16€ 2.358,63€ 2.318,50€ 2.254,74€ 2.180,81€ 2.101,31€ 2.007,46€ 1.929,41€ 1.941,16€ 1.912,40€ 1.846,97€ 1.754,49€ 1.648,73€ 1.510,97€ 1.368,98€ 1.226,32€ 1.090,73€ 965,98€ 835,75€ 726,02€ 630,51€ 549,42€ 458,31€ 361,54€

2.577,99€ 2.533,36€ 2.528,49€ 2.511,26€ 2.461,44€ 2.439,55€ 2.382,45€ 2.341,92€ 2.277,52€ 2.202,83€ 2.122,54€ 2.027,74€ 1.948,90€ 1.960,77€ 1.931,72€ 1.865,63€ 1.772,21€ 1.665,38€ 1.526,23€ 1.382,80€ 1.238,71€ 1.101,75€ 975,74€ 844,19€ 733,35€ 636,88€ 554,97€ 462,94€ 365,20€

2.604,15€ 2.559,07€ 2.554,15€ 2.536,74€ 2.486,41€ 2.464,31€ 2.406,62€ 2.365,68€ 2.300,63€ 2.225,18€ 2.144,07€ 2.048,31€ 1.968,67€ 1.980,66€ 1.951,32€ 1.884,56€ 1.790,19€ 1.682,28€ 1.541,72€ 1.396,83€ 1.251,28€ 1.112,93€ 985,64€ 852,76€ 740,79€ 643,34€ 560,60€ 467,64€ 368,90€

2.630,69€ 2.585,15€ 2.580,18€ 2.562,60€ 2.511,76€ 2.489,43€ 2.431,15€ 2.389,80€ 2.324,08€ 2.247,86€ 2.165,93€ 2.069,19€ 1.988,74€ 2.000,85€ 1.971,21€ 1.903,77€ 1.808,44€ 1.699,42€ 1.557,44€ 1.411,07€ 1.264,03€ 1.124,27€ 995,69€ 861,45€ 748,34€ 649,90€ 566,31€ 472,41€ 372,66€

2.657,64€ 2.611,63€ 2.606,61€ 2.588,85€ 2.537,48€ 2.514,92€ 2.456,05€ 2.414,27€ 2.347,88€ 2.270,89€ 2.188,11€ 2.090,38€ 2.009,11€ 2.021,34€ 1.991,40€ 1.923,26€ 1.826,96€ 1.716,83€ 1.573,39€ 1.425,52€ 1.276,98€ 1.135,79€ 1.005,88€ 870,27€ 756,01€ 656,56€ 572,11€ 477,25€ 376,48€

2.684,99€ 2.638,50€ 2.633,43€ 2.615,49€ 2.563,60€ 2.540,80€ 2.481,33€ 2.439,11€ 2.372,04€ 2.294,25€ 2.210,63€ 2.111,89€ 2.029,78€ 2.042,14€ 2.011,89€ 1.943,06€ 1.845,76€ 1.734,49€ 1.589,58€ 1.440,19€ 1.290,12€ 1.147,48€ 1.016,23€ 879,23€ 763,79€ 663,31€ 578,00€ 482,16€ 380,35€

2.712,75€ 2.665,78€ 2.660,66€ 2.642,53€ 2.590,10€ 2.567,07€ 2.506,98€ 2.464,34€ 2.396,57€ 2.317,98€ 2.233,49€ 2.133,73€ 2.050,77€ 2.063,26€ 2.032,69€ 1.963,15€ 1.864,85€ 1.752,43€ 1.606,01€ 1.455,09€ 1.303,46€ 1.159,34€ 1.026,74€ 888,32€ 771,68€ 670,17€ 583,98€ 487,14€ 384,28€

2.740,94€ 2.693,48€ 2.688,31€ 2.669,99€ 2.617,02€ 2.593,75€ 2.533,03€ 2.489,94€ 2.421,47€ 2.342,06€ 2.256,69€ 2.155,90€ 2.072,08€ 2.084,70€ 2.053,81€ 1.983,54€ 1.884,23€ 1.770,64€ 1.622,70€ 1.470,20€ 1.317,00€ 1.171,39€ 1.037,41€ 897,55€ 779,70€ 677,14€ 590,05€ 492,20€ 388,28€

2.769,56€ 2.721,61€ 2.716,38€ 2.697,87€ 2.644,34€ 2.620,83€ 2.559,48€ 2.515,94€ 2.446,75€ 2.366,52€ 2.280,26€ 2.178,41€ 2.093,71€ 2.106,47€ 2.075,26€ 2.004,26€ 1.903,90€ 1.789,13€ 1.639,65€ 1.485,56€ 1.330,75€ 1.183,62€ 1.048,24€ 906,92€ 787,84€ 684,21€ 596,21€ 497,34€ 392,33€

2.798,62€ 2.750,17€ 2.744,89€ 2.726,18€ 2.672,10€ 2.648,34€ 2.586,34€ 2.542,35€ 2.472,43€ 2.391,36€ 2.304,19€ 2.201,28€ 2.115,69€ 2.128,57€ 2.097,04€ 2.025,29€ 1.923,88€ 1.807,90€ 1.656,85€ 1.501,15€ 1.344,72€ 1.196,04€ 1.059,24€ 916,44€ 796,11€ 691,39€ 602,46€ 502,56€ 396,45€

2.828,14€ 2.779,18€ 2.773,84€ 2.754,94€ 2.700,28€ 2.676,27€ 2.613,63€ 2.569,16€ 2.498,51€ 2.416,58€ 2.328,49€ 2.224,50€ 2.138,00€ 2.151,03€ 2.119,16€ 2.046,66€ 1.944,18€ 1.826,98€ 1.674,33€ 1.516,98€ 1.358,90€ 1.208,66€ 1.070,42€ 926,11€ 804,51€ 698,68€ 608,82€ 507,86€ 400,63€

2.858,13€ 2.808,65€ 2.803,25€ 2.784,15€ 2.728,91€ 2.704,65€ 2.641,34€ 2.596,41€ 2.525,00€ 2.442,20€ 2.353,18€ 2.248,08€ 2.160,67€ 2.173,83€ 2.141,63€ 2.068,36€ 1.964,79€ 1.846,35€ 1.692,08€ 1.533,07€ 1.373,31€ 1.221,47€ 1.081,77€ 935,93€ 813,04€ 706,09€ 615,28€ 513,25€ 404,88€

2.889,62€ 2.839,60€ 2.834,14€ 2.814,83€ 2.758,98€ 2.734,45€ 2.670,44€ 2.625,01€ 2.552,83€ 2.469,11€ 2.379,11€ 2.272,85€ 2.184,48€ 2.197,78€ 2.165,23€ 2.091,15€ 1.986,44€ 1.866,69€ 1.710,73€ 1.549,96€ 1.388,44€ 1.234,93€ 1.093,69€ 946,24€ 822,00€ 713,87€ 622,05€ 518,90€ 409,34€

2.921,63€ 2.871,05€ 2.865,53€ 2.846,01€ 2.789,54€ 2.764,74€ 2.700,02€ 2.654,09€ 2.581,11€ 2.496,46€ 2.405,47€ 2.298,03€ 2.208,68€ 2.222,13€ 2.189,21€ 2.114,31€ 2.008,45€ 1.887,37€ 1.729,68€ 1.567,13€ 1.403,82€ 1.248,61€ 1.105,80€ 956,72€ 831,10€ 721,78€ 628,95€ 524,65€ 413,88€

2.954,18€ 2.903,03€ 2.897,45€ 2.877,71€ 2.820,62€ 2.795,54€ 2.730,10€ 2.683,66€ 2.609,86€ 2.524,27€ 2.432,26€ 2.323,63€ 2.233,28€ 2.246,88€ 2.213,60€ 2.137,86€ 2.030,82€ 1.908,39€ 1.748,95€ 1.584,59€ 1.419,46€ 1.262,52€ 1.118,12€ 967,38€ 840,36€ 729,82€ 635,95€ 530,50€ 418,49€

2.987,27€ 2.935,55€ 2.929,91€ 2.909,95€ 2.852,21€ 2.826,85€ 2.760,68€ 2.713,72€ 2.639,09€ 2.552,55€ 2.459,51€ 2.349,66€ 2.258,30€ 2.272,05€ 2.238,39€ 2.161,81€ 2.053,57€ 1.929,77€ 1.768,54€ 1.602,33€ 1.435,36€ 1.276,66€ 1.130,64€ 978,21€ 849,77€ 737,99€ 643,07€ 536,44€ 423,17€

3.020,92€ 2.968,62€ 2.962,92€ 2.942,73€ 2.884,34€ 2.858,70€ 2.791,78€ 2.744,29€ 2.668,82€ 2.581,30€ 2.487,21€ 2.376,12€ 2.283,74€ 2.297,65€ 2.263,61€ 2.186,16€ 2.076,70€ 1.951,51€ 1.788,46€ 1.620,39€ 1.451,53€ 1.291,04€ 1.143,38€ 989,23€ 859,35€ 746,30€ 650,32€ 542,48€ 427,94€

3.055,15€ 3.002,26€ 2.996,49€ 2.976,07€ 2.917,02€ 2.891,09€ 2.823,41€ 2.775,38€ 2.699,06€ 2.610,55€ 2.515,39€ 2.403,05€ 2.309,61€ 2.323,68€ 2.289,26€ 2.210,93€ 2.100,23€ 1.973,62€ 1.808,72€ 1.638,74€ 1.467,98€ 1.305,67€ 1.156,34€ 1.000,44€ 869,08€ 754,76€ 657,69€ 548,63€ 432,79€

