Frequently asked questions

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What are investment fees?

If you opt for self-investment you will have to pay, as in the case of lifecycle investments, management fees to BeFrank and investment fees to the fund provider. You will pay management fees on the entire balance in your investment account. In addition, you must pay € 3 for each fund transaction for purchasing investments. We will charge these fees for handling your order on the stock exchange.

What are the fees payable for investments?

At BeFrank, you pay for three components in connection with investments. 1. Monthly management fees 2. Investment fees 3. Fees for self-investment

What is lifecycle investment?

With lifecycle investments, we take account of your age by prioritising returns when you are young and certainty as you approach your retirement age. As the retirement age approaches, we change the investment mix in order to control investment and interest rate risks.

Can I discontinue my net pension?

You can discontinue your participation in a voluntary net pension scheme at any time. If your employer has opted for a net pension with compulsory participation, you are not free to decide yourself whether or not to participate. It may be the case that your employer has compulsory insurance for the partner’s and orphan’s pension. In that case, this will always continue to be insured. You can always discontinue the voluntary payment of the pension contribution. Notify your employer of this in connection with the withholding from your net salary. Information on the nature of your scheme is available under ‘My pension details’ and ‘How is my pension arranged’. That is also where you will find all other choices available to you within your net pension scheme.

I want to submit my tax return, when will I receive my UPO?

We provide a Uniform Pension Overview for active members of the pension scheme at BeFrank once a year. This is always done by 1 October of the following year at the latest.You may need your Factor A for your tax return. Factor A reflects your pension accrual over the year. This enables you to see exactly what you have accrued in the past year. You always need the Factor A of the preceding year for your income tax return. You can find your Factor A on your personal pension page, under ‘Pension details’ – ‘My pension accrual (factor A)’.

When will my pension be added to mijnpensionoverzicht.nl?

We forward the new details to www.mijnpensionoverzicht.nl once every quarter.

Can I also transfer my value from BeFrank to my new administrator?

If you no longer have an active scheme at BeFrank, you can request a value transfer from your new pension administrator. The policy number that you will need to state in this connection is your personal account number at BeFrank.

How long will the procedure for a value transfer take?

Unfortunately, a value transfer cannot be arranged from one day to another. It will take from a few months to a year until a value transfer has been completed. That is because your new pension administrator depends on information that is required to be provided by the previous pension administrator(s).

Can I transfer the pension of my previous employer to BeFrank?

Yes, that is possible. We call this a value transfer. Under ‘Notification of changes’ on your personal pension page you will find ‘Transferring my pension accrued elsewhere’. You can request your value transfer here.

I will be moving, how can I inform you of my new address?

You can do this very easily via your personal pension page. On the home page, you will find a heading ‘Notification of changes’ – ‘Personal details’. You can enter your new address here. If there are details that you cannot change yourself, please contact your employer. Your employer can notify us of any changes via the changes system.

I want to accrue additional pension. Is that possible?

This depends on the scope within your pension scheme. On the home page of your personal pension page, you can see whether you can invest an extra amount every month under ‘Planner and extra pension’. You can state here how much additional pension contribution you want to pay in each month. Your employer will then withhold the additional pension contribution from your salary and pay this contribution to BeFrank. You can use the ‘Pension planner’ to perform a calculation to see what it means for your pension if you pay in additional pension.

Can I commute my pension investments?

The level of the amount at which you can commute them changes every year. If you are eligible, you will receive a proposal from us 2 years after the end of your employment. It is important in this connection that we have your correct e-mail address. You can check and if necessary change this on your personal pension page.

Am I entitled to an insured ‘ANW’ survivor benefit shortfall pension after termination of my employment?

No. The 'ANW' survivor benefit shortfall pension is insured until the employee’s employment ceases (risk basis) and lapses upon dismissal.

Will I lose my pension if I resign?

No, the pension capital that has been accrued will continue to be yours. We will invest this capital until you retire. If you have a new job, you can also transfer the value of your pension to your new employer. If you leave your present employment, you will receive a letter from us in which all your options are clearly described.

What can I expect as my retirement date approaches?

You will receive a letter from us six months before you retire, in which we describe the various options concerning payment of your accrued pension capital at BeFrank. When you retire, we will sell your investments, after which you will purchase pension benefits from a Dutch insurer. You can easily request various proposals for this via your personal pension page via ‘My pension details’ – ‘What will happen upon…’ – ‘Retirement’.

How can I register my partner and children for my pension scheme?

