Aegon PPI B.V.
Concept Initial Letter
Graduated scale 3%
2016
Pensionreglement AEGON PPI ‘Nieuwe opzet and stijl’
door BrinkStallinga 15112011
Preface
Welcome to your new pension scheme with Aegon PPI.
In this initial letter you can read what pension entitlements you have. By means of a pension
entitlement you or your dependants receive a right to a pension benefit if a certain event occurs.
You can read, for example, how you accrue a pension for the future. But also that your partner is
entitled to a lifelong partner’s pension if you die before the retirement date. And what has been
arranged if you become disabled.
In the initial letter you can also read about the obligations that you have and we will clearly
indicate the choices that you need to make when your participation starts; which is now. You will
see this graphic symbol in front of the text:
!
The initial letter is an abridged and simplified version of the information found in the pension
regulations. In this initial letter you can read the outlines of your pension scheme. The complete
pension scheme is described in the pension regulations. The pension regulations are ultimately
leading.
Keep this initial letter in a safe place! It can be useful in the future.
You can also view the initial letter on your personal page on Mijn Aegon at all times.
This document is an unofficial translation of the Dutch original and is provided as a courtesy only. In the event of
any disparity between this version and the original Dutch version, the Dutch version will prevail. No rights may be
derived from this unofficial English translation.
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In the initial letter
1.
What do we mean by…
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2.
Mijn Aegon for easy reference
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3.
3.1.
3.2.
3.3.
3.4.
3.5.
3.6.
3.7.
3.8.
3.9.
3.10.
Your pension scheme
Obligation to cooperate
Nature of your pension scheme
Your pension entitlements
Pensionable earnings
Defined contribution
Investing or insuring?
Investment pension
Guarantee pension
Transfer of accrued benefits
Supplements and profit sharing pool
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10
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4.
4.1.
4.2.
4.3.
4.4.
4.5.
4.6.
Events
Retirement
Death before the retirement date
Disability
Resignation or dismissal
Divorce
Unpaid leave and life-course leave
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15
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5.
Insurance of additional partner’s pension
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6.
6.1.
6.2.
6.3.
6.4.
6.5.
To conclude
Payment reserve employer
Functioning
Privacy
Do you need more information?
Complaints
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!
This graphic symbol can be seen before the sections 3.5, 3.6, 3.7 and 3.9 and chapter 5.
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1. What do we mean by…
You are …
The participant. Once you enter the service of the employer named in these pension regulations,
you will participate in this pension scheme and receive pension entitlements.
We are …
The pension providers; Aegon PPI, Aegon Levensverzekering and Aegon Schadeverzekering.
Together, we are the pension scheme administrators of your pension scheme. If one of the pension
providers is mentioned in the initial letter, we refer to this one pension provider only.
Aegon PPI acts as authorised agent for Aegon Levensverzekering and Aegon Schadeverzekering.
Therefore you have one point of contact for your pension with us, namely Aegon PPI.
The retirement date
This is the standard retirement date, namely the first day of the month in which you reach the age
of 67 years.
Your personal retirement date
You are not obliged to retire on the retirement date. You can also retire earlier or later. By ‘your
personal retirement date’ we mean the date on which you actually retire.
Pension
These are the pensions that are paid out after your personal retirement date, namely:
-
a lifelong retirement pension;
a partner’s pension if you die after the personal retirement date; 70% of the retirement pension
as a standard;
Where Pension is printed with a capital P, we refer to the retirement pension and the partner’s
pension if you die after the retirement date.
Dependant’s Pension
These are the pensions that your partner and your children receive if you die before your personal
retirement date. This comprises of a partner’s pension and an orphan’s pension.
Where Dependant’s Pension is printed with a capital D and P, we refer to the partner’s pension and
orphan’s pension if you die before the retirement date.
Investment pension
Investment pension – minus the investment costs – is invested using your defined contribution.
Therefore you invest for your pension. On the retirement date, the value of these investments is
used to purchase Pension. The level of the Pension depends on, among other things, the value of
the investments on the retirement date. And the rates that the life insurers apply to the purchase
of Pension at that moment.