3.089,96€ 3.036,47€ 3.030,63€ 3.009,98€ 2.950,26€ 2.924,03€ 2.855,59€ 2.807,01€ 2.729,82€ 2.640,30€ 2.544,06€ 2.430,43€ 2.335,93€ 2.350,16€ 2.315,34€ 2.236,13€ 2.124,16€ 1.996,11€ 1.829,33€ 1.657,42€ 1.484,71€ 1.320,55€ 1.169,51€ 1.011,84€ 878,99€ 763,36€ 665,18€ 554,88€ 437,72€

3.125,39€ 3.071,28€ 3.065,37€ 3.044,49€ 2.984,08€ 2.957,55€ 2.888,32€ 2.839,19€ 2.761,11€ 2.670,57€ 2.573,22€ 2.458,29€ 2.362,71€ 2.377,10€ 2.341,89€ 2.261,76€ 2.148,51€ 2.018,99€ 1.850,30€ 1.676,42€ 1.501,73€ 1.335,69€ 1.182,92€ 1.023,44€ 889,06€ 772,11€ 672,81€ 561,24€ 442,74€

3.161,43€ 3.106,70€ 3.100,73€ 3.079,60€ 3.018,50€ 2.991,66€ 2.921,63€ 2.871,93€ 2.792,95€ 2.701,36€ 2.602,90€ 2.486,64€ 2.389,96€ 2.404,51€ 2.368,89€ 2.287,84€ 2.173,29€ 2.042,28€ 1.871,64€ 1.695,75€ 1.519,04€ 1.351,09€ 1.196,56€ 1.035,24€ 899,32€ 781,02€ 680,57€ 567,71€ 447,84€

3.198,11€ 3.142,74€ 3.136,70€ 3.115,33€ 3.053,52€ 3.026,37€ 2.955,53€ 2.905,25€ 2.825,36€ 2.732,71€ 2.633,10€ 2.515,49€ 2.417,69€ 2.432,41€ 2.396,38€ 2.314,39€ 2.198,51€ 2.065,97€ 1.893,36€ 1.715,43€ 1.536,67€ 1.366,77€ 1.210,44€ 1.047,26€ 909,75€ 790,08€ 688,46€ 574,30€ 453,04€

3.235,44€ 3.179,43€ 3.173,32€ 3.151,70€ 3.089,17€ 3.061,70€ 2.990,03€ 2.939,17€ 2.858,34€ 2.764,61€ 2.663,84€ 2.544,86€ 2.445,91€ 2.460,81€ 2.424,35€ 2.341,41€ 2.224,17€ 2.090,09€ 1.915,46€ 1.735,45€ 1.554,61€ 1.382,72€ 1.224,58€ 1.059,48€ 920,37€ 799,30€ 696,50€ 581,00€ 458,33€

3.273,45€ 3.216,78€ 3.210,60€ 3.188,72€ 3.125,46€ 3.097,67€ 3.025,16€ 2.973,69€ 2.891,92€ 2.797,08€ 2.695,13€ 2.574,75€ 2.474,64€ 2.489,72€ 2.452,83€ 2.368,91€ 2.250,30€ 2.114,64€ 1.937,96€ 1.755,84€ 1.572,87€ 1.398,97€ 1.238,96€ 1.071,93€ 931,18€ 808,69€ 704,68€ 587,83€ 463,71€

3.313,47€ 3.256,11€ 3.249,85€ 3.227,70€ 3.163,66€ 3.135,53€ 3.062,14€ 3.010,05€ 2.927,27€ 2.831,28€ 2.728,08€ 2.606,23€ 2.504,90€ 2.520,15€ 2.482,82€ 2.397,87€ 2.277,81€ 2.140,49€ 1.961,65€ 1.777,30€ 1.592,10€ 1.416,07€ 1.254,11€ 1.085,03€ 942,57€ 818,58€ 713,30€ 595,02€ 469,38€

3.354,24€ 3.296,17€ 3.289,84€ 3.267,42€ 3.202,59€ 3.174,12€ 3.099,82€ 3.047,09€ 2.963,29€ 2.866,12€ 2.761,65€ 2.638,30€ 2.535,72€ 2.551,16€ 2.513,37€ 2.427,38€ 2.305,84€ 2.166,83€ 1.985,79€ 1.799,18€ 1.611,69€ 1.433,50€ 1.269,54€ 1.098,38€ 954,17€ 828,65€ 722,07€ 602,34€ 475,16€

3.395,79€ 3.337,01€ 3.330,59€ 3.307,90€ 3.242,27€ 3.213,44€ 3.138,22€ 3.084,83€ 3.000,00€ 2.901,62€ 2.795,86€ 2.670,98€ 2.567,13€ 2.582,77€ 2.544,51€ 2.457,45€ 2.334,40€ 2.193,68€ 2.010,39€ 1.821,46€ 1.631,65€ 1.451,25€ 1.285,27€ 1.111,99€ 965,99€ 838,92€ 731,02€ 609,80€ 481,04€

3.438,15€ 3.378,63€ 3.372,13€ 3.349,15€ 3.282,71€ 3.253,52€ 3.177,36€ 3.123,31€ 3.037,42€ 2.937,81€ 2.830,73€ 2.704,30€ 2.599,15€ 2.614,98€ 2.576,24€ 2.488,10€ 2.363,52€ 2.221,04€ 2.035,47€ 1.844,18€ 1.652,01€ 1.469,35€ 1.301,30€ 1.125,86€ 978,03€ 849,38€ 740,14€ 617,41€ 487,04€

3.481,33€ 3.421,06€ 3.414,48€ 3.391,21€ 3.323,93€ 3.294,38€ 3.217,26€ 3.162,53€ 3.075,56€ 2.974,71€ 2.866,28€ 2.738,26€ 2.631,79€ 2.647,82€ 2.608,60€ 2.519,35€ 2.393,20€ 2.248,93€ 2.061,03€ 1.867,34€ 1.672,75€ 1.487,81€ 1.317,64€ 1.140,00€ 990,32€ 860,05€ 749,43€ 625,16€ 493,16€

3.525,35€ 3.464,32€ 3.457,66€ 3.434,10€ 3.365,97€ 3.336,04€ 3.257,95€ 3.202,53€ 3.114,46€ 3.012,33€ 2.902,53€ 2.772,89€ 2.665,08€ 2.681,31€ 2.641,59€ 2.551,21€ 2.423,47€ 2.277,37€ 2.087,10€ 1.890,96€ 1.693,91€ 1.506,62€ 1.334,30€ 1.154,42€ 1.002,84€ 870,92€ 758,91€ 633,07€ 499,40€

3.570,25€ 3.508,45€ 3.501,70€ 3.477,84€ 3.408,84€ 3.378,53€ 3.299,45€ 3.243,32€ 3.154,13€ 3.050,69€ 2.939,50€ 2.808,21€ 2.699,02€ 2.715,46€ 2.675,23€ 2.583,70€ 2.454,33€ 2.306,38€ 2.113,68€ 1.915,04€ 1.715,48€ 1.525,81€ 1.351,30€ 1.169,12€ 1.015,61€ 882,01€ 768,58€ 641,13€ 505,76€

3.616,05€ 3.553,45€ 3.546,62€ 3.522,46€ 3.452,57€ 3.421,87€ 3.341,77€ 3.284,92€ 3.194,59€ 3.089,83€ 2.977,20€ 2.844,23€ 2.733,64€ 2.750,29€ 2.709,55€ 2.616,85€ 2.485,82€ 2.335,96€ 2.140,79€ 1.939,61€ 1.737,49€ 1.545,39€ 1.368,63€ 1.184,12€ 1.028,64€ 893,33€ 778,43€ 649,35€ 512,25€

3.662,78€ 3.599,37€ 3.592,45€ 3.567,97€ 3.497,19€ 3.466,09€ 3.384,96€ 3.327,37€ 3.235,87€ 3.129,76€ 3.015,68€ 2.880,99€ 2.768,97€ 2.785,83€ 2.744,56€ 2.650,66€ 2.517,94€ 2.366,15€ 2.168,46€ 1.964,67€ 1.759,94€ 1.565,36€ 1.386,32€ 1.199,42€ 1.041,94€ 904,87€ 788,49€ 657,74€ 518,87€

3.710,47€ 3.646,23€ 3.639,22€ 3.614,42€ 3.542,71€ 3.511,22€ 3.429,02€ 3.370,69€ 3.278,00€ 3.170,50€ 3.054,94€ 2.918,49€ 2.805,02€ 2.822,10€ 2.780,29€ 2.685,17€ 2.550,72€ 2.396,95€ 2.196,69€ 1.990,25€ 1.782,85€ 1.585,73€ 1.404,37€ 1.215,03€ 1.055,50€ 916,65€ 798,76€ 666,31€ 525,62€

3.759,14€ 3.694,06€ 3.686,96€ 3.661,84€ 3.589,18€ 3.557,27€ 3.474,00€ 3.414,90€ 3.321,00€ 3.212,09€ 3.095,01€ 2.956,77€ 2.841,81€ 2.859,12€ 2.816,76€ 2.720,39€ 2.584,18€ 2.428,40€ 2.225,50€ 2.016,36€ 1.806,24€ 1.606,53€ 1.422,79€ 1.230,97€ 1.069,34€ 928,68€ 809,24€ 675,05€ 532,52€