That is not necessary. Our pension scheme applies the “onbepaald partner” (unknown partner) system. This means that partner’s and orphan’s pensions are insured, regardless of whether or not there is/are a partner and/or child(ren). At the time of death, we will request the details of any surviving dependents via the Municipal Personal Records Database (Basisregistratie Personen – BRP). The partner’s and/or orphan’s pension will be paid on the basis of those details.

What will happen if I die before the retirement date?

If you die, that will have a major impact on your surviving dependents, not just at the personal level but possibly financially as well. With the scheme at BeFrank, you can protect your surviving dependents against these financial problems. If you die during your current employment before you retire, your surviving dependents will receive benefits. You do not have to register your partner and/or children with BeFrank. That is because BeFrank will only check whether there are any surviving dependents in the event of death. Log in to your personal pension page to see what is co-insured for you under the scheme.

How can I register my partner and/or child(ren) for my pension scheme?

That is not necessary. Our pension scheme applies the “onbepaald partner” (unknown partner) system. This means that partner’s and orphan’s pensions are insured, regardless of whether or not there is/are a partner and/or children. At the time of death, we will request the details of any surviving dependents via the Municipal Personal Records Database (Basisregistratie Personen – BRP). The partner’s and/or orphan’s pension will be paid on the basis of those details.

I have forgotten my account number and/or password, what should I do?

If you have lost your password or account number, you can easily request them via befrank.nl/login. Use the e-mail address registered with us for this purpose.

What will happen to my pension in the event of a divorce?

If you end your relationship with your partner, this can have unintended consequences for your pension and the pension of your former partner. It is therefore advisable to formulate clear agreements on the division of your pension, even if you only cohabited with your former partner. If you fail to formulate agreements, your pension will be divided in accordance with the statutory rules. This means that your former partner is entitled to the value of the partner’s pension that commences if you die. Conversely, you are entitled to your former partner’s pension.In the event of a divorce, your partner can also claim a portion of your retirement pension and vice versa. Usually, this is half of that pension, but this depends on the length of the period during which you were married or had a registered partnership. You can of course also agree a different division for both of your pensions, or agree not to divide the pension. The rules for pensions and the consequences of certain choices when you separate can be highly complex. It is therefore important to obtain advice from a (divorce) lawyer in this connection. That will help to prevent any subsequent misunderstandings.Please note: the costs for dividing the pension capital amounts to €150,- for both you and your ex-partner.

What are management fees?

These are fees for managing the investments and providing correct information on those investments. We set off these management fees against the value of your investments on a monthly basis. You can find the amount of the management fees in the brochure that came with the introductory letter.

What is a stabilisation fund?

As the retirement age approaches, investments are increasingly made in pension stabilisation funds. These pension stabilisation funds are structured in such a way that they operate inversely to interest rates. When interest rates fall, they increase in value, and when interest rates rise, they fall in value. Bear in mind that the amount of pension you can purchase depends not only on the amount of the value accrued, but also on the interest rates at the time when you purchase pension. If interest rates are low, you will be able to purchase less pension, which is of course a risk.Naturally, this is a risk, and therefore, as the retirement age approaches, we increasingly invest in pension stabilisation funds, and thereby reduce the influence of the market interest rate on the amount of the pension benefits.

Can I decide myself how my pension capital is invested?

That will depend on the choices that your employer has made within the pension scheme. As standard, we invest for you in the neutral lifecycle. This is a mix of equities, real estate and bonds. As your retirement date approaches, we gradually phase down the risk.Depending on the scope for discretionary investments that you have been given by your employer, you have the option of taking more or less risks with your pension capital, or to invest it yourself. Check your pension regulations for the exact agreements that have been formulated.

When am I eligible for a net pension?

You will be eligible for a net pension if your gross annual income is higher than the amount set annually. For 2018, this amount has been set at € 105,075. If you are eligible, and your employer offers you a voluntary net pension, we will send you a proposal for this.

Why does my expected pension on mijnpensioenoverzicht.nl differ from the expected pension at BeFrank?

It is correct that these amounts differ. BeFrank gives you an indication based on the assumption that you will continue to work for your current employer until you reach retirement age. You will in that case accrue a constant pension on the basis of your present salary. Mijnpensioenoverzicht.nl is based on the current value you have accrued. It is based on the assumption that you will purchase a pension with the current value, without further accrual.

What is the status of my value transfer from BeFrank to my new administrator?

You can request the status of your value transfer from your old pension administrator.

Can I arrange for all my accrued pensions to be transferred?

