Converting your pension

Most pension schemes automatically include a provision for the accrual of a retirement pension and a partner's pension. If you do not have a partner or if your partner has a good pension scheme, you can choose to convert the partner's pension, or a portion of the partner's pension, into a higher retirement pension. If no provision has been made for a partner's pension or the accrued partner's pension is low, or if the partner's pension stops when you leave your employer, you can choose to convert a portion of the retirement pension into a partner's pension or extra partner's pension.

You can convert your pension upon your retirement. You will receive a letter about this, and other options available to you, a few months before you retire. If you wish to convert your partner's pension into an extra retirement pension, you must notify us of this in the following way:

If you have a final pay scheme or an average pay scheme, you will need to complete the ‘Converting pension’ form (Keuzeformulier uitruil pensioen – in Dutch) and return it to us at least one month before your retirement date. The form will be enclosed along with the letter.
If you have a defined contribution scheme, you are responsible for purchasing your pension. This means that in your request for a quote you will need to specify that you would like to convert your partner's pension into an extra retirement pension. Please bear this in mind when requesting a quote from another pension insurer.

Terms and conditions for converting a partner's pension

The partner must provide written permission for the pension to be converted.
However, only that portion of the partner's pension that has been accrued since 1 January 2002 can be converted.
If you are divorced and your ex-partner is entitled to a portion of the retirement pension and the partner’s pension, you are not entitled to convert this portion of the pension.

Example 1

You do not have a partner, or your partner has a good pension scheme. Consequently, you decide to convert the partner's pension into a higher retirement pension:

	Situation before conversion of the pension	Situation after conversion of the pension
Retirement pension	€ 10,000	€ 11,060
Partner's pension	€ 7,000	€ 0

Example 2

You have a partner and you wish to convert the partner's pension into a higher retirement pension, but you are previously divorced:

	Situation before conversion of the pension	Situation after conversion of the pension
Retirement pension	€ 10,000	€ 10,530
Partner's pension	€ 3,500	€ 0
Ex-partner partner's pension (special partner's pension)	€ 3,500	€ 3,500

When are you not allowed to convert a partner's pension into an extra retirement pension?

If the partner's pension is a risk-based pension because, in such a case, the premium payment for the partner's pension on the retirement date ends after leaving the employer, meaning the insurance provision for the partner's pension ends as well.

Please note: If you have opted for a conversion, this decision is irreversible.

In some cases, a portion of the retirement pension can be converted into a partner's pension or an extra partner's pension. This would be possible, for instance, if there would be no provision for a partner's pension if you should die after your retirement date. Or if your partner's pension would end if you leave your employer. If you choose this option, your retirement pension benefits will be lower.

Conversion on the retirement date toon
To choose this option, please complete the ‘Converting pension’ form (Keuzeformulier uitruil pensioen – in Dutch) and return it to us. You will receive this form a few months before your pension comes into payment.
Please note: we will automatically convert a portion of the retirement pension into a partner's pension if:
- you have not arranged a partner's pension in case you die after your retirement date and
- you are married or in a civil partnership and
- you have not specified whether you want to convert your pension or not
Converting a pension upon leaving your employer toon
Depending on your pension scheme, your partner’s pension may be with benefit accrual or may be risk-based. We particularly recommend converting a pension upon leaving your employer if the partner's pension is risk-based.
- In the case of a partner’s pension with benefit accrual, the partner’s pension accrued up to the termination of your employment remains available. However, it may be lower than the partner’s pension specified during your employment. To get an idea of the size of this pension, please visit mijnpensioenoverzicht.nl (Dutch only) or check your most recent Uniform Benefit Statement.
- If the insurance provision for the partner’s pension is risk-based, the insurance will lapse when your employment ends. This means that if you should die before reaching your retirement date, but after leaving your employer, any surviving dependants you may have will not receive a partner’s or orphan’s pension. To prevent this, you can convert a portion of your accrued retirement pension into a partner’s pension when you leave your employer. This partner’s pension will then be paid out to your partner if you should die before your retirement date. You will receive more information about this when you leave your employer.
How do you request a conversion?

You can request a conversion into a partner's pension, or an extra partner's pension, if there has been an intervening period of two months since you left your employer and stopped being a member of your ex-employer's pension scheme.

Please note: If you have opted for a conversion, this decision is irreversible.

You pay income tax on the pension you receive. If you convert your pension, this will affect the level of your pension benefits. The pension benefits may be higher or lower as a result. This means you may end up paying a higher tax rate through your income tax. How much tax you ultimately pay depends on such factors as the amount of your total income, the type of income and whether your retirement pension comes into payment before or after you receive state pension (AOW).

Find out more about income tax on Belastingdienst.nl (Dutch only)

Please feel free to contact us at any time. We are available by telephone on business days from 8.30 a.m. to 5:30 p.m. on +31 (0)30 257 44 00. Alternatively, you can complete the contact form. We are here to help.