3.808,82€ 3.742,89€ 3.735,69€ 3.710,24€ 3.636,62€ 3.604,29€ 3.519,92€ 3.460,04€ 3.364,89€ 3.254,55€ 3.135,92€ 2.995,86€ 2.879,37€ 2.896,91€ 2.853,99€ 2.756,35€ 2.618,34€ 2.460,49€ 2.254,92€ 2.043,01€ 1.830,11€ 1.627,77€ 1.441,59€ 1.247,24€ 1.083,48€ 940,95€ 819,93€ 683,97€ 539,55€

3.861,31€ 3.794,46€ 3.787,17€ 3.761,36€ 3.686,74€ 3.653,96€ 3.568,43€ 3.507,72€ 3.411,26€ 3.299,40€ 3.179,13€ 3.037,14€ 2.919,05€ 2.936,83€ 2.893,32€ 2.794,33€ 2.654,42€ 2.494,40€ 2.285,99€ 2.071,16€ 1.855,33€ 1.650,20€ 1.461,46€ 1.264,43€ 1.098,41€ 953,92€ 831,23€ 693,39€ 546,99€

3.914,95€ 3.847,18€ 3.839,78€ 3.813,62€ 3.737,95€ 3.704,72€ 3.618,00€ 3.556,45€ 3.458,65€ 3.345,23€ 3.223,29€ 3.079,33€ 2.959,60€ 2.977,63€ 2.933,52€ 2.833,15€ 2.691,29€ 2.529,05€ 2.317,75€ 2.099,93€ 1.881,11€ 1.673,12€ 1.481,76€ 1.281,99€ 1.113,67€ 967,17€ 842,78€ 703,03€ 554,59€

3.969,79€ 3.901,06€ 3.893,56€ 3.867,03€ 3.790,31€ 3.756,61€ 3.668,67€ 3.606,26€ 3.507,09€ 3.392,09€ 3.268,44€ 3.122,46€ 3.001,06€ 3.019,33€ 2.974,60€ 2.872,83€ 2.728,99€ 2.564,47€ 2.350,21€ 2.129,35€ 1.907,45€ 1.696,56€ 1.502,52€ 1.299,95€ 1.129,27€ 980,72€ 854,58€ 712,87€ 562,36€

4.025,86€ 3.956,16€ 3.948,56€ 3.921,65€ 3.843,84€ 3.809,67€ 3.720,49€ 3.657,20€ 3.556,63€ 3.440,00€ 3.314,61€ 3.166,56€ 3.043,44€ 3.061,98€ 3.016,62€ 2.913,41€ 2.767,53€ 2.600,69€ 2.383,41€ 2.159,42€ 1.934,39€ 1.720,52€ 1.523,74€ 1.318,31€ 1.145,22€ 994,57€ 866,65€ 722,94€ 570,30€

4.083,20€ 4.012,51€ 4.004,80€ 3.977,51€ 3.898,60€ 3.863,93€ 3.773,49€ 3.709,29€ 3.607,29€ 3.489,00€ 3.361,82€ 3.211,67€ 3.086,80€ 3.105,60€ 3.059,59€ 2.954,91€ 2.806,95€ 2.637,74€ 2.417,36€ 2.190,18€ 1.961,95€ 1.745,03€ 1.545,44€ 1.337,09€ 1.161,53€ 1.008,74€ 879,00€ 733,24€ 578,42€

4.141,87€ 4.070,16€ 4.062,34€ 4.034,66€ 3.954,61€ 3.919,45€ 3.827,70€ 3.762,59€ 3.659,12€ 3.539,13€ 3.410,12€ 3.257,81€ 3.131,15€ 3.150,22€ 3.103,55€ 2.997,36€ 2.847,28€ 2.675,64€ 2.452,09€ 2.221,65€ 1.990,14€ 1.770,10€ 1.567,65€ 1.356,30€ 1.178,22€ 1.023,23€ 891,63€ 743,78€ 586,73€

4.201,90€ 4.129,16€ 4.121,22€ 4.093,14€ 4.011,93€ 3.976,26€ 3.883,18€ 3.817,13€ 3.712,15€ 3.590,42€ 3.459,55€ 3.305,03€ 3.176,53€ 3.195,88€ 3.148,53€ 3.040,81€ 2.888,55€ 2.714,42€ 2.487,63€ 2.253,85€ 2.018,98€ 1.795,76€ 1.590,37€ 1.375,96€ 1.195,30€ 1.038,06€ 904,55€ 754,56€ 595,24€

4.263,35€ 4.189,54€ 4.181,49€ 4.153,00€ 4.070,60€ 4.034,41€ 3.939,97€ 3.872,95€ 3.766,44€ 3.642,93€ 3.510,14€ 3.353,37€ 3.222,98€ 3.242,61€ 3.194,58€ 3.085,28€ 2.930,80€ 2.754,12€ 2.524,01€ 2.286,81€ 2.048,51€ 1.822,02€ 1.613,63€ 1.396,08€ 1.212,78€ 1.053,24€ 917,78€ 765,59€ 603,94€

4.326,27€ 4.251,37€ 4.243,20€ 4.214,28€ 4.130,67€ 4.093,95€ 3.998,12€ 3.930,10€ 3.822,02€ 3.696,69€ 3.561,94€ 3.402,85€ 3.270,55€ 3.290,47€ 3.241,72€ 3.130,81€ 2.974,05€ 2.794,76€ 2.561,26€ 2.320,56€ 2.078,74€ 1.848,91€ 1.637,44€ 1.416,68€ 1.230,67€ 1.068,78€ 931,32€ 776,89€ 612,85€

4.390,70€ 4.314,69€ 4.306,39€ 4.277,05€ 4.192,19€ 4.154,92€ 4.057,66€ 3.988,63€ 3.878,95€ 3.751,75€ 3.614,99€ 3.453,53€ 3.319,26€ 3.339,47€ 3.290,00€ 3.177,44€ 3.018,34€ 2.836,38€ 2.599,40€ 2.355,12€ 2.109,70€ 1.876,44€ 1.661,83€ 1.437,78€ 1.249,00€ 1.084,70€ 945,19€ 788,46€ 621,98€

4.456,71€ 4.379,55€ 4.371,14€ 4.341,35€ 4.255,22€ 4.217,38€ 4.118,66€ 4.048,60€ 3.937,26€ 3.808,15€ 3.669,34€ 3.505,45€ 3.369,16€ 3.389,68€ 3.339,46€ 3.225,21€ 3.063,72€ 2.879,02€ 2.638,48€ 2.390,53€ 2.141,42€ 1.904,65€ 1.686,81€ 1.459,40€ 1.267,78€ 1.101,01€ 959,40€ 800,31€ 631,33€

4.524,35€ 4.446,02€ 4.437,48€ 4.407,24€ 4.319,80€ 4.281,39€ 4.181,17€ 4.110,05€ 3.997,02€ 3.865,95€ 3.725,03€ 3.558,66€ 3.420,29€ 3.441,12€ 3.390,15€ 3.274,16€ 3.110,22€ 2.922,72€ 2.678,53€ 2.426,81€ 2.173,92€ 1.933,56€ 1.712,41€ 1.481,55€ 1.287,02€ 1.117,72€ 973,97€ 812,46€ 640,91€

4.596,11€ 4.516,54€ 4.507,86€ 4.477,14€ 4.388,32€ 4.349,30€ 4.247,49€ 4.175,23€ 4.060,41€ 3.927,26€ 3.784,11€ 3.615,10€ 3.474,54€ 3.495,70€ 3.443,92€ 3.326,09€ 3.159,55€ 2.969,08€ 2.721,01€ 2.465,30€ 2.208,40€ 1.964,23€ 1.739,57€ 1.505,05€ 1.307,43€ 1.135,45€ 989,41€ 825,35€ 651,08€

4.669,75€ 4.588,91€ 4.580,08€ 4.548,88€ 4.458,63€ 4.418,98€ 4.315,54€ 4.242,13€ 4.125,47€ 3.990,19€ 3.844,74€ 3.673,02€ 3.530,21€ 3.551,71€ 3.499,09€ 3.379,38€ 3.210,17€ 3.016,65€ 2.764,61€ 2.504,80€ 2.243,78€ 1.995,70€ 1.767,44€ 1.529,16€ 1.328,38€ 1.153,64€ 1.005,27€ 838,57€ 661,51€

4.745,34€ 4.663,19€ 4.654,23€ 4.622,51€ 4.530,80€ 4.490,52€ 4.385,40€ 4.310,80€ 4.192,25€ 4.054,78€ 3.906,98€ 3.732,48€ 3.587,36€ 3.609,21€ 3.555,74€ 3.434,08€ 3.262,13€ 3.065,48€ 2.809,36€ 2.545,34€ 2.280,10€ 2.028,01€ 1.796,05€ 1.553,91€ 1.349,89€ 1.172,32€ 1.021,54€ 852,14€ 672,22€

4.822,97€ 4.739,47€ 4.730,36€ 4.698,13€ 4.604,92€ 4.563,97€ 4.457,14€ 4.381,32€ 4.260,83€ 4.121,11€ 3.970,89€ 3.793,54€ 3.646,04€ 3.668,25€ 3.613,90€ 3.490,26€ 3.315,50€ 3.115,63€ 2.855,32€ 2.586,98€ 2.317,40€ 2.061,18€ 1.825,43€ 1.579,33€ 1.371,97€ 1.191,49€ 1.038,25€ 866,08€ 683,22€

