Incoming Value Transfer

What is incoming value transfer?

If you have accrued pension with a previous employer, you can transfer this to LifeSight. We call this incoming value transfer.

If you choose this option, the value of this previously accrued pension will be added to your pension capital at LifeSight. The transferred value is invested in the same way as the premium that your current employer pays for your pension with LifeSight.

On your participant portal – MijnLifeSight.nl – you can see the effect of an incoming value transfer on your pension at LifeSight under the section “What if/…you make a value transfer”. Compare the amount you receive net per month from LifeSight before and after value transfer.

You can choose which pensions you transfer. Only in the case of a small pension is it legally stipulated that the organization from which you receive your pension may determine this itself. A small pension is a pension that is lower than € 594.89 (2023).

If you have accrued pension with several employers, you can choose to transfer some pensions and not others. You can also transfer your pension from an old – so not just your previous – employer.

Who is incoming value transfer intended for?

Incoming value transfer is intended for employees who have accrued pension with a previous employer. Incoming value transfer may be useful if the LifeSight pension plan is a better fit for you than your previous employer’s pension plan. In order to assess whether this is the case, you should investigate the following:

A. What do you get in the pension scheme of your previous employer?

Is the amount of your previous pension certain?
- Will your pension be paid out by an insurer with certainty?; or
- Does your pension depend on the financial situation of a pension fund?; or
- Does your pension depend on the value of your investments?
Does your previous pension retain its value?
- Does your pension grow with the development of prices or wages?; or
- Will your pension be increased based on the value of your investments?
Can the pension be reduced? For example, in the event of a poor financial situation of a pension fund.
What costs are charged to your pension?
- Think in particular of costs for administration and costs for investing.
Will your partner receive a benefit if you die?
- Yes, both in the event of decease before and after your retirement date
- Yes, but only in the event of decease after your retirement date
- Yes, but only in the event of decease before your retirement date
- No, my partner will not receive a benefit in that case
Will your children receive a benefit if you die?
What choices do you have with your previous pension plan?
- Can you get your pension paid out earlier?
- Can you get your pension paid out later?
- Do you receive a partner’s pension and can you convert this into retirement pension?
- Do you have choices about how your pension is invested?

B. What do you get in the LifeSight pension scheme?

At LifeSight, the amount of your pension is not certain. Your pension depends on the value of your investments.
With LifeSight, your pension will be increased until the retirement date based on the value of your investments. On your retirement date you can choose to purchase a certain (fixed) pension from an insurer or a pension that keeps depending on your investments (variable pension).
With LifeSight, your pension may be lower if the results of your investments are disappointing.
LifeSight has administration costs and costs for carrying out the investments. The administration costs are paid by your employer. We deduct the costs for the investments from the value of your investments. More information about the costs of your investments can be found on the participant portal MijnLifeSight.nl. For more information, see the brochure on investments in the My documents section.
With LifeSight, your partner will receive a benefit if you die, both before and after your retirement date. Unless you choose to only purchase retirement pension on your retirement date.
With LifeSight, your children will receive a benefit if you die. We do set conditions for this. Your child must be under the age of 18 or 21. This depends on the arrangement that your employer has agreed upon. If your child is studying or is disabled, the benefit will be paid up to the age of 27.
In the LifeSight scheme you can choose to have your pension pay out to start earlier or later, to convert your partner’s pension into more retirement pension and you have choices about how we invest for you. You will find more information about this on the other pages of this website under the topic Selection guidance.

After examining the above points, you can make a trade-off. And you can assess whether value transfer to LifeSight suits you or not.

You can also use the Pension Comparer to compare your previous and current scheme.

Why incoming value transfer?

Pros

You can decide for yourself how your pension is invested.
You can make choices about the start date of your pension.
You can convert the partner’s pension into more retirement pension.
You have your pension in one place, which gives you a better overview. And you will only receive messages from one organization.
By investing, your pension can increase, even more than the development of prices or wages.

Cons

The risk you take with your pension may increase. This is the case if you had a (more) certain pension with your previous employer. With LifeSight, your pension is invested until the retirement date and you take investment risks.
Your pension can be lower by investing.
The amount of the pension you will receive with LifeSight from the retirement date is not yet certain. The pension is only purchased on the retirement date. The amount of your pension depends on the value of your investments, the interest rate and the rate that the insurer uses.

When is incoming value transfer suitable?

There are pros and cons to incoming value transfer. Whether it suits you depends on what you find important. First do the research as explained above in the section “Who is incoming value transfer intended for?”.

Below you can see in which situations incoming value transfer is or is not suitable for you.

Suitable

If you are prepared to properly compare the old and new scheme (possibly with the help of an adviser) to see what is most favorable for you.
If you are willing to take the risks you run with your investments with LifeSight because you consider the advantages of investing more important than the disadvantages.
If you think it is important that you can make choices, for example in your investments or the commencement date of your pension.
If the costs at LifeSight are lower than at the other organization that arranges your pension.
If your previous pension does not remain worth the same amount.
If you have often changed jobs and therefore have many different pensions.

Not suitable

If you are not prepared to properly compare the old and new scheme (possibly with the help of an adviser) to see what is most favorable for you.
If you like certainty and had a (more) certain pension with your previous employer.
If the costs at LifeSight are higher than at the other organization that arranges your pension.
If you are 60 or older and are switching from a certain pension to an investment-based pension.
If you were ill on the date you left your previous employer and have not fully recovered for at least four weeks. Then it is better to wait with a value transfer. If you become incapacitated for work due to this illness, you may be entitled to accrue pension with your previous employer. You lose this right if you choose for value transfer.

Which alternatives are there?

An alternative is that you leave the previous pension with the organization that already arranges this pension.

How do you arrange incoming value transfer?

On your participant portal – MijnLifeSight.nl – you can request an incoming value transfer in the “My changes” section.

Here you can fill in a form with information about your previous pension. Once we have received this form, we will request the value of this pension from the organization that arranges this pension.

Based on their statement, we will provide you with an offer in which you can see in an overview what processing the incoming value transfer means for you. Only after your approval we will process the incoming value transfer in our administration.

You can also complete an application for several previous pensions.

If we do not receive a request for this from you, we will not initiate an incoming value transfer ourselves. Your previous pension will then remain with the organization where it was accrued.

Need advice?

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.