Home pensioen Converting your pension

Converting your pension

Most pension schemes automatically include a provision for the accrual of a retirement pension and a partner's pension. If you do not have a partner or if your partner has a good pension scheme, you can choose to convert the partner's pension, or a portion of the partner's pension, into a higher retirement pension. If no provision has been made for a partner's pension or the accrued partner's pension is low, or if the partner's pension stops when you leave your employer, you can choose to convert a portion of the retirement pension into a partner's pension or extra partner's pension.

How does converting a partner's pension into an extra retirement pension work? 

You can convert your pension upon your retirement. You will receive a letter about this, and other options available to you, a few months before you retire. If you wish to convert your partner's pension into an extra retirement pension, you must notify us of this in the following way:

  • If you have a final pay scheme or an average pay scheme, you will need to complete the ‘Converting pension’ form (Keuzeformulier uitruil pensioen – in Dutch) and return it to us at least one month before your retirement date. The form will be enclosed along with the letter.
  • If you have a defined contribution scheme, you are responsible for purchasing your pension. This means that in your request for a quote you will need to specify that you would like to convert your partner's pension into an extra retirement pension. Please bear this in mind when requesting a quote from another pension insurer.
Terms and conditions for converting a partner's pension
  • The partner must provide written permission for the pension to be converted.
  • However, only that portion of the partner's pension that has been accrued since 1 January 2002 can be converted.
  • If you are divorced and your ex-partner is entitled to a portion of the retirement pension and the partner’s pension, you are not entitled to convert this portion of the pension.
Example 1

You do not have a partner, or your partner has a good pension scheme. Consequently, you decide to convert the partner's pension into a higher retirement pension:

Situation before conversion of the pension Situation after conversion of the pension
Retirement pension
€ 10,000
€ 11,060
Partner's pension
€ 7,000
€ 0
 
Example 2

You have a partner and you wish to convert the partner's pension into a higher retirement pension, but you are previously divorced:

Situation before conversion of the pension
Situation after conversion of the pension
Retirement pension € 10,000 € 10,530
Partner's pension € 3,500 € 0
Ex-partner partner's pension (special partner's pension)
€ 3,500 € 3,500
When are you not allowed to convert a partner's pension into an extra retirement pension?

If the partner's pension is a risk-based pension because, in such a case, the premium payment for the partner's pension on the retirement date ends after leaving the employer, meaning the insurance provision for the partner's pension ends as well.

Please note: If you have opted for a conversion, this decision is irreversible.
How does converting a retirement pension into a partner's pension, or an extra partner's pension, work?
In some cases, a portion of the retirement pension can be converted into a partner's pension or an extra partner's pension. This would be possible, for instance, if there would be no provision for a partner's pension if you should die after your retirement date. Or if your partner's pension would end if you leave your employer. If you choose this option, your retirement pension benefits will be lower.
  • Conversion on the retirement date toon
  • Converting a pension upon leaving your employer toon
Conversion and the Dutch Tax and Customs Administration

You pay income tax on the pension you receive. If you convert your pension, this will affect the level of your pension benefits. The pension benefits may be higher or lower as a result. This means you may end up paying a higher tax rate through your income tax. How much tax you ultimately pay depends on such factors as the amount of your total income, the type of income and whether your retirement pension comes into payment before or after you receive state pension (AOW).

Find out more about income tax on Belastingdienst.nl (Dutch only)

Any other questions?

Please feel free to contact us at any time. We are available by telephone on business days from 8 a.m. to 5:30 p.m. on +31 (0)30 257 44 00. Alternatively, you can complete the contact form. We are here to help.