Guarantee pension
In case of Guarantee pension you purchase Pension immediately. Guarantee pension is an
insurance that gives immediate certainty on the level of the Pension.
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2. Mijn Aegon for easy reference
You can always reach us
In Mijn Aegon, you will find detailed information about your pension scheme; 24 hours per day, 7
days per week. For example, information about investing and the investment funds. And, of
course, the pension regulations. These provide a detailed description of the specifics of your
pension scheme. Go to www.mijnaegon.nl and apply for access.
Keeping your own data up-to-date
With Mijn Aegon you can keep your personal data up-to-date yourself, and implement the choices
you have made with respect to your pension scheme. For example whether and how you want to
invest in order to build up Pension.
Any pensions you may have accrued elsewhere, can also be imported into Mijn Aegon. This way
you have a complete overview and you can see how much Pension you can expect to receive in the
future.
Up-to-date overview
Perhaps the key factor of Mijn Aegon is your personal pension overview. In the pension overview
you can see the pensions you accrue with us in real time. Therefore it is always up-to-date. You
can see, for example, the level of any partner’s pension and orphan’s pension. Precisely what you
can read about the level of your Pension depends on the type of Pension that you have, namely:
Investment pension
The pension overview gives you an indication of your Pension on
your retirement date. The defined contribution is invested. The
ultimate value of the investments on the retirement date is
unknown in advance. With the value of the investments you
purchase Pension on your retirement date.
Guarantee pension
The pension overview shows exactly how much Pension you have
purchased using the defined contribution. With the defined
contribution you have purchased ‘bits’ of Pension. On your pension
overview you will see the sum of these ‘bits’. With the Guarantee
pension, your Pension benefits are guaranteed.
We will send you your personal pension overview at least once every year. This pension overview is
called the Uniform Pension Overview, or UPO.
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3. Your pension scheme
3.1. Obligation to cooperate
You are obliged to cooperate in the proper execution of the pension scheme. This means that you
provide us with all the data and documents we need for a proper execution. You are required to
inform your employer immediately about the following events:
-
if you are going to marry or enter into a (registered) partnership;
if you get a divorce or end a (registered) partnership; within 14 days;
the birth of children who may become entitled to an orphan’s pension;
if you become disabled.
3.2. Nature of your pension scheme
The Pensions Act has divided the pensions in the Netherlands into several types of agreements.
The type of agreement determines the nature of the pension scheme. Your pension scheme
involves the following different types of agreement:
-
a defined contribution agreement for the entitlement to defined contribution
a defined benefit agreement for the Dependant’s Pension.
A defined contribution agreement gives you the right to a pension premium.
If you have Investment pension, the pension premium - minus investment costs - is invested. On
your personal retirement date, using the value of the investments, you must purchase Pension. It
is not possible to calculate now how much Pension you will purchase with it on your personal
retirement date.
You can also use the pension premium for a Guarantee pension. In that case you have immediate
certainty about the level of the Pension that you have purchased.
A defined benefit agreement gives you the right to a guaranteed benefit. The level of the
Dependant’s Pension at the moment of death is known.
3.3. Your pension entitlements
Under a defined contribution scheme your employer makes a pension premium available for you.
You are entitled to a defined contribution for the accrual of Pension. In addition to this, the
following pension entitlements have been insured for you:
-
Dependant’s Pension, if you die before the personal retirement date. Your partner receives a
partner’s pension and each child receives an orphan’s pension.
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3.4. Pensionable earnings
The pensionable earnings are the part of your salary over which you accrue pension. All your
pension entitlements are calculated on the basis of the pensionable earnings. This is therefore an
important piece of data.
The pensionable earnings are the pensionable salary minus the state pension offset under the OldAge Pensions Act (AOW).
Pensionable salary
This is the starting point for accruing your pension. In your pension
regulations you can find how we determine your pensionable salary.
There is a limit to the salary used for accruing pension. The level of
the maximum salary can be found on your personal page on Mijn
Aegon.
