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Transfer of accrued benefits

If you have switched jobs, you will probably accrue pension with your new employer. If you have also accrued pension with your former employer or employers, you have a choice. Do you wish to leave your accrued pension in the pension scheme operated by your former employer or employers, or would you prefer to take the accrued benefits with you to your new employer’s pension scheme? This second option is known as transfer of accrued benefits.

Worthwhile or not?

Transferring accrued benefits is not always advisable. In brief, it is worthwhile transferring the accrued benefits if the pension scheme of your current employer is comparable to or better than that of your former employer. But when is that the case? That depends on your personal situation, your preferences and the various components of both pension schemes. In any event, you should consider the following points when deciding whether to transfer accrued benefits.
  • The type of pension scheme toon

  • Your options toon

  • Purchasing power  toon

  • Surviving dependants’ pension toon

  • Combining small pensions for the sake of ease toon

If in doubt, always consult a pension adviser. Find your adviser (Dutch only)

What does it cost? 

As an employee, you are entitled to transfer of accrued benefits. We do not charge a fee for this. If you consult an adviser, you may be charged a consultancy fee. Ask your adviser about this.

This is how transfer of accrued benefits works at a.s.r.

Your employer has placed the pension scheme with a pension administrator. This could be a.s.r. If you opt for a transfer of accrued benefits, the pension administrators of your former and current employers will both make a calculation.

  • Your former pension administrator calculates how much pension you have accrued to date and determines its value.
  • Your new pension administrator then calculates how much pension you can buy with this value in your new pension scheme.
  • You receive a pension statement so that you can compare the pension you can get from both pension administrators. You then choose between them.

You can make this choice in respect of all employers with whom you have accrued pension. You must submit a separate application to your new employer for each pension scheme of which you have ever been a member in the past.

Please note: If you are investing in a defined contribution scheme, the specified value of your accrued pension provides an indication. We can only define the exact value at the moment of transfer. This is because the value can still change if the prices of investment funds change in the meantime.

How should you ask us to initiate a transfer of accrued benefits?

If you wish to transfer your pension from your former employer to your a.s.r. pension scheme, the procedure involves the following steps:

When can you apply for a transfer of accrued benefits?

If you have taken up a new job since 1 January 2015 and have joined a new pension scheme, you can request a value transfer at any time. If you were in the service of your current employer before 1 January 2015, you should have made the application to us within six months of taking up your new job.

If you do this at a later date or if you want a transfer of benefits accrued in employment that ended before 8 July 1994, you are dependent on the agreement of four parties for a transfer.

  1. your former employer
  2. your former pension administrator
  3. your new employer
  4. your new pension administrator (a.s.r.)

If one of them does not agree, the accrued pension will remain with your former pension administrator. On each occasion that you change jobs, you can again arrange for a transfer of accrued benefits.

Please note: In some cases, the consent of your former employer or your new employer may be required for a transfer of accrued benefits. This is because there are circumstances in which the former employer or new employer must make an additional payment. If this additional payment exceeds a given amount, the employer may decide whether or not it wishes to agree to the transfer of accrued benefits.

Consult an independent adviser

Whether a particular course of action is advisable in your specific circumstances is often hard to decide. If you want help making your choice, you should contact an independent adviser. Such an adviser can provide you with customized advice. Discuss with your adviser in advance what you will be charged for the advice and what exactly any additional service entails.

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 42 66. Alternatively, you can complete the contact form. We are here to help.