Frequently asked questions
- Can I accrue more pension?
No, in the basic pension plan you cannot accrue more pension it is legally determined how much pension you can accrue. You can, however, accrue more pension by taking out an individual insurance policy.
- Can I stop accruing pension?
No you cannot. Participation in your employer's pension plan is compulsory.
- Why do I not accrue pension over my entire salary?
Because you already receive state old age pension (AOV) from the government you do not need to accrue pension over your entire salary. The amount over which you do not accrue pension is called the offset.
- Do I have to register my children with the pension fund?
No, we are automatically informed by your municipality.
- Can I also exchange the partner pension for a higher individual retirement pension?
No, you cannot use the partner pension (exchange) for a higher retirement pension.
- How long is the partner pension benefit paid out?
Your partner will receive the partner pension for the rest of his/her life. Your child(ren) receive an orphan's pension until 21 years (25 years if they study or are disabled) if they comply with the conditions. If the orphan is married or has been married, there is no entitlement to orphans pension.
- Will my partner automatically receive the partner pension?
No, your surviving dependants need to inform the Pension Fund about your death. Only then will the Pension Fund pay a partner pension to your partner.
- Do I have to share my pension with my ex partner?
There is a legal entitlement to pension equalisation. This means that if your ex partner wants to distribute the pension, you will have to cooperate.
- How does pension equalisation work?
You and your ex partner both send request for pension equalisation to the pension administrators. You with your pension fund and your ex partner with his/her pension fund. The pension funds will then distribute the accrued pensions. Part of your pension is registered at your ex partner's name and when you retire, your ex partner will receive the pension.
- Is the 50/50 equalisation mandatory?
No, it is not. You can make other arrangements with your ex partner. You have to lay these agreements down in a divorce agreement. The 50/50 equalisation is the legal right.
Getting married and/or living together
- Do I have to register my partner with the pension fund myself?
You only have to register your partner yourself if you are living together without being married or without a registered partnership and your partner has to comply with the requirements of the pension plan. You can register your partner via the employer's HR administration. If you are married or have a registered partnership, the pension fund will be automatically informed by your municipality.
- Do I have to register myself with the pension fund?
No, your employer will that do for you. If you are living together without being married or without a registered partnership, you do need to register your partner yourself. That is important for the partner pension.
- How will I be informed about my pension?
You receive an annual pension statement from your pension fund. Please have a good look at it, it is about your future income. After the start of your participation you also receive detailed information about your pension plan. For more information you can contact the pension fund.
- What do I have to pay attention to if I enter employment?
If you start working with a new employer, it is important to know how much pension you accrue. And if you think it will be sufficient. You can also decide to transfer the value of the pension entitlements that you accrued with your previous employer to the new employer. This is called value transfer.
- Can I save for additional pension in the life-course savings scheme?
No, in the life-course savings scheme you save for unpaid leave which you can take prior to your retirement date.
- Does my pension plan offer the possibility of voluntary pension saving?
No, the pension fund does not have any options for additional pension savings, but there are various alternatives to save for additional pension, e.g. individual saving, investments, take out an insurance policy or accrue capital from your own house or from shares.
- How can I make individual pension savings on favourable tax terms?
That depends on your tax allowance, which means that comparatively you have not accrued enough pension. To calculate your tax allowance, you need the A factor on your pension statement. If your tax allowance is sufficient you can deduct the premiums paid for pension products from taxes.
- Do I have to inform the pension fund about a change of address?
Yes, if you move you have to inform the Pension Fund in writing.
- Do I continue accruing pension during occupational disability?
Yes, usually you continue accruing pension during your occupational disability but very often you do not accrue a full pension. Please check with your pension fund.
- Should I inform the pension fund about my disability myself?
Very often the employer informs the pension fund, but it is wise to contact the pension fund yourself. If the degree of disability changes, you should inform the pension fund about this immediately.
- What is the idea behind the disability pension?