4.902,71€ 4.817,84€ 4.808,57€ 4.775,81€ 4.681,06€ 4.639,44€ 4.530,84€ 4.453,76€ 4.331,28€ 4.189,25€ 4.036,55€ 3.856,26€ 3.706,32€ 3.728,90€ 3.673,66€ 3.547,97€ 3.370,32€ 3.167,14€ 2.902,53€ 2.629,76€ 2.355,72€ 2.095,26€ 1.855,62€ 1.605,45€ 1.394,65€ 1.211,19€ 1.055,42€ 880,40€ 694,51€

4.984,66€ 4.898,36€ 4.888,95€ 4.855,64€ 4.759,30€ 4.716,98€ 4.606,57€ 4.528,20€ 4.403,68€ 4.259,27€ 4.104,02€ 3.920,72€ 3.768,27€ 3.791,22€ 3.735,06€ 3.607,27€ 3.426,65€ 3.220,08€ 2.951,04€ 2.673,71€ 2.395,09€ 2.130,28€ 1.886,63€ 1.632,28€ 1.417,96€ 1.231,44€ 1.073,06€ 895,12€ 706,12€

5.068,90€ 4.981,15€ 4.971,58€ 4.937,70€ 4.839,73€ 4.796,70€ 4.684,42€ 4.604,73€ 4.478,10€ 4.331,25€ 4.173,38€ 3.986,98€ 3.831,96€ 3.855,30€ 3.798,19€ 3.668,24€ 3.484,56€ 3.274,50€ 3.000,91€ 2.718,90€ 2.435,57€ 2.166,29€ 1.918,52€ 1.659,87€ 1.441,93€ 1.252,25€ 1.091,19€ 910,25€ 718,05€

5.155,54€ 5.066,29€ 5.056,55€ 5.022,10€ 4.922,46€ 4.878,69€ 4.764,49€ 4.683,44€ 4.554,64€ 4.405,29€ 4.244,71€ 4.055,13€ 3.897,46€ 3.921,20€ 3.863,11€ 3.730,93€ 3.544,12€ 3.330,47€ 3.052,21€ 2.765,37€ 2.477,20€ 2.203,31€ 1.951,31€ 1.688,24€ 1.466,57€ 1.273,65€ 1.109,84€ 925,81€ 730,33€

5.244,68€ 5.153,88€ 5.143,98€ 5.108,93€ 5.007,56€ 4.963,04€ 4.846,87€ 4.764,41€ 4.633,39€ 4.481,45€ 4.318,10€ 4.125,24€ 3.964,84€ 3.988,99€ 3.929,90€ 3.795,44€ 3.605,40€ 3.388,05€ 3.104,98€ 2.813,18€ 2.520,03€ 2.241,41€ 1.985,05€ 1.717,43€ 1.491,93€ 1.295,67€ 1.129,03€ 941,81€ 742,96€

5.336,43€ 5.244,04€ 5.233,96€ 5.198,30€ 5.095,16€ 5.049,86€ 4.931,65€ 4.847,76€ 4.714,45€ 4.559,85€ 4.393,64€ 4.197,40€ 4.034,20€ 4.058,77€ 3.998,64€ 3.861,84€ 3.668,47€ 3.447,32€ 3.159,30€ 2.862,40€ 2.564,11€ 2.280,62€ 2.019,77€ 1.747,47€ 1.518,03€ 1.318,34€ 1.148,78€ 958,29€ 755,95€

5.430,90€ 5.336,88€ 5.326,62€ 5.290,32€ 5.185,36€ 5.139,26€ 5.018,96€ 4.933,58€ 4.797,90€ 4.640,57€ 4.471,42€ 4.271,71€ 4.105,62€ 4.130,62€ 4.069,43€ 3.930,20€ 3.733,41€ 3.508,35€ 3.215,22€ 2.913,07€ 2.609,51€ 2.320,99€ 2.055,53€ 1.778,41€ 1.544,90€ 1.341,68€ 1.169,12€ 975,25€ 769,33€

5.528,22€ 5.432,51€ 5.422,07€ 5.385,12€ 5.278,28€ 5.231,35€ 5.108,89€ 5.021,98€ 4.883,88€ 4.723,73€ 4.551,54€ 4.348,25€ 4.179,19€ 4.204,64€ 4.142,35€ 4.000,63€ 3.800,31€ 3.571,22€ 3.272,84€ 2.965,27€ 2.656,27€ 2.362,58€ 2.092,36€ 1.810,27€ 1.572,59€ 1.365,72€ 1.190,07€ 992,73€ 783,12€

5.631,56€ 5.534,06€ 5.523,42€ 5.485,79€ 5.376,95€ 5.329,14€ 5.204,40€ 5.115,86€ 4.975,18€ 4.812,03€ 4.636,63€ 4.429,54€ 4.257,31€ 4.283,24€ 4.219,79€ 4.075,41€ 3.871,35€ 3.637,97€ 3.334,02€ 3.020,70€ 2.705,92€ 2.406,75€ 2.131,47€ 1.844,12€ 1.601,98€ 1.391,25€ 1.212,32€ 1.011,29€ 797,76€

5.738,31€ 5.638,97€ 5.628,13€ 5.589,78€ 5.478,88€ 5.430,16€ 5.303,05€ 5.212,84€ 5.069,49€ 4.903,25€ 4.724,52€ 4.513,50€ 4.338,01€ 4.364,44€ 4.299,78€ 4.152,67€ 3.944,74€ 3.706,94€ 3.397,22€ 3.077,96€ 2.757,22€ 2.452,37€ 2.171,88€ 1.879,07€ 1.632,35€ 1.417,62€ 1.235,30€ 1.030,46€ 812,88€

5.848,64€ 5.747,39€ 5.736,34€ 5.697,25€ 5.584,22€ 5.534,57€ 5.405,02€ 5.313,07€ 5.166,96€ 4.997,52€ 4.815,36€ 4.600,29€ 4.421,42€ 4.448,35€ 4.382,45€ 4.232,51€ 4.020,59€ 3.778,21€ 3.462,54€ 3.137,14€ 2.810,23€ 2.499,52€ 2.213,64€ 1.915,20€ 1.663,74€ 1.444,88€ 1.259,05€ 1.050,27€ 828,51€

5.962,73€ 5.859,51€ 5.848,24€ 5.808,39€ 5.693,15€ 5.642,53€ 5.510,45€ 5.416,71€ 5.267,75€ 5.095,01€ 4.909,29€ 4.690,03€ 4.507,67€ 4.535,13€ 4.467,94€ 4.315,08€ 4.099,02€ 3.851,91€ 3.530,08€ 3.198,34€ 2.865,05€ 2.548,28€ 2.256,82€ 1.952,56€ 1.696,19€ 1.473,07€ 1.283,61€ 1.070,76€ 844,67€

6.080,77€ 5.975,50€ 5.964,02€ 5.923,38€ 5.805,86€ 5.754,24€ 5.619,54€ 5.523,94€ 5.372,04€ 5.195,87€ 5.006,48€ 4.782,87€ 4.596,91€ 4.624,91€ 4.556,39€ 4.400,50€ 4.180,16€ 3.928,17€ 3.599,97€ 3.261,65€ 2.921,77€ 2.598,73€ 2.301,50€ 1.991,22€ 1.729,77€ 1.502,23€ 1.309,02€ 1.091,96€ 861,40€

6.202,97€ 6.095,58€ 6.083,87€ 6.042,41€ 5.922,53€ 5.869,87€ 5.732,47€ 5.634,95€ 5.479,99€ 5.300,29€ 5.107,09€ 4.878,99€ 4.689,29€ 4.717,85€ 4.647,95€ 4.488,93€ 4.264,17€ 4.007,11€ 3.672,31€ 3.327,20€ 2.980,48€ 2.650,95€ 2.347,75€ 2.031,23€ 1.764,53€ 1.532,42€ 1.335,33€ 1.113,90€ 878,71€

6.329,54€ 6.219,96€ 6.208,01€ 6.165,70€ 6.043,38€ 5.989,64€ 5.849,44€ 5.749,93€ 5.591,81€ 5.408,44€ 5.211,30€ 4.978,54€ 4.784,97€ 4.814,11€ 4.742,79€ 4.580,53€ 4.351,17€ 4.088,87€ 3.747,24€ 3.395,09€ 3.041,30€ 2.705,04€ 2.395,65€ 2.072,68€ 1.800,54€ 1.563,68€ 1.362,57€ 1.136,63€ 896,64€

6.460,72€ 6.348,87€ 6.336,66€ 6.293,49€ 6.168,62€ 6.113,78€ 5.970,66€ 5.869,09€ 5.707,69€ 5.520,52€ 5.319,30€ 5.081,72€ 4.884,14€ 4.913,88€ 4.841,09€ 4.675,45€ 4.441,35€ 4.173,61€ 3.824,90€ 3.465,45€ 3.104,33€ 2.761,10€ 2.445,30€ 2.115,63€ 1.837,85€ 1.596,09€ 1.390,81€ 1.160,18€ 915,22€

