When you start work, you enter into a contract with your employer. This will include arrangements relating to your pension. If your employer has chosen BeFrank, you will receive a welcome letter by email within five days of us being notified of your start of service. We will also send you a password. The welcome letter also includes your pension account number. These details are needed to log into your personal pension page.
If you change jobs, you can transfer your pension savings with your former employer to your new employer. This is known as a value transfer. This allows you to keep all your pension savings in one place. However, it is not always wise to do this. Always speak to a financial adviser or pension specialist first to discuss the options. You can request a value transfer from your personal pension page.
If your accrued pension capital is less than € 497,27 per year in 2020 (2019 was: €484,09) BeFrank will automatically transfer your pension to your new pension administrator. You do not need to do anything. We will notify you when this happens.
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.