Whether you have found another job or been made redundant, if you leave your employer, your pension scheme with Zwitserleven will also stop. This means that you will no longer accrue a pension with us. This may affect your retirement income for later. Below you can read about the options available and the choices you can make right now.
New job? Consider transferring your accrued benefits
Do you have another job? Congratulations! In that case, you can choose to leave your accrued pension with Zwitserleven or to transfer the value of your pension to your new employer’s pension scheme.
Do you have a partner? Opt for a partner’s pension
A partner’s pension is a financial top-up for your partner if you die before your retirement date. There are various times when you should think about a partner’s pension. In a nutshell, your partner’s pension may be affected if your situation changes in any way. So, this includes leaving your employment or getting another job.
Partner’s pension if you leave employment
If you leave your employment, it is a good idea to think about the options available for a partner’s pension. A partner’s pension is the pension that your partner, if you have one, receives if you die before your agreed retirement date. With a partner’s pension, you protect your partner from financial hardship if your income is lost due to your death. If you leave your employment, you have various options for a partner’s pension.
Your partner’s pension continues
If your partner is known to us, we will arrange for the partner’s pension to continue. This will leave you with less for your own pension. You can choose to reverse this. In that case, your partner will not receive a top-up to his or her income from us if you die before your agreed retirement date. And your own retirement pension will be higher. Do you already have another job? Then check first what the total partner’s pension will be.
When should you choose a partner’s pension?
There is no one right choice. This depends on your family unit, your partner’s financial situation and any other financial sources such as savings or insurance. What options you have also depends on your pension scheme.
Pros
- Some of the loss of your income will be absorbed.
- You will save your partner from financial turmoil.
- Your partner will receive a lifelong top-up to his or her income if you die before your retirement date.
Con
- Continuing the partner’s pension leaves less for your own pension.
May suit you if:
- You have a partner who cannot cope with the loss of your income.
- There are no other financial resources such as savings or insurance in case of death.
- Not enough of a partner’s pension is provided for in your new pension scheme.
Probably suits you less if:
- You do not have a partner or there are already other financial resources such as savings or insurance in case of death.
- You prefer to seek a financial solution for the loss of your income that is separate from your employer’s pension scheme. This may be because you change jobs regularly.
- A similar or better partner’s pension is assured in your new pension scheme.
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.