If you entered the employment of your current employer after 1 January 2015, you can always request a value transfer. If you entered the employment of your current employer before that date, you can apply for a value transfer but the old administrator is not obliged to cooperate if the request was submitted after more than 6 months. We will inform you if your old administrator chooses not to cooperate. BeFrank will always cooperate on a value transfer.

How can I apply for a value transfer?

On your personal pension page, go to ‘Notification of changes’ – ‘Transferring my pension accrued elsewhere’. You can apply for the value transfer here. After receipt of the value statement from your old pension administrator, you will receive a proposal for the value transfer from us. You can then decide whether not you want to use the value transfer.Transferring a pension is not always advisable. You should consult a pension adviser to decide what is the most advantageous option in your situation.

Why must I inform you of my personal e-mail address?

At BeFrank, we always send important information about your pension to your e-mail address. Therefore, you need to change your e-mail address on your personal pension page to your personal e-mail address. This will ensure that you continue to be updated on the amount of your pension at BeFrank, even after termination of your employment.

How can I end the additional savings?

On the home page under ‘Planner and extra pension’, you can state that you wish to discontinue the additional savings. Your employer will be informed of this and will then no longer withhold the additional pension contribution from your salary.

Can I continue my pension at BeFrank on an individual basis after my employment at my employer has ended?

No. Unfortunately it is not (yet) possible to accrue pension at BeFrank on an individual basis. After the employment contract with your employer is terminated, the pension accrual at BeFrank will also cease. It is not possible to pay pension contributions on an individual basis in that case. Until you retire, BeFrank will continue to manage the investments that you had until your date of termination.

Am I entitled to a waiver of contributions in the event of occupational disability after termination of my employment?

No. The waiver of contributions in the event of occupational disability is insured until the employee’s employment ceases (risk basis) and lapses upon dismissal.

Am I entitled to an insured occupational disability pension after termination of my employment?

No. The occupational disability pension is insured until the employee’s employment ceases (risk basis) and lapses upon dismissal.

I want to continue working after my retirement date, is that possible?

Yes, that is possible. You can defer payment of your pension to up to 5 years after the State Pension Age. If you want to continue working (part-time) after your retirement age, no pension contribution will be paid in any longer. If you want to partly defer your pension, make sure that your employment contract with your employer will continue in that case. Use the changes form on your personal pension page for this. This form must be received by us no later than 3 months before you reach the age of 67 years.

I want to stop working earlier, is that possible?

Yes, of course. Let us know at least 3 months before the targeted retirement date that you wish to retire. We will then ensure that you receive all required information about your retirement in good time. You can do so by sending an e-mail to klantenservice@befrank.nl.

What will happen if I die but I am no longer an active member at BeFrank?

If you no longer actively participate in the scheme at BeFrank, the insurances at BeFrank will end. If you still have any value in your pension account, your surviving dependents have the option of using that value to purchase a partner’s and/or orphan’s pension from an insurer at their discretion. As no risk insurance applies to this any longer, the pension they can purchase will be slightly lower than the pension they could have purchased if you had still been insured/employed.

What does the term “partner” mean?

Your partner for this pension scheme is: - a person to whom you are married; - a person with whom you have a registered partnership; or - a person with whom you have a notarial cohabitation contract.If you are not married and you do not have a registered partnership or notarial cohabitation contract, but you do have a non-registered partnership with your partner, and you have shared a household with your partner for more than six months, he or she will be your partner for the pension scheme. An extract from the Municipal Personal Records Database (Basisregistratie Personen – BRP) will be required to demonstrate that you have been living together for more than six months. If a person with whom you are living together is your sister, brother or a relation by blood or affinity in the direct line, that person will not be your partner for the pension scheme. You can only have one partner at any time for the pension scheme.

I see a blank screen after logging in to my personal pension page/my value is 0, how is that possible?

This problem may occur if you use an outdated web browser. The following browsers have the best support, if you use the latest version: - Google Chrome - Internet Explorer - Firefox - Safari Problems can also be entailed by an illogical combination of operating system and browser. We advise you to use Safari for an Apple operating system.You can also try deleting your browser history. That will often help solve the problem. If neither of these options works, send an e-mail with a screenshot to klantenservice@befrank.nl.

I want to apply for a mortgage, where can I find the required information?

All information is available in your Uniform Pension Overview (UPO). If this is not (yet) available for you, you can go to your personal pension page. Go to ‘My pension details’ and then to ‘What will happen upon…’ where you will find, under the heading ‘Death’, how much partner’s and orphan’s pension will be paid if you die before your retirement date. An estimate of the pension benefits you can expect when you retire is available under the menu ‘Pension planner’ under ‘How much pension can I purchase’.