In all our plans, we offer a risk-based survivor’s pension based on final pay. Furthermore, BeFrank always includes a restitution clause. This means that if an employee dies before retirement age, 100% of the invested capital will be released to purchase an additional partner’s pension, orphan’s pension and/or survivor’s pension. This survivor’s pension is therefore supplementary to the insurance-based survivor’s pensions. The beneficiaries are the partner and any children up to the age of 30 years.
The change in the non-pensionable margin from 1 January 2015 has a negative impact on the calculation of the survivor’s pension. Because of this, we offer the option to split calculation into two: the period before and the period after 1 January 2015. We base the past period in service on the rules prior to 1 January 2015. We offer you this as a standard option because it works out better for the employee. We refer to this split as ‘the break’.
A partner’s pension and orphan’s pension can be taken out on an insurance basis in respect of the pensionable salary in excess of €100,000; this takes the form of a lifelong guaranteed sum.