6.596,75€ 6.482,55€ 6.470,08€ 6.426,00€ 6.298,51€ 6.242,50€ 6.096,38€ 5.992,67€ 5.827,87€ 5.636,76€ 5.431,30€ 5.188,72€ 4.986,97€ 5.017,35€ 4.943,02€ 4.773,90€ 4.534,86€ 4.261,49€ 3.905,44€ 3.538,42€ 3.169,69€ 2.819,24€ 2.496,79€ 2.160,18€ 1.876,55€ 1.629,70€ 1.420,09€ 1.184,61€ 934,49€

6.737,91€ 6.621,26€ 6.608,54€ 6.563,51€ 6.433,28€ 6.376,09€ 6.226,83€ 6.120,91€ 5.952,58€ 5.757,38€ 5.547,52€ 5.299,75€ 5.093,69€ 5.124,71€ 5.048,79€ 4.876,05€ 4.631,90€ 4.352,68€ 3.989,01€ 3.614,13€ 3.237,52€ 2.879,57€ 2.550,22€ 2.206,40€ 1.916,70€ 1.664,57€ 1.450,48€ 1.209,96€ 954,48€

6.884,49€ 6.765,31€ 6.752,30€ 6.706,29€ 6.573,24€ 6.514,79€ 6.362,29€ 6.254,06€ 6.082,08€ 5.882,63€ 5.668,20€ 5.415,04€ 5.204,50€ 5.236,20€ 5.158,62€ 4.982,13€ 4.732,67€ 4.447,37€ 4.075,79€ 3.692,76€ 3.307,95€ 2.942,21€ 2.605,69€ 2.254,40€ 1.958,40€ 1.700,78€ 1.482,04€ 1.236,28€ 975,25€

7.036,80€ 6.914,98€ 6.901,68€ 6.854,66€ 6.718,66€ 6.658,92€ 6.503,05€ 6.392,42€ 6.216,63€ 6.012,77€ 5.793,60€ 5.534,84€ 5.319,64€ 5.352,04€ 5.272,75€ 5.092,35€ 4.837,37€ 4.545,76€ 4.165,96€ 3.774,45€ 3.381,13€ 3.007,30€ 2.663,34€ 2.304,28€ 2.001,73€ 1.738,41€ 1.514,82€ 1.263,63€ 996,82€

7.199,41€ 7.074,77€ 7.061,17€ 7.013,06€ 6.873,92€ 6.812,80€ 6.653,33€ 6.540,14€ 6.360,29€ 6.151,72€ 5.927,49€ 5.662,74€ 5.442,57€ 5.475,72€ 5.394,60€ 5.210,03€ 4.949,16€ 4.650,80€ 4.262,23€ 3.861,68€ 3.459,27€ 3.076,80€ 2.724,89€ 2.357,53€ 2.047,98€ 1.778,58€ 1.549,83€ 1.292,83€ 1.019,86€

7.368,84€ 7.241,27€ 7.227,35€ 7.178,10€ 7.035,69€ 6.973,13€ 6.809,91€ 6.694,06€ 6.509,97€ 6.296,50€ 6.066,98€ 5.796,01€ 5.570,65€ 5.604,58€ 5.521,55€ 5.332,64€ 5.065,63€ 4.760,26€ 4.362,53€ 3.952,56€ 3.540,68€ 3.149,21€ 2.789,02€ 2.413,01€ 2.096,18€ 1.820,44€ 1.586,30€ 1.323,26€ 1.043,86€

7.545,52€ 7.414,89€ 7.400,64€ 7.350,21€ 7.204,38€ 7.140,32€ 6.973,18€ 6.854,56€ 6.666,06€ 6.447,46€ 6.212,45€ 5.934,98€ 5.704,22€ 5.738,96€ 5.653,94€ 5.460,50€ 5.187,09€ 4.874,39€ 4.467,13€ 4.047,33€ 3.625,57€ 3.224,71€ 2.855,89€ 2.470,86€ 2.146,44€ 1.864,09€ 1.624,34€ 1.354,99€ 1.068,89€

7.729,91€ 7.596,09€ 7.581,49€ 7.529,83€ 7.380,44€ 7.314,82€ 7.143,59€ 7.022,07€ 6.828,96€ 6.605,02€ 6.364,27€ 6.080,01€ 5.843,62€ 5.879,21€ 5.792,11€ 5.593,94€ 5.313,85€ 4.993,51€ 4.576,30€ 4.146,23€ 3.714,17€ 3.303,52€ 2.925,68€ 2.531,25€ 2.198,89€ 1.909,64€ 1.664,03€ 1.388,10€ 1.095,01€

7.922,53€ 7.785,38€ 7.770,41€ 7.717,46€ 7.564,35€ 7.497,09€ 7.321,60€ 7.197,05€ 6.999,13€ 6.769,61€ 6.522,86€ 6.231,52€ 5.989,23€ 6.025,71€ 5.936,44€ 5.733,33€ 5.446,26€ 5.117,94€ 4.690,33€ 4.249,55€ 3.806,72€ 3.385,84€ 2.998,58€ 2.594,32€ 2.253,69€ 1.957,23€ 1.705,50€ 1.422,69€ 1.122,30€

8.123,93€ 7.983,29€ 7.967,95€ 7.913,65€ 7.756,64€ 7.687,68€ 7.507,72€ 7.380,01€ 7.177,06€ 6.941,70€ 6.688,67€ 6.389,93€ 6.141,49€ 6.178,89€ 6.087,35€ 5.879,08€ 5.584,71€ 5.248,04€ 4.809,57€ 4.357,58€ 3.903,49€ 3.471,91€ 3.074,81€ 2.660,27€ 2.310,98€ 2.006,98€ 1.748,85€ 1.458,86€ 1.150,83€

8.334,72€ 8.190,43€ 8.174,68€ 8.118,98€ 7.957,90€ 7.887,14€ 7.702,52€ 7.571,49€ 7.363,27€ 7.121,81€ 6.862,22€ 6.555,73€ 6.300,83€ 6.339,21€ 6.245,30€ 6.031,62€ 5.729,61€ 5.384,21€ 4.934,36€ 4.470,64€ 4.004,77€ 3.561,99€ 3.154,59€ 2.729,30€ 2.370,94€ 2.059,05€ 1.794,23€ 1.496,71€ 1.180,69€

8.555,55€ 8.407,44€ 8.391,28€ 8.334,10€ 8.168,75€ 8.096,12€ 7.906,61€ 7.772,10€ 7.558,37€ 7.310,51€ 7.044,04€ 6.729,43€ 6.467,78€ 6.507,17€ 6.410,77€ 6.191,43€ 5.881,42€ 5.526,87€ 5.065,10€ 4.589,10€ 4.110,88€ 3.656,37€ 3.238,17€ 2.801,61€ 2.433,76€ 2.113,61€ 1.841,77€ 1.536,36€ 1.211,97€

8.787,16€ 8.635,04€ 8.618,44€ 8.559,71€ 8.389,89€ 8.315,29€ 8.120,65€ 7.982,50€ 7.762,98€ 7.508,42€ 7.234,73€ 6.911,60€ 6.642,87€ 6.683,33€ 6.584,32€ 6.359,04€ 6.040,64€ 5.676,49€ 5.202,22€ 4.713,33€ 4.222,17€ 3.755,35€ 3.325,83€ 2.877,45€ 2.499,64€ 2.170,83€ 1.891,63€ 1.577,95€ 1.244,78€

9.030,34€ 8.874,01€ 8.856,95€ 8.796,60€ 8.622,08€ 8.545,42€ 8.345,38€ 8.203,42€ 7.977,82€ 7.716,21€ 7.434,95€ 7.102,88€ 6.826,71€ 6.868,29€ 6.766,54€ 6.535,03€ 6.207,81€ 5.833,58€ 5.346,19€ 4.843,77€ 4.339,02€ 3.859,28€ 3.417,87€ 2.957,09€ 2.568,82€ 2.230,91€ 1.943,98€ 1.621,62€ 1.279,23€

9.285,98€ 9.125,22€ 9.107,68€ 9.045,62€ 8.866,15€ 8.787,32€ 8.581,63€ 8.435,64€ 8.203,66€ 7.934,64€ 7.645,42€ 7.303,95€ 7.019,96€ 7.062,72€ 6.958,09€ 6.720,03€ 6.383,55€ 5.998,72€ 5.497,53€ 4.980,89€ 4.461,85€ 3.968,53€ 3.514,63€ 3.040,80€ 2.641,54€ 2.294,06€ 1.999,01€ 1.667,53€ 1.315,44€

9.555,03€ 9.389,62€ 9.371,57€ 9.307,71€ 9.123,04€ 9.041,93€ 8.830,28€ 8.680,06€ 8.441,36€ 8.164,55€ 7.866,94€ 7.515,57€ 7.223,36€ 7.267,36€ 7.159,69€ 6.914,73€ 6.568,51€ 6.172,53€ 5.656,81€ 5.125,21€ 4.591,13€ 4.083,51€ 3.616,46€ 3.128,90€ 2.718,08€ 2.360,53€ 2.056,93€ 1.715,85€ 1.353,56€

9.846,96€ 9.676,49€ 9.657,89€ 9.592,08€ 9.401,78€ 9.318,18€ 9.100,06€ 8.945,26€ 8.699,26€ 8.413,99€ 8.107,30€ 7.745,19€ 7.444,05€ 7.489,39€ 7.378,44€ 7.126,00€ 6.769,19€ 6.361,12€ 5.829,64€ 5.281,79€ 4.731,40€ 4.208,28€ 3.726,96€ 3.224,50€ 2.801,12€ 2.432,65€ 2.119,77€ 1.768,27€ 1.394,91€