State pension offset
This is the part of your pensionable salary over which you do not
accrue any pension, because you will also receive a benefit under
the Old-Age Pensions Act (AOW benefit) later on in your life.
Working part-time influences your pensionable earnings. If you work part-time, your pension is
calculated by multiplying the pensionable earnings you would have in case of full-time employment
by the part-time percentage.
In case of a change of the state pension offset under the Old-Age Pensions Act, the part-time
percentage or your salary, the pensionable earnings will change, too. This affects the pension
entitlements from the moment of the change. There will be no changes to the amount you have
accrued until the moment of such change. With the Investment pension, the value of your
investments will of course still depend on the share prices.
Example
You work 24 hours per week and a full-time employment relationship would be 38 hours per week. Your
part-time percentage is then 24 / 38 = 0.6316 x 100% = 63.16%
Suppose you would earn €35,000 per year in case of full-time employment and the state pension offset is
€15,000 per year. Your full-time pensionable earnings are €20,000 and this amount is multiplied by your
part-time percentage.
The part-time pensionable earnings in that case amounts to €20,000 x 63.16% = €12,632
3.5. Defined contribution
When you join the pension scheme, you become entitled to a defined contribution and that
moment we will establish the level of this defined contribution. We will do this every year on
1 January and will start from your age as at 31 January.
The defined contribution is a percentage of the pensionable earnings and depends on your age at
the moment we determine the premium.
The percentages applicable to you are stated in one of the columns. below. Your employer has
decided which column applies to you. In the accompanying letter and in Mijn Aegon you can see
which column applies to you.
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The graduated scale of premiums in the table is a so-called net graduated scale. This means that
we do not deduct premiums for the Dependant’s Pension, and no premium for waiver of premium
in the event of disability from the defined contribution. We do deduct investment costs from the
defined contribution.
Graduated scale of premiums for your defined contribution:
From
age
15
R
3100%
R 395%
R 390%
R
385%
R 380%
R 375%
R 370%
R 365%
R 360%
R 355%
R 350%
8%
fixed
8,00%
7,20%
6,84%
6,48%
6,12%
5,76%
5,40%
5,04%
4,68%
4,32%
3,96%
3,60%
20
25
30
8,00%
9,30%
10,80%
7,60%
8,84%
7,20%
8,37%
6,80%
7,91%
6,40%
7,44%
6,00%
6,98%
5,60%
6,51%
5,20%
6,05%
4,80%
5,58%
4,40%
5,12%
4,00%
4,65%
10,26%
9,72%
9,18%
8,64%
8,10%
7,56%
7,02%
6,48%
5,94%
5,40%
8,00%
8,00%
35
12,50%
11,88%
11,25%
10,63%
10,00%
9,38%
8,75%
8,13%
7,50%
6,88%
6,25%
8,00%
40
14,60%
13,87%
13,14%
12,41%
11,68%
10,95%
10,22%
9,49%
8,76%
8,03%
7,30%
8,00%
45
17,00%
16,15%
15,30%
14,45%
13,60%
12,75%
11,90%
11,05%
10,20%
9,35%
8,50%
8,00%
50
19,80%
18,81%
17,82%
16,83%
15,84%
14,85%
13,86%
12,87%
11,88%
10,89%
9,90%
8,00%
55
23,30%
22,14%
20,97%
19,81%
18,64%
17,48%
16,31%
15,15%
13,98%
12,82%
11,65%
8,00%
60
27,70%
26,32%
24,93%
23,55%
22,16%
20,78%
19,39%
18,01%
16,62%
15,24%
13,85%
8,00%
65
31,50%
29,93%
28,35%
26,78%
25,20%
23,63%
22,05%
20,48%
18,90%
17,33%
15,75%
8,00%
8,00%
Example
Suppose you earn €2,000 gross per month and the holiday allowance is 8% of your twelve monthly
salaries. In that case your pensionable salary is €2,000 x 12 + 8% = €25,920. The state pension offset is
€12,953.
The pensionable earnings are €25,920 -/- 12,953 = €12,967
Let’s assume you have a graduated scale percentage of 85% and you are 42 years of age. The percentage
of defined contribution at 85% and age 42 is 12.41%.