The WIA benefit ( Work and Income (according to Fitness) Act) is based on a certain maximum salary. If you earn more than this maximum salary, your income will decrease if you become occupationally disabled. That is why certain pension funds offer a disability pension, to prevent a fall in income.
Pension and indexation
- What happens if my pension does not escalate in a certain year?
In that case your pension has not been increased in that year. If this happens during a number of years, it will affect the purchasing power after the retirement date. You can prevent this by saving capital prior to your retirement.
- Who decides if my pension is escalating with prices?
Each year the Board of the pension fund decides if your pension is increased or not. This decision depends among others from the financial situation of the pension fund.
- Why is it important that my pension is increased?
If your pension is not increased, it will not escalate with prices. As a result your pension will lose purchasing power, so in future you could buy less than you can now.
Pension from employment
- Am I automatically insured for partner pension for my partner?
Yes, if you are married or have a registered partnership you are automatically insured.
- Can I decide not to participate in the pension plan?
No, participation in the pension plan is compulsory.
- Do I have to register for participation in the pension plan?
No, you are registered automatically. Once you are registered as a participant, you will receive more information from the pension fund.
Pension from the goverment
- Does my partner receive a state pension in the event of my death?
Your partner may be entitled to a state dependants benefit (AWW, Widows and Orphans (Benefits) Act. Please go to www.rijksdienstcn.com for more information.
- What is the level of the AOV benefit?
Please visit www.rijksdienstcn.com for more information on the level of the AOV benefit.
- When do I start receiving state old age pension (AOV)?
The starting date for the AOV benefit is the AOV age. Please go to www.rijksdienstcn.com for more information.
Go to the information about AOW.
- Does the pension fund take the tax credit into account?
The Social Affairs department of the Dutch Caribbean government department does take the tax credit on your AOV benefit into account. If the tax-free threshold is higher than your AOV benefit, you can use the remainder of the tax credit for your pension benefit from the Pension Fund. The Pension Fund can take this into account if you inform the administration of the Pension Fund about the level of your AOV benefit at the start of your pension benefit.
- I live abroad. Do I have to pay taxes over my pension?
That depends on the agreements about this between the Netherlands and the country you live in. In some countries you do not pay any taxes over your pension. For more information, please contact the Social Insurance Bank or visit the website.
Please visit the website of the SVB.
- Is it possible to have my pension benefit paid out over various accounts?
No, that is not possible.
- Do I lose my pension if I leave service?
No, the pension that you have accrued is and remains yours. You can leave your pension with your pension fund or transfer it to your new pension administrator.
- How do I know if it is wise to transfer my pension?
If you are considering a transfer of your pension, you should ask your current pension fund to supply an offer. This may take several months. On basis of the offer you decide if you want to transfer your pension. It is a good idea to discuss the offer with a consultant.
- Why would I transfer my pension to my new employer?
If you do, you will keep all your pensions together and will not receive pension benefits from various pension administrators. In some cases it is very attractive to transfer your pension, in other cases it is not. Please contact your pension fund about this.
- Can I deposit my redundancy pay in my pension plan?
No, that is not possible, but there are other possibilities to use your redundancy pay for pension.
- Why am I no longer entitled to a FVP contribution (Foundation for the Funding of Continuation of Pension Insurance) after 1 January, 2011?
The capital of the Foundation for the Funding of Continuation of Pension Insurance is insufficient to pay the pensions of future unemployed.
- Can I continue my pension accrual during the period of unpaid leave?
Some pension funds offer the possibility to continue pension accrual. You have to pay the entire pension premium yourself. Please check with your pension fund.
- Do I accrue pension during the period of unpaid leave?
In general you do not accrue pension during the period of unpaid leave. Usually you do remain insured for partner pension during the first year.
- Do I have to inform the pension fund about a period of unpaid leave myself?
No, you inform your employer/HR department and they will contact the pension fund.