10.155,61€ 9.979,79€ 9.960,61€ 9.892,74€ 9.696,47€ 9.610,25€ 9.385,30€ 9.225,64€ 8.971,93€ 8.677,72€ 8.361,41€ 7.987,96€ 7.677,38€ 7.724,14€ 7.609,71€ 7.349,35€ 6.981,36€ 6.560,50€ 6.012,37€ 5.447,35€ 4.879,70€ 4.340,18€ 3.843,77€ 3.325,57€ 2.888,92€ 2.508,90€ 2.186,22€ 1.823,69€ 1.438,63€

10.482,43€ 10.300,96€ 10.281,16€ 10.211,10€ 10.008,51€ 9.919,52€ 9.687,33€ 9.522,53€ 9.260,66€ 8.956,98€ 8.630,50€ 8.245,02€ 7.924,45€ 7.972,71€ 7.854,60€ 7.585,87€ 7.206,03€ 6.771,63€ 6.205,86€ 5.622,65€ 5.036,73€ 4.479,85€ 3.967,47€ 3.432,59€ 2.981,89€ 2.589,64€ 2.256,57€ 1.882,38€ 1.484,93€

10.829,07€ 10.641,59€ 10.621,14€ 10.548,77€ 10.339,48€ 10.247,55€ 10.007,67€ 9.837,42€ 9.566,90€ 9.253,17€ 8.915,89€ 8.517,67€ 8.186,50€ 8.236,36€ 8.114,34€ 7.836,72€ 7.444,33€ 6.995,56€ 6.411,07€ 5.808,58€ 5.203,29€ 4.628,00€ 4.098,67€ 3.546,10€ 3.080,50€ 2.675,27€ 2.331,19€ 1.944,63€ 1.534,03€

11.197,36€ 11.003,51€ 10.982,36€ 10.907,53€ 10.691,12€ 10.596,06€ 10.348,03€ 10.171,99€ 9.892,27€ 9.567,87€ 9.219,12€ 8.807,36€ 8.464,92€ 8.516,47€ 8.390,31€ 8.103,24€ 7.697,51€ 7.233,47€ 6.629,11€ 6.006,13€ 5.380,25€ 4.785,39€ 4.238,06€ 3.666,70€ 3.185,26€ 2.766,26€ 2.410,48€ 2.010,77€ 1.586,21€

11.589,39€ 11.388,76€ 11.366,87€ 11.289,41€ 11.065,43€ 10.967,04€ 10.710,33€ 10.528,13€ 10.238,60€ 9.902,86€ 9.541,89€ 9.115,71€ 8.761,28€ 8.814,65€ 8.684,06€ 8.386,95€ 7.967,00€ 7.486,72€ 6.861,20€ 6.216,41€ 5.568,62€ 4.952,93€ 4.386,44€ 3.795,07€ 3.296,78€ 2.863,11€ 2.494,87€ 2.081,17€ 1.641,74€

12.007,51€ 11.799,64€ 11.776,96€ 11.696,71€ 11.464,64€ 11.362,71€ 11.096,73€ 10.907,96€ 10.607,99€ 10.260,13€ 9.886,14€ 9.444,59€ 9.077,37€ 9.132,66€ 8.997,36€ 8.689,53€ 8.254,44€ 7.756,83€ 7.108,74€ 6.440,69€ 5.769,52€ 5.131,63€ 4.544,70€ 3.931,99€ 3.415,72€ 2.966,40€ 2.584,88€ 2.156,25€ 1.700,97€

12.454,39€ 12.238,78€ 12.215,26€ 12.132,02€ 11.891,32€ 11.785,59€ 11.509,71€ 11.313,92€ 11.002,79€ 10.641,98€ 10.254,07€ 9.796,08€ 9.415,20€ 9.472,55€ 9.332,22€ 9.012,93€ 8.561,64€ 8.045,51€ 7.373,31€ 6.680,39€ 5.984,25€ 5.322,61€ 4.713,83€ 4.078,33€ 3.542,84€ 3.076,80€ 2.681,08€ 2.236,50€ 1.764,27€

12.933,09€ 12.709,19€ 12.684,76€ 12.598,32€ 12.348,37€ 12.238,58€ 11.952,10€ 11.748,77€ 11.425,68€ 11.051,01€ 10.648,19€ 10.172,60€ 9.777,08€ 9.836,63€ 9.690,91€ 9.359,34€ 8.890,71€ 8.354,75€ 7.656,70€ 6.937,15€ 6.214,26€ 5.527,19€ 4.895,01€ 4.235,08€ 3.679,02€ 3.195,06€ 2.784,13€ 2.322,46€ 1.832,09€

13.447,09€ 13.214,29€ 13.188,89€ 13.099,02€ 12.839,14€ 12.724,98€ 12.427,11€ 12.215,71€ 11.879,78€ 11.490,21€ 11.071,39€ 10.576,89€ 10.165,65€ 10.227,57€ 10.076,05€ 9.731,31€ 9.244,06€ 8.686,79€ 7.961,01€ 7.212,86€ 6.461,23€ 5.746,85€ 5.089,56€ 4.403,40€ 3.825,23€ 3.322,04€ 2.894,78€ 2.414,76€ 1.904,90€

14.000,43€ 13.758,06€ 13.731,61€ 13.638,04€ 13.367,46€ 13.248,61€ 12.938,48€ 12.718,38€ 12.368,63€ 11.963,03€ 11.526,97€ 11.012,13€ 10.583,97€ 10.648,43€ 10.490,68€ 10.131,75€ 9.624,45€ 9.044,25€ 8.288,60€ 7.509,66€ 6.727,11€ 5.983,33€ 5.298,99€ 4.584,60€ 3.982,64€ 3.458,74€ 3.013,90€ 2.514,13€ 1.983,28€

14.597,78€ 14.345,07€ 14.317,49€ 14.219,93€ 13.937,81€ 13.813,88€ 13.490,53€ 13.261,03€ 12.896,35€ 12.473,45€ 12.018,79€ 11.481,98€ 11.035,55€ 11.102,76€ 10.938,28€ 10.564,04€ 10.035,09€ 9.430,14€ 8.642,25€ 7.830,08€ 7.014,13€ 6.238,62€ 5.525,08€ 4.780,20€ 4.152,57€ 3.606,32€ 3.142,49€ 2.621,40€ 2.067,91€

15.265,86€ 15.001,58€ 14.972,75€ 14.870,72€ 14.575,68€ 14.446,09€ 14.107,93€ 13.867,94€ 13.486,57€ 13.044,31€ 12.568,84€ 12.007,46€ 11.540,60€ 11.610,89€ 11.438,88€ 11.047,52€ 10.494,35€ 9.861,72€ 9.037,77€ 8.188,43€ 7.335,14€ 6.524,14€ 5.777,94€ 4.998,98€ 4.342,61€ 3.771,36€ 3.286,31€ 2.741,37€ 2.162,54€

15.993,78€ 15.716,89€ 15.686,68€ 15.579,79€ 15.270,69€ 15.134,91€ 14.780,63€ 14.529,19€ 14.129,64€ 13.666,29€ 13.168,15€ 12.580,01€ 12.090,89€ 12.164,53€ 11.984,32€ 11.574,29€ 10.994,75€ 10.331,95€ 9.468,71€ 8.578,87€ 7.684,90€ 6.835,23€ 6.053,45€ 5.237,34€ 4.549,68€ 3.951,19€ 3.443,01€ 2.872,08€ 2.265,66€

16.789,90€ 16.499,23€ 16.467,51€ 16.355,30€ 16.030,81€ 15.888,28€ 15.516,37€ 15.252,41€ 14.832,97€ 14.346,56€ 13.823,62€ 13.206,20€ 12.692,73€ 12.770,04€ 12.580,86€ 12.150,42€ 11.542,03€ 10.846,24€ 9.940,03€ 9.005,90€ 8.067,43€ 7.175,46€ 6.354,77€ 5.498,04€ 4.776,15€ 4.147,87€ 3.614,39€ 3.015,05€ 2.378,44€

17.664,24€ 17.358,43€ 17.325,06€ 17.207,01€ 16.865,62€ 16.715,67€ 16.324,39€ 16.046,68€ 15.605,40€ 15.093,66€ 14.543,49€ 13.893,92€ 13.353,71€ 13.435,04€ 13.236,01€ 12.783,16€ 12.143,09€ 11.411,06€ 10.457,66€ 9.474,88€ 8.487,54€ 7.549,13€ 6.685,70€ 5.784,35€ 5.024,87€ 4.363,87€ 3.802,61€ 3.172,05€ 2.502,30€

18.628,87€ 18.306,37€ 18.271,18€ 18.146,68€ 17.786,65€ 17.628,50€ 17.215,85€ 16.922,98€ 16.457,60€ 15.917,92€ 15.337,70€ 14.652,66€ 14.082,95€ 14.168,72€ 13.958,82€ 13.481,24€ 12.806,22€ 12.034,21€ 11.028,75€ 9.992,30€ 8.951,04€ 7.961,38€ 7.050,80€ 6.100,23€ 5.299,27€ 4.602,18€ 4.010,27€ 3.345,28€ 2.638,94€