Your annual premium then amounts to: €12,967 x 12.41% = €1,609.20
Making additional deposits
If your employer has not opted for column R3100% you can deposit additional premium. With
these deposits you invest for additional retirement pension. This is an optional scheme and for your
own account.
More information on ‘Additional savings’ and the application form can be found on Mijn Aegon.
3.6. Investing or insuring?
!
The defined contribution must be used for making investments. Subsequently, using the value of
these investments, you must purchase Pension. After entering the employer’s service, you can
choose when you purchase Pension, namely:
-
on your retirement date, until that moment the premium is invested  Investment pension
before your retirement date, by insuring the Pension
 Guarantee pension
With Investment pension the level of your Pension is determined by, among other things, the
interest rate on your personal retirement date. And the rates used at that moment by the lifeinsurance company that is chosen. Therefore, with the Investment pension you have no certainty
in advance about the level of your Pension. Guarantee pension does give you immediate certainty
about the level of your Pension.
Of course you can also choose a combination of investing and insuring. You can state your choice
via Mijn Aegon.
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3.7. Investment pension
!
When you become a participant under the pension scheme, your defined contribution will always be
invested in accordance with ‘Life Cycle Investing’ and a defensive risk profile. Subsequently, you
can determine if you want to invest in Life Cycles or in Free Investing and in which of the selected
funds you wish to invest, and which allocation ratio is used. Information about this you will find on
Mijn Aegon. In this initial letter we will explain Investment pension in brief.
Life Cycle Investing
With Life Cycle Investing we invest - after deducting investment costs - the defined contributions
for you in investment funds according to a previously determined profile. You do not need to worry
about it. Each profile has its own investment mix and corresponding risk. The profiles vary in
investment risk from offensive (high-risk) to defensive (low-risk).
With Life Cycle Investing we decrease the investment risk as the state offset pension date
approaches. Every time you reach a next category of ‘remaining time’, the invested value is
automatically transferred – this is called ‘switching’ – to the next investment fund within the
applicable risk profile.
Remaining time until state offset pension date
Risk
Profile
>20
years
Aegon
Offensive Balanced
DC J
Aegon
Neutral
Balanced
DC I
Aegon
Defensive Balanced
DC H
≤ 20
years
Aegon
Balanced
DC I
Aegon
Balanced
DC H
Aegon
Balanced
DC G
≤15
years
Aegon
Balanced
DC H
Aegon
Balanced
DC G
Aegon
Balanced
DC F
≤10
years
Aegon
Balanced
DC G
Aegon
Balanced
DC F
Aegon
Balanced
DC E
≤8
years
Aegon
Balanced
DC F
Aegon
Balanced
DC E
Aegon
Balanced
DC D
≤6
years
Aegon
Balanced
DC E
Aegon
Balanced
DC D
Aegon
Balanced
DC C
≤4
years
Aegon
Balanced
DC D
Aegon
Balanced
DC C
Aegon
Balanced
DC B
≤2
years
Aegon
Balanced
DC C
Aegon
Balanced
DC B
Aegon
Balanced
DC A
The return on the investment funds can be either positive or negative. The investment risk is
always for your own account. You can request for a change of your risk profile at any time.
Free Investing
Free Investing gives you the choice to invest in one or more selected investment funds. With Free
Investing, also, the return on the investment funds can be either positive or negative. And the
investment risk is always for your own account.
With Free Investing you are allowed to do the following:
Switching
Having (part of) the accrued value transferred from one investment
fund to the other.
Adjusting
Setting a new combination of investment funds for future
premiums. The investments already purchased remain in the
previous combination of investment funds.
You can read more about switching and adjusting in the pension regulations. You can also learn
how you can do this, and how much it costs. All this information can also be found on Mijn Aegon.
Each year, we check if your investment choice still corresponds with your personal risk profile.
Subsequently, you receive a so-called ‘assessment letter’ to inform you about this.
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More information about the selected funds can be found on www.pensioenabonnement.nl.
