Do you have a new job and are you accruing a pension at Zwitserleven? You could take the value of your previously accrued pension(s) with you to your new pension policy. This is known as a transfer of accrued benefits. How do you request it? Is transfer of accrued always a good idea? When are accrued benefits automatically transferred? Read more about it here.
How can you request transfer of accrued benefits?
You can request us or your employer to take care of the transfer of accrued benefits. An adviser can work with you to determine whether transfer of accrued benefits is a good idea in your case.
Is the transfer of accrued benefits always a good idea?
Whether you will benefit from the transfer of accrued benefits depends on the differences between your old and your new pension scheme. That is why you should compare the schemes in detail.
When to opt for transfer of accrued benefits?
There are advantages and disadvantages to transferring accrued benefits. So whether it is beneficial for you depends on the differences between your old and your new pension schemes. The overview below shows in which situations you might consider transferring your accrued benefits.
- You have your pension in one place and fewer different pensions. This keeps your records clear.
- You decide for yourself whether you want to transfer the value of your old pension. Only in the case of a small pension does the law stipulate that the pension provider can choose to transfer it automatically.
- It is often also possible to transfer the value of non-contributory pensions from very old employment relationships.
- Are you switching from a defined benefit agreement with a guaranteed pension to a defined contribution pension scheme? In that case, the amount of your pension will depend on investment results and is no longer guaranteed.
- Are you switching from a defined contribution pension scheme to a guaranteed pension? In that case, the amount of your pension will depend largely on the interest rate at that time, which could be unfavourable.
- While the risk is small, if you put all your pension with one pension provider and it runs into financial trouble, you could lose (some of) your accrued pension. Having pensions with multiple pension providers spreads this risk.
May suit you if:
- you are willing to carefully compare the old and new schemes to see which one best suits your personal situation and needs. This can be done with our pension comparison tool, for example. Here, look at the different choices you have in the schemes and at the extent to which the pensions are adjusted to future price increases (indexation).
- the cost of the scheme with Zwitserleven is lower than that of the old non-contributory scheme.
- you have changed jobs frequently and therefore have many different pensions that you wish to combine.
- this allows you to make the partner’s pension more appropriate to your personal situation.
Probably suits you less if:
- your non-contributory pension scheme includes death cover. This additional death cover may be lower after the transfer of your accrued benefits.
- you are 60 years of age or older and switching from a pension scheme with a guaranteed pension to an investment-based pension scheme.
- you like certainty and you are switching from a pension scheme with a guaranteed pension to an investment-based pension scheme.
When are accrued benefits automatically transferred?
Do you have a small pension with another pension provider (2023: € 594,89 gross per year) and are you now accruing pension with us? In that case, your previous pension provider may transfer the value of this small pension to Zwitserleven. If the pension provider makes use of this option, the transfer will take place automatically. You do not have to do anything and will be notified when the value of your small pension has been transferred.
Have you built up a small pension at Zwitserleven? In that case, your small pension will stay with us. We will not automatically transfer this to your new pension provider. However, you can apply for a transfer of accrued benefits through your new pension provider.
Upload transfer of accrued benefits proposal
Have you requested the transfer of accrued benefits and do you agree with the proposal? Easily upload the signed proposal 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.