19.698,49€ 19.357,47€ 19.320,26€ 19.188,62€ 18.807,91€ 18.640,69€ 18.204,34€ 17.894,66€ 17.402,56€ 16.831,89€ 16.218,35€ 15.493,98€ 14.891,56€ 14.982,25€ 14.760,30€ 14.255,30€ 13.541,52€ 12.725,19€ 11.661,99€ 10.566,04€ 9.464,99€ 8.418,50€ 7.455,64€ 6.450,49€ 5.603,54€ 4.866,42€ 4.240,53€ 3.537,36€ 2.790,47€

20.891,18€ 20.529,51€ 20.490,04€ 20.350,43€ 19.946,67€ 19.769,32€ 19.306,56€ 18.978,12€ 18.456,23€ 17.851,00€ 17.200,32€ 16.432,09€ 15.793,19€ 15.889,38€ 15.653,99€ 15.118,41€ 14.361,41€ 13.495,66€ 12.368,09€ 11.205,78€ 10.038,06€ 8.928,22€ 7.907,05€ 6.841,05€ 5.942,82€ 5.161,07€ 4.497,28€ 3.751,53€ 2.959,42€

22.229,37€ 21.844,54€ 21.802,55€ 21.653,99€ 21.224,37€ 21.035,66€ 20.543,25€ 20.193,78€ 19.638,45€ 18.994,46€ 18.302,10€ 17.484,66€ 16.804,84€ 16.907,19€ 16.656,72€ 16.086,83€ 15.281,34€ 14.360,13€ 13.160,33€ 11.923,57€ 10.681,06€ 9.500,12€ 8.413,54€ 7.279,25€ 6.323,49€ 5.491,67€ 4.785,36€ 3.991,84€ 3.148,99€

23.741,37€ 23.330,36€ 23.285,51€ 23.126,85€ 22.668,01€ 22.466,46€ 21.940,57€ 21.567,32€ 20.974,22€ 20.286,43€ 19.546,97€ 18.673,93€ 17.947,87€ 18.057,18€ 17.789,67€ 17.181,02€ 16.320,75€ 15.336,88€ 14.055,47€ 12.734,59€ 11.407,56€ 10.146,30€ 8.985,82€ 7.774,37€ 6.753,60€ 5.865,20€ 5.110,85€ 4.263,36€ 3.363,18€

25.463,29€ 25.022,46€ 24.974,36€ 24.804,19€ 24.312,07€ 24.095,91€ 23.531,87€ 23.131,56€ 22.495,44€ 21.757,76€ 20.964,68€ 20.028,31€ 19.249,59€ 19.366,83€ 19.079,92€ 18.427,13€ 17.504,46€ 16.449,23€ 15.074,89€ 13.658,20€ 12.234,93€ 10.882,19€ 9.637,54€ 8.338,23€ 7.243,43€ 6.290,59€ 5.481,53€ 4.572,57€ 3.607,10€

27.441,98€ 26.966,91€ 26.915,07€ 26.731,67€ 26.201,31€ 25.968,35€ 25.360,48€ 24.929,06€ 24.243,51€ 23.448,51€ 22.593,80€ 21.584,67€ 20.745,44€ 20.871,79€ 20.562,58€ 19.859,06€ 18.864,70€ 17.727,46€ 16.246,33€ 14.719,55€ 13.185,68€ 11.727,82€ 10.386,45€ 8.986,18€ 7.806,30€ 6.779,42€ 5.907,49€ 4.927,89€ 3.887,40€

29.739,40€ 29.224,55€ 29.168,38€ 28.969,62€ 28.394,86€ 28.142,40€ 27.483,64€ 27.016,10€ 26.273,16€ 25.411,60€ 24.485,33€ 23.391,72€ 22.482,23€ 22.619,15€ 22.284,07€ 21.521,64€ 20.444,03€ 19.211,59€ 17.606,45€ 15.951,86€ 14.289,57€ 12.709,67€ 11.256,00€ 9.738,49€ 8.459,83€ 7.346,98€ 6.402,06€ 5.340,45€ 4.212,85€

32.541,33€ 31.977,98€ 31.916,51€ 31.699,03€ 31.070,12€ 30.793,87€ 30.073,04€ 29.561,45€ 28.748,52€ 27.805,78€ 26.792,24€ 25.595,60€ 24.600,42€ 24.750,24€ 24.383,58€ 23.549,33€ 22.370,19€ 21.021,64€ 19.265,27€ 17.454,78€ 15.635,88€ 13.907,12€ 12.316,49€ 10.656,02€ 9.256,89€ 8.039,19€ 7.005,23€ 5.843,61€ 4.609,77€

35.904,31€ 35.282,73€ 35.214,91€ 34.974,96€ 34.281,05€ 33.976,25€ 33.180,93€ 32.616,47€ 31.719,52€ 30.679,36€ 29.561,08€ 28.240,77€ 27.142,74€ 27.308,05€ 26.903,50€ 25.983,03€ 24.682,03€ 23.194,11€ 21.256,23€ 19.258,64€ 17.251,76€ 15.344,35€ 13.589,34€ 11.757,26€ 10.213,54€ 8.870,00€ 7.729,19€ 6.447,52€ 5.086,16€

40.015,35€ 39.322,61€ 39.247,02€ 38.979,59€ 38.206,23€ 37.866,53€ 36.980,15€ 36.351,06€ 35.351,41€ 34.192,15€ 32.945,83€ 31.474,33€ 30.250,58€ 30.434,82€ 29.983,95€ 28.958,09€ 27.508,12€ 25.849,84€ 23.690,07€ 21.463,75€ 19.227,09€ 17.101,28€ 15.145,32€ 13.103,47€ 11.382,99€ 9.885,61€ 8.614,18€ 7.185,76€ 5.668,53€

45.154,99€ 44.373,27€ 44.287,97€ 43.986,20€ 43.113,50€ 42.730,17€ 41.729,94€ 41.020,05€ 39.892,00€ 38.583,85€ 37.177,44€ 35.516,95€ 34.136,02€ 34.343,92€ 33.835,14€ 32.677,51€ 31.041,32€ 29.170,03€ 26.732,86€ 24.220,60€ 21.696,65€ 19.297,79€ 17.090,61€ 14.786,50€ 12.845,04€ 11.155,34€ 9.720,60€ 8.108,71€ 6.396,60€

51.764,07€ 50.867,93€ 50.770,15€ 50.424,20€ 49.423,78€ 48.984,34€ 47.837,71€ 47.023,92€ 45.730,77€ 44.231,14€ 42.618,89€ 40.715,36€ 39.132,31€ 39.370,65€ 38.787,39€ 37.460,33€ 35.584,65€ 33.439,48€ 30.645,60€ 27.765,62€ 24.872,27€ 22.122,30€ 19.592,06€ 16.950,72€ 14.725,09€ 12.788,08€ 11.143,35€ 9.295,53€ 7.332,84€

60.577,31€ 59.528,59€ 59.414,16€ 59.009,32€ 57.838,56€ 57.324,31€ 55.982,46€ 55.030,11€ 53.516,79€ 51.761,84€ 49.875,09€ 47.647,47€ 45.794,89€ 46.073,81€ 45.391,25€ 43.838,25€ 41.643,22€ 39.132,82€ 35.863,25€ 32.492,94€ 29.106,96€ 25.888,80€ 22.927,77€ 19.836,71€ 17.232,15€ 14.965,35€ 13.040,59€ 10.878,17€ 8.581,31€

72.917,22€ 71.654,88€ 71.517,14€ 71.029,82€ 69.620,58€ 69.001,57€ 67.386,37€ 66.240,03€ 64.418,43€ 62.305,99€ 60.034,91€ 57.353,51€ 55.123,55€ 55.459,28€ 54.637,69€ 52.768,33€ 50.126,16€ 47.104,38€ 43.168,78€ 39.111,92€ 35.036,20€ 31.162,48€ 27.598,27€ 23.877,55€ 20.742,43€ 18.013,87€ 15.697,03€ 13.094,11€ 10.329,37€

91.428,82€ 89.846,01€ 89.673,30€ 89.062,27€ 87.295,26€ 86.519,10€ 84.493,86€ 83.056,48€ 80.772,44€ 78.123,71€ 75.276,06€ 71.913,93€ 69.117,85€ 69.538,81€ 68.508,64€ 66.164,70€ 62.851,76€ 59.062,83€ 54.128,11€ 49.041,32€ 43.930,90€ 39.073,74€ 34.604,69€ 29.939,38€ 26.008,34€ 22.587,08€ 19.682,05€ 16.418,33€ 12.951,70€

122.283,84€ 120.166,86€ 119.935,87€ 119.118,62€ 116.755,30€ 115.717,20€ 113.008,49€ 111.086,03€ 108.031,18€ 104.488,57€ 100.679,91€ 96.183,14€ 92.443,45€ 93.006,48€ 91.628,64€ 88.493,69€ 84.062,71€ 78.995,11€ 72.395,03€ 65.591,58€ 58.756,51€ 52.260,19€ 46.282,93€ 40.043,19€ 34.785,53€ 30.209,67€ 26.324,27€ 21.959,12€ 17.322,59€

183.997,40€ 180.812,04€ 180.464,47€ 179.234,79€ 175.678,75€ 174.116,75€ 170.041,02€ 167.148,35€ 162.551,79€ 157.221,32€ 151.490,51€ 144.724,35€ 139.097,33€ 139.944,50€ 137.871,31€ 133.154,22€ 126.487,04€ 118.861,95€ 108.930,98€ 98.694,00€ 88.409,44€ 78.634,58€ 69.640,75€ 60.251,98€ 52.340,91€ 45.455,73€ 39.609,47€ 33.041,33€ 26.064,86€