Investment costs
If you opt for Investment pension the defined contribution will not be fully used for your pension
accrual, because investing costs money. Therefore we charge purchase and selling costs and costs
for the management of the investments.
The purchase and selling costs vary between 0.01% and 0.70%. Due to market conditions, these
costs can vary. We charge purchase and selling costs in the following situations:
1) Purchasing investments using the defined contribution. Of your defined contribution, we will
therefore invest between 99.99% and 99.30%;
2) Automatic switching if you have opted for Life Cycle Investing;
3) Changing your risk profile if you have opted for Life Cycle Investing;
4) Switching if you have opted for Free Investing;
5) Selling costs on selling investments.
We can adjust the purchase and selling costs twice a year.
A current overview of the costs we charge for the management of investments can be found at
www.pensioenabonnement.nl and on Mijn Aegon.
3.8. Guarantee pension
If you opt for (partial) Guarantee pension, you have certainty about (part of) the level of your
Pension from the moment of purchase, because the pensions are guaranteed from that moment.
With Guarantee pension, you purchase before your retirement date:
-
retirement pension, and
partner’s pension if you die after the retirement date; this is 70% of the retirement pension.
Costs
Before your pension is purchased, an interest rate guarantee premium and a risk premium for
transfer of accrued benefits will be charged. The interest rate guarantee premium is charged so
that we can pay out a lifelong pension to you after your retirement date. For 2016, the interest
rate guarantee premium amounts to 51.48% of your defined contribution.
The risk premium for transfer of accrued benefits that we charge is to prevent that your employer
will have to make additional payments in the event of a statutory (individual) transfer of accrued
benefits. For 2016, this amounts to 0.75% of your defined contribution.
3.9. Transfer of accrued benefits
!
As a new participant to this pension scheme, you can transfer the value of your pension
entitlements from your previous pension schemes to us. If you wish to do this, you need to submit
a request for an offer to us.
On Mijn Aegon you can download, complete and send us the form ‘Transfer of accrued benefits’.
We will subsequently ensure that your accrued benefits are transferred.
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3.10. Supplements and profit sharing pool
No supplements are granted on the Pension that you purchase using the investments of the
Investment pension. Any increase does not automatically give you the right to increases in the
future. This also applies to:
-
insurance of Dependant’s Pension;
Dependant’s Pension commenced.
Profit sharing pool for Investment pension
No supplements are granted on the pension that you purchase using the Investment pension. But
we do apply as principle that we increase the value of your investments annually by adding the
result of the profit sharing pool.
This result comes about as a consequence of the death of other participants who have a pension
scheme executed by Aegon PPI. Therefore this involves not only the participants to the same
pension scheme as you have. If a participant dies, the value of his investments accrue to the profit
sharing pool. This profit sharing pool pays out to the participants.
Each year, we determine whether we can make payments out of the profit sharing pool and if so,
how much. If the benefit results in an increase of less than 0.5% of the value of the investments of
all participants together, we will not make any payments. The benefit will then be passed on,
including interest, to the next year and added to the payment of that next year. Any payments
from the profit sharing pool will be paid out on 1 January. In case of payment, each participant will
receive an equal payment percentage with a maximum of 3% per year.
Profit sharing pool for Guarantee pension
In principle, we will increase your guaranteed pensions annually by adding the profit. The profit we
are referring to is calculated as follows:
You have used your premium to purchase Guarantee pension. You reserve money for Pension to be
paid out later. We guarantee the level of the Pension. To calculate the level of this Pension, we
assume that we are able to make a minimum return of 3% (interest). This 3% is called the
actuarial interest rate. If we realise a higher return than this 3% actuarial interest rate, there is a
profit. This profit is distributed among the participants.
To calculate the profit, we start from the return on loans. These loans are fictitious. Therefore we
look at how much the return would be if we had loans.
If profit sharing is involved, this is used annually on 1 January for a supplement. For every
participant, this supplement consists of the same increase, in terms of percentage of the
guaranteed pensions. If the supplement results in an increase of less than 0.5%, we will not grant
a supplement. The benefit will then be passed on, including interest, to the next year and added to
the supplement of that next year.
