Questions about pensions

Can I commute my pension?

No. As a former member of a pension scheme you cannot commute your pension. The pension provider on the other hand can buy off pension entitlements of former members, provided the value of these rights does not exceed EUR 427.29 a year on the date of retirement. Such surrender may only take place after at least two years following termination of the participation. This two-year period has been set to encourage former members to transfer accrued pension benefits when accepting a new job.

Having the right to buy off rights of small pension entitlements allows the pension provider to control the administrative burden. The fact is that small pension entitlements represent a relatively high administrative burden compared to prospective benefits.

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Can I transfer my foreign pension entitlements to the Netherlands?

Yes, this is usually possible, but there is a difference between pension built up inside and outside the EU.  

Inside the EU

If you have built up pension entitlements at a pension provider in another EU Member State, you can transfer pension entitlements to the Netherlands. In that case, a Dutch pension provider is obliged to cooperate with your request for a transfer of pension entitlements. The Dutch pension provider must accept these entitlements, unless the foreign rules and regulations on pension transfers are in breach of Dutch legislation.

Outside the EU  

If you have built up pension entitlements at an institution outside the EU, the Dutch pension provider is not obliged but is authorised to cooperate in a transfer. This means that the pension provider can cooperate in the transfer, but does not have to do so.

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Can I transfer my pension entitlements abroad?

Yes, this is usually possible. A difference is made between within the EU and outside.

Inside the EU

Transfer of pension entitlements can be made within the EU if it involves a pension provider, a pension fund or an insurer. It makes no difference if you start working for a Dutch or a foreign employer, provided the pension provider is established in the EU. In that case you have the same right to transfer of pension entitlements as in a transfer to a Dutch pension provider. The usual requirements for transfer of entitlements apply. An additional requirement is that the criteria for commutation of a pension are not looser than the stipulations of the Dutch Pension Act.

Outside the EU

For a transfer of pension entitlements to pension providers outside the EU, at least the following conditions apply:

  • the foreign institution or insurer is supervised by the country’s government.
  • the foreign institution’s assets are legally segregated from the employer or a special preferential arrangement has been made in favour of the pension beneficiaries.

A request for transfer of pension entitlements to an institution established outside the EU must always be reported to DNB by the Dutch pension fund.

I will soon reach retirement age, but have not heard anything from my pension fund yet. What should I do?

You should contact the pension fund or the insurer providing the pension scheme. The institution is not obliged to inform you.

Can I transfer the value of my pension?

Yes, this is usually possible if you change employers or if the conditions of your employer’s pension scheme change. However, if a pension fund is in bad shape, it will not be allowed to cooperate in a transfer of pension entitlements. In that case, no transfers of pension entitlements can be made or received by the fund. As soon as the fund is financially sound again, the transfer of pension entitlements may be resumed.

New employer

If you change employers, you will often also end up with a new pension provider. The pension provider can be a pension fund or an insurer. You can request your new pension provider to accept the transfer of pension entitlements built up at your previous employer. You must submit this request within six months following the commencement of your participation in the new pension scheme.
In this situation, you have the right to transfer pension entitlements and both the old and the new pension provider are obliged to cooperate, except if:

  • your old employment contract ended before 1994, or
  • you make the request for a transfer of pension entitlements more than six months after starting the new job.

In these situations, the pension provider is not obliged to grant your request for a transfer of pension entitlements, but it may cooperate on a voluntary basis.

Changed pension scheme

If your employer’s pension scheme changes, pension entitlements are usually transferred from the old pension scheme to the new one. This is referred to as an internal transfer of pension entitlements and also takes place in an exchange of pensions entitlements. This is the case, for instance, when partner's pension is exchanged for retirement pension.

Can insurers also run pension schemes?

Yes, not only pension funds, but insurers, too, may operate pension schemes. The Netherlands has some 550 pension funds, the two largest of which are ABP and PGGM. In addition, some 50 insurers operate pension schemes. All pension funds and insurers running pension schemes are subject to DNB’s supervision. 

The company I used to work with no longer exists. What am I to do?

You can find the name of the legal successor to the company you used to work for at the Chamber of Commerce. You can obtain information on your pension rights from this (legal) successor. If no legal successor is known, you may contact DNB’s Informatiedesk for further advice.

My pension fund or life insurer no longer exists. What am I to do?

