We offer a flexible old-age pension scheme with various personal possibilities, for which a personal contribution is required. In addition, there is a partner’s pension and orphan’s pension, ANW-gap arrangement and a WGA-GAT plus insurance. We will pay these premiums.

You will be sent all information by the pension insurer. Remember to register your spouse and any children.

• Explanation of pension and incapacity for work
• TL;DR
• Retirement pension
• Partner’s pension
• Partner’s pension
• Partner’s pension
• Orphan's pension
• Pre-retirement partner’s pension (ANW-hiaat)
• Occupational disability
• WIA-> WGA
• WGA gap (WGA gat plus)
• WIA-excedent

Explanation of pension and incapacity for work

As an organization, we have provided a collective pension and have covered risks in the event of incapacity for work for all our colleagues. You may not be aware of all the arrangements, which is why we have tried to provide a simple explanation of what we have arranged as an organisation. Please note, it is a simplification of reality and therefore not 100% complete.

TL;DR

• Retirement pension; contribution is paid -> it is invested -> at retirement age, you buy pension with the sum of money there is the moment you retire . Most of the contribution is paid by the employer, there is a bit of self-contribution (deducted from your paycheck)..
• Partner's pension; payment to your partner at the time of your death. We'll see who your partner is then. You don't have to pay anything for this.
• Orphan's pension; payment to your children at the time of your death. You don't have to pay anything for this.
• Pre-retirement partner’s pension (ANW-hiaat): If you died, your partner will receive a pre-retirement partner pension. The question is whether that is sufficient? That's why your partner receives just over €15,000 gross per year as a supplement. At that time, we will see who your partner is. You don't have to pay anything for this.
• WGA gat & WIA Excedent: Supplement to your disability benefit of up to 70%/75% of your salary. You don't have to pay anything for this.

Retirement pension

For the employees, a retirement pension has been arranged with Nationale Nederlanden. The pension is a so-called ‘beschikbare premie regeling’ (available premium arrangement). A pension capital is created by means of monthly contributions and return on investments. The amount of this capital depends on the return on investment. On the retirement date, a pension is purchased with the capital. Therefore, the amount of the pension is not fixed in advance. The employee runs a risk on the investments but also benefits when high returns are achieved.

Nationale Nederlanden invests according to the Lifecycle principle. In lifecycle investing, the employee has a certain degree of influence on the degree of investment risk.  There are five lifecycles from which the employee can choose:

• Lifecycle More prudent +
• Lifecycle More Careful
• Lifecycle Balanced
• Lifecycle More Ambitious
• Lifecycle More Ambitious +

Default is the Lifecycle Balanced. You can discuss another lifecycle with Nationale Nederlanden or our pension advisor, Pensioen Servicekantoor.

On the basis of a personal risk profile, the employee invests in one of these five variants. The risky investments are gradually reduced towards the employee's expected state pension age.  Risky investments in this case are equities. The pension insurer invests in shares of companies, taking into account different branches/sectors and geographical areas. When the state pension age comes into view, these investments are gradually converted into bonds. Bonds are types of loans that are interest-bearing. Bonds are usually issued by governments and have a lower risk. The employee can choose to reduce the investment risk less towards their retirement date.

You will be applied to the pension arrangement when you are 21 years or older. You will receive your pension at the age of 68. This age may change in the future as a result of government regulations.

The amount of the monthly contribution is a percentage of the pensionable salary and lies between 4.7% and 27.7% and depends on the age. The employee's own contribution is 2.75% of the pensionable salary. This is deducted from your paycheck every month

The employee can save for a higher retirement pension and a higher partner's pension after the retirement date. This additional saving is limited to a certain statutory maximum. The extra premium is fully at the expense of the employee.

Partner’s pension

The partner's pension is based on an ‘indefinite partner system’. A partner's pension is insured for every employee, regardless of marital status. At the time of an employee's death, the existence of a pensionable partner will be examined. The partner's pension can be claimed by the spouse, registered partner and unmarried partner with whom a joint household is run. The latter concerns cohabitation where both are registered in the municipal basic register at the same address for at least six months.

The partner's pension is paid out if the member dies during employment and is paid out for life until the first day of the month following the death of the co-insured. The premium is at the expense of the employer.

Partner’s pension

The partner's pension is based on an ‘indefinite partner system’. A partner's pension is insured for every employee, regardless of marital status. At the time of an employee's death, the existence of a pensionable partner will be examined. The partner's pension can be claimed by the spouse, registered partner and unmarried partner with whom a joint household is run. The latter concerns cohabitation where both are registered in the municipal basic register at the same address for at least six months.