To establish the percentage we use the wage index for negotiated wages (CAO) including special
remuneration (total) of the month of October of the year prior to 1 January. Statistics Netherlands
calculates the index.
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The granting of supplements on Guarantee pension is subject to the following disclaimer:
“In principle, supplements are granted annually on the pension rights and pension entitlements.
The level of supplements solely depends on the profit sharing, which is calculated by us on the
basis of an average return percentage on a package of fictitious loans. No premium is paid for this
conditional granting of supplements.”
An increase and the projections for the next year do not automatically entitle you to any future
increases.
Life long increase on commenced Partner’s pension
If your employer has opted for a lifelong increase of the Partner’s pension, the partner and orphans
pension will be increased every year on the 1st of January after the pensions have commenced.
The increase amounts to 2% of the partner’s pension paid out the previous year. Your employer
has paid for all future increases of the partner’s pension. See Mijn Aegon if the lifelong increase is
applicable to your situation.
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4. Events
4.1. Retirement
Under this pension scheme you automatically retire on the first day of the month in which you
reach the age of 67. As standard procedure you will from then on receive Pension from us.
However, you are free to make different choices. If you are considering this, you can calculate the
consequences on Mijn Aegon.
Do you want to retire earlier?
If you choose to retire earlier, your retirement pension will be lower. This is because you accrue
pension over a shorter period of time and your retirement pension is paid out over a longer period.
You can make this choice shortly before your retirement.
Do you want to retire later?
If you choose to retire later, your retirement pension will be higher, for your retirement pension
will be paid out over a shorter period. You can make this choice shortly before you reach the age of
67.
If you invest the pension premium and the change in value is negative during the period of
deferment and/or the Pension becomes more expensive to purchase, your Pension may be lower
after deferment.
Part-time pension
You can also choose to retire partially. In that case you retire part-time and continue to work parttime. This choice can be made shortly before your partial retirement.
For earlier, later or partial retirement you need permission from your employer.
Exchanging partner’s pension for retirement pension
If you die after your retirement date, your partner will receive a partner’s pension. You can choose
to waive (part of) this benefit. In that case you (partially) exchange your partner’s right to a
benefit for a higher benefit on the retirement date for yourself. If you have a partner, he or she has
to give permission for this in writing.
Variation in the level of benefit
If you use your Investment pension to purchase Pension with Aegon Leven, you can opt for a
variation in benefits of your retirement pension. It is possible to opt for a benefit that is higher
during the first years than during the years that follow. The low benefit will then be 75% of the
high benefit. This choice has no consequences for the level of the partner’s pension.
4.2. Death before the retirement date
If you die before your personal retirement date, your partner will receive a lifelong partner’s
pension. And each child will receive an orphan’s pension. This is called the Dependant’s Pension.
The premiums for this pension are not deducted from the defined contribution. These premiums
are paid separately by your employer. The Dependant’s Pension is insured on a risk basis. This
means that this pension is not paid out if you die after you have left your employer’s service. In
the event of divorce, the entitlement to partner’s pension also lapses without value.
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Partner’s pension
An annual partner’s pension ensures that your partner will receive a benefit from the moment you
die before the retirement date. The level if this partner’s pension is independent of the value of
your investments. Your partner will receive a guaranteed benefit as long as he/she is alive.
The level of the partner’s pension is calculated as follows:
pensionable earnings x number of years of service x 1.16%
The number of years of service is the number of years between the moment you enter the service
of your employer under this pension scheme and the retirement date.
Orphan’s pension
The orphan’s pension ensures that your child or children will receive a benefit from the moment
you die before the retirement date. The orphan’s pension is also a guaranteed benefit.
Your children receive an orphan’s pension if they:
- are younger than 18; or
- are younger than 27 and still in education; or
- are younger than 27 and due to illness unable to earn 55% of the salary that healthy persons
with a similar education and experience could normally earn.
The level of an orphan’s pension is 20% of the partner’s pension if you die before the retirement
date. The orphan’s pension is doubled if your child becomes a “full” orphan.
