What is choosing an insurer on the retirement date?
You accrue a pension capital in your pension scheme at LifeSight. On your retirement date, the accrued pension capital is converted into a pension benefit with an insurer of your choice. You cannot purchase a pension at LifeSight.
We made agreements with our standard insurer about purchasing your pension. If you retire before 1 January 2024, Allianz is our default insurer. After that, Zwitserleven will be our default insurer.
Shop right is the option to choose for an insurer other than the standard insurer on the retirement date.
Who is choosing an insurer on the retirement date intended for?
Choosing an insurer is interesting when you are about to retire. You can then request quotes from multiple insurers. And compare them.
Most insurers can only provide a quote 4 to 6 weeks before your retirement date. If you request a quote before this period, it is often no longer valid on your retirement date. The reason for this is that the quote depends on the market interest rate.
If you request quotes, you can also include any pension capital you have accrued with other organizations when requesting quotes.
Why choose an insurer on the retirement date?
- You can choose the insurer that provides the highest pension benefit.
- You can choose the insurer with the most suitable product for you. Consider, for example, the options that the insurer offers for the commencement date of your pension, a high-low pension, lowering your partner’s pension and a fixed or variable pension. But also pay attention to the conditions set by the insurers.
- You can combine several pension capitals with one insurer. As a result, after your retirement date you will only receive your pension from this insurer.
For the options mentioned under the second bullet point, see the information on the other sections of this website.
- Your partner*, if any, must agree to your choice of an insurer other than the standard insurer.
- In order to make a good choice for a different insurer, you must request several quotes and have them compared. Also pay attention to the conditions set by the insurers.
- If you do not live in the Netherlands on your retirement date, the insurer you choose, other than the standard insurer, must meet a number of conditions set by the government of your country of residence. Inform the insurer if you do not live in the Netherlands. And check with the insurer whether it meets the conditions of the government of your country of residence. These conditions do not apply to the standard insurer. That is why it is easier to purchase your pension from the standard insurer if you do not live in the Netherlands on your retirement date.
When is it suitable to choose an insurer on the retirement date?
There are advantages and disadvantages to choosing an insurer on the retirement date. Whether it suits you depends on what you find important.
Below you can see in which situations choosing an insurer is or is not suitable for you.
- If you receive a higher pension from another insurer; or
- If the product of another insurer better suits your needs.
- If you do not retire within 4 to 6 weeks; or
- If your pension capital is less than € 10,000. Then we will commute your pension on your retirement date. This means that you will receive a one-off payment; or
- If your partner does not agree with your choice; or
- If you do not want to request quotes (or have them requested) and compare them (or have them compared); or
- If you no longer live in the Netherlands on your retirement date and your chosen insurer (not the standard insurer) does not meet the conditions set by the government of your country of residence.
What alternatives are there?
If you do not make use of the option to choose an insurer, your pension will be paid out by the standard insurer.
How do you arrange choosing an insurer on the retirement date?
Before your retirement date, we will inform you about your upcoming retirement, our standard insurer and the options available to you. The information includes a form for transferring your pension capital to the insurer of your choice.
- If you choose the standard insurer, it will arrange the transfer of your capital.
- If you choose another insurer, you must complete the transfer form and have it signed by yourself, your partner, if any, and the insurer. Then send this form to us. You can also have the insurer or an advisor arrange the transfer.
When you retire, you can choose the insurer once. If you do not make use of this and do not inform us, we will transfer your pension to our standard insurer 6 months after your retirement date. We may not transfer your pension capital to another insurer without the consent of you and your partner, if any.
We are pleased to assist you with your retirement choices. Those choices can have major financial implications. Our guidance is only about your pension plan with LifeSight. Whether a choice is right for you naturally depends on your entire personal situation. Now and in the future. Have you thought about asking an advisor? They can give you an overview of all your financial affairs. And help you make the most appropriate choices.
*Your partner is the person whom you:
- are married to; or
- have a registered partnership with; or
- have a long-term joint household (cohabiting).
You may have a maximum of one Partner.
A long-term joint household (cohabiting) qualifies as such if the following conditions are fulfilled:
- You and your partner are both not married and are not in a registered partnership with any third persons; and
- Your partner is not related to you in the first degree; and
- You and your partner are registered at the same address for at least six months in the BRP (Municipal Personal Records Database). Or you and your partner can provide a notarised domestic partnership agreement.