When you retire is the best time to decide whether you want to arrange a partner's pension. With this, your partner will receive a portion of your pension income for life after your death. It is therefore important to make this choice together with your partner. Below you can read what to consider when you do.
If you don't have a partner, continue reading here.
What do we mean by a partner?
A partner is often eligible for a partner's pension if you are married or in a registered partnership or if you have been living together for more than 6 months on the retirement date. What that means in your case can be found in your pension scheme rules.
Division of old-age and partner's pension
If you retire and opt for a partner's pension, part of your pension will be reserved for your partner. This means you will receive less old-age pension yourself. This makes it a good idea to check with your partner what you need now and how much pension your partner will receive.
Good to know: the partner's pension your partner receives after your death is a maximum of 70% of your pension income. You can set your own percentage between 0 and 70%. If you do not specify anything, the default is 70% partner's pension.
- Your partner is assured of income after your death; that gives peace of mind.
- You decide how much partner pension you want to arrange, from 0 to a maximum of 70%.
- You will receive less retirement income yourself.
- Should your partner predecease you, the partner's pension lapses.
May suit you if:
- Your partner is not accruing a pension or is accruing less pension.
- You expect your partner to live longer than you for medical reasons.
- There are no other resources, such as savings.
Probably suits you less if:
- You do not have a partner.
- Your former partner has or is accruing a good pension of their own.
- You expect to live longer than your partner.
Determine percentage of partner's pension
How much partner's pension you arrange for your partner depends on both your financial situations after retirement. First, check mijnpensioenoverzicht.nl to see how much pension income you can expect and how much your partner will get. This is the starting point for determining the partner's pension.
If you do not have a partner, there are several options:
You have accrued pension capital in a defined contribution scheme.In this case, you decide just before your retirement date whether you want to arrange a partner's pension. If you have no partner, you indicate that you want no, i.e. 0%, partner's pension.
You have accrued a guaranteed pension in an average pay scheme.Whether you have accrued partner's pension in this scheme depends on the arrangements with your employer. Thus, two situations are possible:
1. You only accrued old-age pension in the scheme.
You do not have to make a choice for partner's pension. You will receive your pension income from the accrued pension.
2. You have accrued partner's pension in the scheme in addition to old-age pension.
In most cases, you can then exchange this partner's pension for a retirement pension. You thus receive more pension income for yourself. Pension accrued before 2002 may not be exchangeable or not fully exchangeable.
You can see whether you have accrued partner's pension at Zwitserleven in MijnZwitserleven. Under My Pension, you will find a summary of the options within your pension. You can also view the pension scheme rules here.
Need advice on your choices?
We are happy to help you make choices for your pension. These choices may have major financial implications. Our guidance covers only your pension scheme with Zwitserleven. Whether a choice is right for you obviously depends on your whole personal situation, now and in the future.
Perhaps you should consider contacting an adviser, who can give you an overview of all your financial affairs and help you to make the most suitable choices.
Make a preliminary calculation
Will you be retiring within the next six months? Then make a calculation of your pension income in MijnZwitserleven. See which choice for partner's pension has which effect on your retirement income. This way, you can immediately see what amount you can expect per month.