If you do know where your pension rights were built up, but the pension funds or life insurer no longer exists, you should consult the ‘old pension funds file’ or the ‘old life insurers and funeral expenses insurers file’. In these files all (legal) successors are named. Contact DNB’s Informatiedesk if you cannot find what you are looking for.

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Have I built up pension?

Most people participate in a pension scheme and build up a pension through their work. But not everyone who works builds up a pension. An employer is not obliged to offer its employees a pension scheme.

There may also be other factors that determine whether or not you have built up a pension. For instance, before 1970 women could only build up pension entitlements from the age of 30 and men from the age of 25.
You can check the amount of pension you have accumulated on www.mijnpensioenoverzicht.nl. Use your DigiD to log in and you will see a complete overview.

Note: pension is not the same as the Dutch state pension. Your pension scheme is arranged by your employer, AOW by the state. Separate rules apply to AOW.

How do I prevent loss of pension when I start working for a new employer?

If you change jobs, it could mean your new employer has a different pension fund. The question is whether or not you should transfer your pension entitlements from your old pension provider to the new one. Which of them is the most profitable? It partly depends on the type of scheme. If your new pension scheme is a final pay pension scheme, in which the level of the pension is based on your last-earned salary, then it is almost always better to transfer the pension entitlements to prevent loss of pension.

For average salary pension schemes it is more difficult to determine whether a transfer of entitlements is beneficial or not. One aspect you can compare is the (future) indexation offered by the old and the new pension provider. Quite a task to find out, but it may be worth your while.

You can find more information at www.pensioenkijker.nl.

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I have a complaint about my pension fund or life insurer. What should I do?

First of all, try solving the problem with the institution. Inquire about their complaints procedure. If they do not have one, submit your complaint to them in writing. A complaint about a branch office should first be made there. If this does not lead to a satisfactory result, you can direct the complaint to the head office.  

If your complaint has not been solved to your satisfaction, you can put your complaint to a disputes committee or, as a last resort, to a court.

Disputes committees are independent and unbiased. They have simple procedures, hardly charge any costs and reach a decision relatively fast. Sometimes decisions by disputes committees are binding, which means that you will not be able to put your complaint to a court afterwards. These committees only mediate in consumer affairs. Companies will have to put their complaints before a court.

As supervisor, it is notDNB's task to solve disputes. Although we do not mediate, it is still important that the supervisor is aware of complaints. We would appreciate you sending a copy of your complaint by mail toDNB’s freepost address:  

De Nederlandsche Bank N.V.
Information desk
Antwoordnummer 2670
1000 PA  Amsterdam

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I will be turning 65 soon, but still haven’t heard anything from the pension funds of my former employer(s).

You yourself must contact the pension fund or insurer who implements the pension scheme, for they are not obliged to inform you. 

What is indexation?

Pension entitlements may be aligned with salary developments or inflation. This is called indexation. Usually, indexation is conditional. An important condition is that the pension provider has sufficient funds available. If a pension provider is in bad shape, it will generally decide not or only partly to increase pensions.

Indexation to a large extent determines the level of your pension benefits at retirement age. This applies especially to average pay-based pension schemes, in which the end result is based on the average salary earned during your career.

Indexation possibilities

Whether or not your pension is indexed, depends on the conditions of your pension scheme. There are various possibilities:

  • pension schemes in which indexation always takes place: unconditional indexation
  • pension schemes in which indexation only occurs if the fund has sufficient means: conditional indexation

  • pension schemes that do not have indexation.


 

What is my former employer’s pension fund or insurer?

You can find the name of the pension fund or insurer at www.mijnpensioenoverzicht.nl when you log in with your DigiD.

Where can I find information about my pension?

You can check the amount of pension you have accumulated at www.mijnpensioenoverzicht.nl. Log in with your DigiD and you will see a complete overview of your state pension, your accrual of pension benefits and the name of your pension provider (pension fund or life insurance company).

 

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Where do I get more information about pensions?

You can find information about your own pension entitlements and your AOW at www.mijnpensioenoverzicht.nl

See www.pensioenkijker.nl for general information about pension build-up, indexation, retirement and AOW.
Questions on the supervision of pension funds can be addressed to DNB’s Information Desk.

 

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Who monitors my pension fund or insurer?

All pension providers, pension funds and insurers that offer pension schemes are supervised by DNB. We check that your pension contributions are managed carefully and that the institutions have sound and controlled management.