The partner's pension is paid out if the member dies during employment and is paid out for life until the first day of the month following the death of the co-insured. The premium is at the expense of the employer.

Partner’s pension

The partner's pension is based on an ‘indefinite partner system’. A partner's pension is insured for every employee, regardless of marital status. At the time of an employee's death, the existence of a pensionable partner will be examined. The partner's pension can be claimed by the spouse, registered partner and unmarried partner with whom a joint household is run. The latter concerns cohabitation where both are registered in the municipal basic register at the same address for at least six months.

The partner's pension is paid out if the member dies during employment and is paid out for life until the first day of the month following the death of the co-insured. The premium is at the expense of the employer.

Orphan's pension

An orphan's pension is insured for the children. Children are understood to mean the deceased participant's own children or the children for whom the participant takes care of (almost) the entire maintenance and upbringing. The payment to the children amounts to 20% of the partner's pension per child.

The payment to children also commences on the first day of the month in which the participant dies, if this death occurs during the course of employment. The orphan's pension shall be paid out no later than the first day of the month following the 21st birthday. In the case of a student or disabled child, the orphan's pension shall end no later than the first day of the month following the 27th birthday. The premium shall be paid by the employer.

Pre-retirement partner’s pension (ANW-hiaat)

If the employee dies, the partner may, in addition to the partner's pension, be eligible for state benefits under the General Surviving Dependants Act (ANW).

However, ANW benefits are only granted in very limited cases and for a limited period of time. Practice shows that the surviving partner often needs a (temporary) supplement to the income, especially if there are still young children.

Because of the above mentioned risk, the organization has arranged  ANW-hiaat insurance. This concerns a supplementary partner's pension in the event of death before retirement. If the employee dies before the retirement date, at the latest before the month in which the age of 68 is reached, the partner will receive a benefit of € 15,495 (2019) gross per year until the last day of the month in which the partner reaches the state pension age, or, if earlier, until the last day of the month in which the partner dies. The indefinite partner system applies to this arrangement. The premium shall be paid by the employer.

Occupational disability

In case of incapacity for work (OD), it is regulated by law that the employer continues to pay the salary in full for 12 months. In the second year we will pay 70% of your gross salary.

WIA-> WGA

After the maximum period of 24 months, the employer is no longer obliged to continue to pay wages. If you are not (fully) able to work after two years due to illness or incapacity for work, the Work and Income according to Labour Capacity Act (in Dutch: WIA) will come into effect.

Because you have been able to work less, it is likely that your salary has also decreased. In some cases, the WIA ensures that you can apply for a benefit to (partially) compensate for the loss of income.

You may be eligible for a benefit for Resumption of Work Partially Disabled Persons (in Dutch: WGA) or a benefit for Income Provision Completely Disabled Persons (in dutch: IVA). A WGA benefit is possible if you are at least 35% incapacitated for work with a possibility of recovery. You can receive the IVA benefit when you are at least 80% incapacitated for work and when there is little chance of recovery.

The WGA and IVA benefits are 70% and 75% respectively of the salary you earned at the time you became incapacitated for work.

The WGA benefit is only for a certain period of time. Afterwards, the UWV will look at how much you could still work, this is called the residual earning capacity. If you work at least 50% of your residual earning capacity, you are entitled to the WIA wage supplement benefit. If you use less than 50% of your residual earning capacity, you are entitled to a WIA supplementary benefit. These benefits are considerably lower than the salary you received at the time. The amount of the benefit cannot be determined in advance. This depends in part on your salary.

If you are less than 35% incapacitated for work, you are not entitled to a benefit under the WIA.

WGA gap (WGA gat plus)

As an organization, we do not find the above mentioned drop in salary desirable. That is why we have taken out a WGA gat plus insurance for all employees. This insurance ensures that the drop in salary will be supplemented to 70% of the salary. Under this insurance, monthly wages are capped at approximately €4,700 (2019).

If the situation remains the same, the benefit will stop at the retirement age of 68.

The employer is responsible for the contribution.

WIA-excedent

It is possible that your gross salary is above the maximum monthly wage of approximately €4,700 (2019). Despite the WGA gat plus insurance, your income will still decrease as a result. To compensate for this, we have also taken out a WIA-excendent insurance. This insurance supplements the WIA and WGA gat plus benefit up to 75% of the salary at the time of incapacity for work.