369.145,25€ 362.754,61€ 362.057,30€ 359.590,24€ 352.455,94€ 349.322,18€ 341.145,22€ 335.341,80€ 326.119,95€ 315.425,67€ 303.928,22€ 290.353,59€ 279.064,37€ 280.764,00€ 276.604,66€ 267.140,98€ 253.764,94€ 238.467,08€ 218.543,04€ 198.005,08€ 177.371,65€ 157.760,83€ 139.716,94€ 120.880,68€ 105.009,09€ 91.195,67€ 79.466,59€ 66.289,26€ 52.292,69€


Appendix E- Male average wage

Seventy percent, fifty percent and thirty percent of the average wage, divided to the year of birth.

geboortejaar 70% 50% 30%

1945 20.899,30€ 14.928,07€ 8.956,84€

1946 22.634,14€ 16.167,24€ 9.700,35€

1947 24.465,19€ 17.475,13€ 10.485,08€

1948 28.338,17€ 20.241,55€ 12.144,93€

1949 31.610,61€ 22.579,00€ 13.547,40€

1950 32.130,78€ 22.950,55€ 13.770,33€

1951 32.342,84€ 23.102,03€ 13.861,22€

1952 31.746,82€ 22.676,30€ 13.605,78€

1953 31.934,77€ 22.810,55€ 13.686,33€

1954 31.677,14€ 22.626,53€ 13.575,92€

1955 31.479,44€ 22.485,32€ 13.491,19€

1956 31.175,02€ 22.267,87€ 13.360,72€

1957 30.369,72€ 21.692,66€ 13.015,59€

1958 30.518,15€ 21.798,68€ 13.079,21€

1959 30.788,95€ 21.992,11€ 13.195,27€

1960 29.899,52€ 21.356,80€ 12.814,08€

1961 29.616,86€ 21.154,90€ 12.692,94€

1962 28.759,78€ 20.542,70€ 12.325,62€

1963 28.372,48€ 20.266,06€ 12.159,63€

1964 28.052,08€ 20.037,20€ 12.022,32€

1965 27.511,66€ 19.651,19€ 11.790,71€

1966 27.458,13€ 19.612,95€ 11.767,77€

1967 27.141,39€ 19.386,71€ 11.632,02€

1968 27.126,11€ 19.375,79€ 11.625,48€

1969 26.844,98€ 19.174,99€ 11.504,99€

1970 26.572,92€ 18.980,65€ 11.388,39€

1971 26.404,65€ 18.860,46€ 11.316,28€

1972 26.097,65€ 18.641,18€ 11.184,71€

1973 25.954,93€ 18.539,24€ 11.123,54€

1974 25.205,83€ 18.004,16€ 10.802,50€

1975 24.561,49€ 17.543,92€ 10.526,35€

1976 23.987,40€ 17.133,86€ 10.280,32€

1977 23.245,24€ 16.603,74€ 9.962,25€

1978 22.430,80€ 16.022,00€ 9.613,20€

1979 21.259,11€ 15.185,08€ 9.111,05€

1980 19.973,49€ 14.266,78€ 8.560,07€

1981 18.743,68€ 13.388,34€ 8.033,00€

1982 16.909,20€ 12.078,00€ 7.246,80€

1983 15.348,88€ 10.963,49€ 6.578,09€

1984 13.428,64€ 9.591,89€ 5.755,13€

1985 10.631,94€ 7.594,24€ 4.556,54€

1986 8.843,59€ 6.316,85€ 3.790,11€

1987 6.985,41€ 4.989,58€ 2.993,75€

1988 5.366,55€ 3.833,25€ 2.299,95€

1989 3.760,19€ 2.685,85€ 1.611,51€

1990 2.612,14€ 1.865,81€ 1.119,49€


Appendix F- Female average wage

Seventy percent, fifty percent and thirty percent of the average salary, divided to the year of birth.

70% 50% 30%

1945 € 11.437,97 8.169,98€ 4.901,99€

1946 € 11.855,38 8.468,13€ 5.080,88€

1947 € 12.436,67 8.883,34€ 5.330,00€

1948 € 13.797,20 9.855,14€ 5.913,08€

1949 € 15.500,84 11.072,03€ 6.643,22€

1950 € 15.639,72 11.171,23€ 6.702,74€

1951 € 15.808,11 11.291,51€ 6.774,90€

1952 € 16.073,75 11.481,25€ 6.888,75€

1953 € 16.043,30 11.459,50€ 6.875,70€

1954 € 16.011,63 11.436,88€ 6.862,13€

1955 € 16.139,84 11.528,45€ 6.917,07€

1956 € 16.252,74 11.609,10€ 6.965,46€

1957 € 16.073,32 11.480,95€ 6.888,57€

1958 € 15.959,52 11.399,66€ 6.839,79€

1959 € 15.962,10 11.401,50€ 6.840,90€

1960 € 15.694,40 11.210,28€ 6.726,17€

1961 € 15.651,92 11.179,94€ 6.707,97€

1962 € 15.449,72 11.035,51€ 6.621,31€

1963 € 15.141,75 10.815,54€ 6.489,32€

1964 € 15.172,81 10.837,72€ 6.502,63€

1965 € 14.961,62 10.686,87€ 6.412,12€

1966 € 14.793,19 10.566,56€ 6.339,94€

1967 € 14.821,11 10.586,50€ 6.351,90€

1968 € 14.840,10 10.600,07€ 6.360,04€

1969 € 14.968,00 10.691,43€ 6.414,86€

1970 € 14.977,45 10.698,18€ 6.418,91€

1971 € 15.147,19 10.819,42€ 6.491,65€

1972 € 15.462,09 11.044,35€ 6.626,61€

1973 € 15.545,74 11.104,10€ 6.662,46€

1974 € 15.717,28 11.226,63€ 6.735,98€

1975 € 16.165,46 11.546,76€ 6.928,06€

1976 € 16.482,02 11.772,87€ 7.063,72€

1977 € 16.600,03 11.857,17€ 7.114,30€

1978 € 16.890,20 12.064,43€ 7.238,66€

1979 € 16.911,37 12.079,55€ 7.247,73€

1980 € 16.852,68 12.037,63€ 7.222,58€

1981 € 16.644,27 11.888,77€ 7.133,26€

1982 € 16.113,96 11.509,97€ 6.905,98€

1983 € 15.295,35 10.925,25€ 6.555,15€

1984 € 14.205,85 10.147,03€ 6.088,22€

1985 € 12.399,35 8.856,68€ 5.314,01€

1986 € 10.739,02 7.670,73€ 4.602,44€

1987 € 8.935,03 6.382,16€ 3.829,30€

1988 € 7.194,35 5.138,82€ 3.083,29€

1989 € 5.295,99 3.782,85€ 2.269,71€

1990 € 3.602,05 2.572,89€ 1.543,73€


Appendix G- (early) retirement ages

In the graphs the (early) retirement age can be found on the vertical axes and the year of birth on the horizontal axes. The first graph

represents the (early) retirement age, according to the three different percentage-opportunities for males and the one below is for

females.

57

58

59

60

61

62

63

64

65

1945 1950 1955 1960 1965 1970 1975 1980 1985 1990

Uittreedleeftijd 2011 - mannen

70 procent 50 procent 30 procent

57

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63

64

65

1945 1950 1955 1960 1965 1970 1975 1980 1985 1990

Uittreedleeftijd 2011 - vrouwen

70 procent 50 procent 30 procent


Appendix H- (early) retirement ages II

In the graphs the (early) retirement ages for specific years of birth are shown. At PGGM the decision has been made to use the 70%

guideline in average wage for males and the 50% guideline for females.

57,00

58,00

59,00

60,00

61,00

62,00

63,00

64,00

65,00

1948 1953 1958 1963 1968 1973 1978 1983 1988

uittreedleeftijd 2011- mannen

uittreedleeftijd 2011 Uittreedleeftijd 2008

57

58

59

60

61

62

63

64

65

1948 1953 1958 1963 1968 1973 1978 1983 1988

uittreedleeftijd 2011 - vrouwen

uittreedleeftijd 2011 Uittreedleeftijd 2008


Appendix I- Regression Analysis

Regression analysis with the part-time factor excluded and the marital status still included. Necessary for the

calculation of the joint significance of the Marital Status.



0.624 0.389 0.388 0.772


Regression 2023.075 8 252.884 424.735 0.000

Residual 3172.849 5329 0.595

Total 5195.924 5337


coefficients


(constant) 62.535 0.156 400.868 0.000

Log(FLEX right/

average wage)

-0.248 0.011 -0.256 -23.279 0.000

Log(Old Age

pension right/

Average wage)

-0.687 0.015 -0.689 -47.111 0.000

Log(Average wage) -0.772 0.021 -0.589 -36.957 0.000

Dummy_single 0.055 0.039 0.012 1.400 0.162

Dummy_cohabiting 0.017 0.053 0.004 0.325 0.745

Dummy_divorced 0.067 0.032 0.023 2.091 0.037

Dummy_widowed -0.070 0.071 -0.011 -0.984 0.325

Dummy_male 1.064 0.034 0.403 31.236 0.000


Appendix J- Robustness check

Parabolic for the robustness check of the Average wage (first figure) and the Old Age pension right (second figure).

Average wage

Old Age pension right

eefje de bruin the (early) retirement age - netspar.nl · pggm is the company that executes the...

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