Lifelong increase
If your employer has opted for a lifelong increase of the Partner’s pension, the partner and orphans
pension commenced will be increased every year on the 1st of January. The increase amounts to
2% of the partner’s pension paid out the previous year. Your employer has paid for all future
increases of the partner’s pension. See Mijn Aegon if the lifelong increase is applicable to your
situation.
4.3. Disability
A waiver of premium in the event of disability has been insured for you.
We do not deduct the premiums for insurance of a waiver of premium in the event of disability
from the defined contribution. Your employer pays these premiums separately.
Waiver of premium for Pension
The accrual of your Pension continues if you become disabled and receive a disability benefit from
the state as a result of your disability. In that case you will still accrue Pension in accordance with
the graduated scale for defined contribution. This is the graduated scale of premiums as applicable
at the moment you become disabled. Precisely how much of the premium will be waived, can be
found in your pension regulations.
Waiver of premium for Dependant’s Pension
The insurance of your Dependant’s Pension insurance continues if you become disabled and receive
a disability benefit from the state as a result of your disability. Your partner and children will then
still receive a partner’s pension and orphan’s pension if you die before the retirement date.
Take note
If you no longer receive a disability benefit from the state, you are no longer entitled to a waiver of
premium in the event of disability.
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4.4. Resignation or dismissal
The moment you leave your employer’s service, we will terminate your participation to this pension
scheme. In that case you will no longer accrue Pension. The Pension that you have accrued will
remain intact. With the Investment pension, the value of your investments of course will continue
to depend on the share prices.
Exchanging retirement pension for partner’s pension
If you leave your employer’s service, you can opt for a (higher) benefit for your partner if you die.
In that case you exchange part of your own benefit on retirement for a (higher) benefit for your
partner if you die.
Voluntary continuation
After resignation or dismissal, you cannot continue this pension scheme on a voluntary basis.
4.5. Divorce
Under the standard rules, your ex-partner is entitled to part of the pension. On divorce, you can
make different arrangements, however, both of you need to agree about this. The standard rules
are:
-
Your ex-partner receives an entitlement to ‘special partner’s pension’ in accordance with the
provisions of the Pensions Act. Your ex-partner receives his or her own entitlement to the
‘partner’s pension if you die after the retirement date’, but only for the part that you accrued
until the date of divorce or the date on which the (registered) partnership ends. The above does
not apply to the ex-partner from whom you are separated from bed and board.
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If, before the divorce, you have exchanged Guarantee pension for partner’s pension in the event
of death before the retirement date, or used Investment pension for the purchase of this
partner’s pension, the entitlement to this partner’s pension is transferred to your ex-partner.
This, too, does not apply with regard to the ex-partner from whom you are separated from bed
and board.
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In addition, your ex-partner is entitled to equalisation of the retirement pension in accordance
with the provisions of the Equalisation of Pension Rights in the Event of a Divorce Act. If a
request for equalisation has been made, your ex-partner is entitled to payment of half of the
retirement pension. But only of the retirement pension that you accrued in the period that you
were married or were registered partners. This is referred to as equalised pension. The period
that you were separated from bed and board will not be taken into account in the equalisation.
Your employer may reclaim the costs of the equalisation from you and your ex-partner.
4.6. Unpaid leave and life-course leave
In the period during which you are on unpaid leave or life-course leave, your entitlements under
this pension scheme remain unchanged. That is, unless you make different arrangements with your
employer. You and your employer can make arrangements about any employee contributions that
you pay yourself during the leave.
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The entitlements to Dependant’s Pension are subject to the following:
- You continue to be insured for a maximum of eighteen months. This insurance is on the basis of
the pensionable earnings and the part-time percentage on commencement of the leave period.
- The maximum period applies to all periods of unpaid leave and the life-course added up
together, in so far as you take up this leave during your participation to this pension scheme.
- Your employer pays the premium.
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5. Insurance of additional partner’s pension
!
If you die before your personal retirement date, your partner will receive a partner’s pension. It is
up to you whether or not you take out insurance for an additional partner’s pension for your
partner. This insurance is an ANW shortfall pension (ANW = General Dependants Act). With this
pension, your partner will receive more income if you die before your retirement date.
