When you lose your job, your pension may well be the last thing on your mind. Nevertheless, it may be wise to spend a little time thinking about it. Because losing your job also impacts your pension. Below, we will set out the various aspects you need to consider.
You receive a leaving employment notice from us
We will provide you with a letter of termination. This will set out the exact consequences the termination of your employment has on your BeFrank pension. You will receive an email from us as soon as this letter is ready for you on your personal pension page. Read this information carefully so that you know where you stand.
Your pension accrual stops
As soon as your employment stops, your pension accrual will stop too. You are not permitted to continue to pay your pension contribution yourself. The pension that you have accrued will be held in your pension account at BeFrank. We will continue to invest your pension capital. The value will change in line with the investment results. You can consult the current value of your pension whenever you like, on your personal pension page or in the app.
You are no longer insured
Does your pension scheme cover the risk of death and/or occupational disability? Then this cover will also cease as soon as your employment stops. This also applies to additional insurances you have taken out yourself with BeFrank. So make sure you check which insurance cover will expire.
Your partner and children will retain the right to the partner’s and orphan’s pension
We’re sure you would rather not think about it. But, if you pass away before your retirement date, your partner will be able to use the pension capital that has been accumulated with us to purchase a partner’s pension. Maybe you don’t have a partner but do have children under the age of 30? Then they will receive a benefit.
If you are in receipt of unemployment benefit after the termination of your employment and pass away while receiving this allowance, the partner’s pension will possibly be supplemented. You can find out further information in the pension regulations on your personal pension page.
Are you ill and will be receiving an allowance from UWV?
If so, there may be additional provisions for you via your BeFrank pension. If this is the case, it will be detailed in the pension regulations and in the letter that we send out when your employment is terminated.
Have you found a new job?
Then you may transfer your accumulated pension to your new employer. We call this a value transfer. It allows you to keep all your pension capital together. Sometimes, however, it is not beneficial to do so. So make sure you take the time to consider the options with a financial adviser or pensions specialist. You can request a value transfer from your new pension provider.
Have you accumulated a small pension with BeFrank? Then BeFrank will automatically transfer your pension to your new pension administrator. You do not need to take any further action. If your pension is forecast to be less than € 2 a year, you will not receive this pension. This is regulated by law. BeFrank has chosen to transfer the value of these pensions to the charity Stichting van Schulden naar Kansen.