Level of the benefit
The level of the ANW shortfall pension is equal for everyone, because the ANW shortfall pension is
the same amount as the statutory ANW benefit in the year in which you die. The statutory ANW
benefit is set annually on 1 January. For 2016, this is €14,838 gross per year. This is therefore also
the level of the ANW shortfall pension in 2016.
The ANW shortfall pension is insured on a risk basis. This means that this pension is not paid out if
you die after you have left your employer’s service. And in the event of divorce the ANW shortfall
pension lapses without value.
Costs
A premium has to be paid for the ANW shortfall pension. On Mijn Aegon under “Employer” you find
information about insuring ANW shortfall pension. Each year again, on 1st of January, we establish
your new premium.
We charge the premium to your employer. Your employer subsequently withholds the premium
from your salary. Ask your employer if you have a 100% employee contribution.
Commencement and termination of the pension
The ANW shortfall pension commences on the first day of the month in which you die and ends on
the last day of the month in which your partner reaches the state pension age. Or, if this is earlier,
on the last day of the month in which your partner dies.
If you pay premium for this insurance until the retirement date, your partner will receive – if he or
she has not yet reached the state pension age – the ANW shortfall pension as yet upon your death
after the retirement date.
If, after reading this chapter, you are interested in the insurance of an ANW shortfall
pension for your partner, go to Mijn Aegon.
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6. To conclude
6.1. Payment reserve employer
In the event of a serious change of circumstances your employer may reduce or discontinue the
payment of pension premiums to the extent that the company interest so requires. For example in
case of a suspension of payments. A condition for this is that your employer immediately notifies
you and us about this in writing.
6.2. Functioning
During your participation to this scheme, there may be circumstances that have an effect on our
functioning. Or there may be other circumstances that influence your pension scheme. If such
circumstances occur, we will inform you accordingly.
One of such circumstances is, for example, a ‘direction’ from the Dutch Central Bank (DNB). In that
case a pension provider is required to take certain measures put in place to end or undo any
breach, violation or offense.
6.3. Privacy
All personal data you provide to us are processed in accordance with the Personal Data Protection
Act. We do this under responsibility of Aegon Nederland N.V. with which Aegon PPI B.V. is
associated in a group. Your data are used for:
-
entering into and executing agreements;
compliance with statutory obligations;
combat of fraud and integrity monitoring;
statistical analysis;
marketing activities.
Other subsidiaries of Aegon Nederland N.V. can use your personal data for the above purposes.
They offer financial products or act as agents for these products. We will inform you which financial
products and/or which subsidiaries these are if they do not carry the name Aegon. We will also
inform you about the way in which you can tell us if you no longer wish to receive any further
information. All this information and an explanation of it can always be referred to at
www.aegon.nl.
6.4. Do you need more information?
Your complete pension scheme is described in the pension regulations. The pension regulations
also arrange the relationship between you, your employer and us, Aegon PPI. Consider, for
example, what you need to do if you change jobs, get married, or become disabled. But you can
also read everything about our obligation to provide you with information about your pension
accrual among other things. You can view the regulations on Mijn Aegon or ask for them by
telephone via +31 (0)70 - 344 50 25.
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At your request you will also receive the following information:
-
relevant information about investments;
information about your accrued pension;
level of your pension on your retirement date;
statement of the pension benefits that can possibly be attained;
consequences of exchange for your pension entitlements;
execution agreement between your employer and Aegon PPI;
annual report and annual accounts of Aegon PPI;
information about for example a ‘direction’ of the Dutch Central Bank (DNB), if appropriate.
6.5. Complaints
We make every effort to provide you with excellent service. Should you still have complaints, we
would like to hear this from you. You can send your complaint to:
Aegon PPI B.V.
Klachtbehandeling
Postbus 23020
8900 MZ Leeuwarden
Telephone: +31 (0)88 - 344 12 34
Digital: via our complaints form at www.aegon.nl.
More information about our complaints procedure can be found in the pension regulations and on
Mijn Aegon.
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