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If you’re thinking about retiring, you might not immediately think about your partner’s pension. But that pension is also part of your pension. A partner’s pension is a pension for your partner that is paid monthly after your passing. Your partner will receive this pension for the rest of their life. When you retire, you can choose how to divide your pension. Which option is right for you depends on your personal circumstances.
What does this choice mean?
There are various ways to divide your pension.
Default 70%
The partner’s pension is, by default, 70% of your occupational retirement pension. You can adjust this division if it suits your situation better.
More pension for yourself
You can convert all or part of the partner’s pension into extra occupational retirement pension. As a result, you will receive a higher pension for as long as you live. Your partner’s pension will then be lower. You can choose this option if, for example, your partner has sufficient income of their own.
More pension for your partner
You can convert all or part of your occupational retirement pension into extra partner’s pension. As a result, your partner will receive a higher partner’s pension in the event of your passing. Your own pension will then be lower. You can choose this option if, for example, your partner does not have sufficient income of their own.
What happens if you do not have a partner?
What if you do not have a partner, or if your partner is not registered with us when you retire? In that case, your partner’s pension will automatically be converted into more pension for yourself. As a result, you will receive a higher pension.
Which division is right for me?
Every situation is different. Consider, for example, the following issues:
- Does your health or your partner’s health play a role?
- How dependent are you on each other’s income? What would your financial situation be if one of you were to pass away?
- Would you like a higher income for as long as you are both living? Would an equal division also suffice? Or do you think it’s more important that your partner has a higher income in the event of your passing?
- Do you have any other joint income or assets?
Always consider your overall financial situation. Your choice will affect both your income and that of your partner.
What will change if I adjust the division?
Your income
Would you like more pension for yourself? In that case, your occupational retirement pension will be higher.
Would you more pension for your partner? In that case, your occupational retirement pension will be lower. Remember, however, that your pension must not be lower than the partner’s pension.
Your partner’s income
Would you like more partner’s pension? In that case, your partner will receive a higher pension after your passing.
Would you like less partner’s pension? In that case, your partner will receive a lower pension or may even stop receiving a partner’s pension altogether. So think carefully about what your partner’s income will be after your passing. Will that income be enough for your partner?
Your expenditure
Think carefully about your expected expenditure when you retire. Perhaps you already have a clear idea of what this involves. But do you also know what expenses your partner will have in the event of your passing? These may include fixed expenses and living costs, but also healthcare costs, car costs or unforeseen expenses such as repairs to your home. Think about what you’ll need and want to spend your money on in the future. The Nibud Pensioenschijf-van-vijf can help with this.
Tax and allowances
A higher occupational retirement pension means a higher taxable income for as long as you live. As a result, you may end up paying more tax. Allowances may also change if your income increases. You can find more information on the website of the Dutch Tax and Customs Administration.
You should therefore consider your overall financial situation, not just the level of your pension.
What other options do I have?
You can combine several pension options. In the pension planner, you can see what this means for your pension.
What does Bpf Koopvaardij arrange?
When you apply for your pension, you will specify how you wish to divide it. Are you wondering what your partner can expect in the event of your passing? If so, take a look at Pension for your family. Have you applied for your pension? We will then calculate your pension based on the choices you have made. You will receive confirmation with the exact amounts within 3 weeks.
How do I apply for a pension?
You can apply for your pension yourself via My Koopvaardij. In the step-by-step guide to applying for a pension , you can find out how to apply for your pension. Apply for your pension no later than 2 months before you wish it to commence.
Remember: once your pension commences, your choices are final. You will therefore no longer be able to change these choices.
Do you have a partner? If so, bear in mind that he or she will also need to sign your pension application (digitally or otherwise).
What happens if I do nothing?
When you apply for your pension, you must always indicate your choice regarding the partner’s pension. If you do not choose more or less pension for your partner, the standard division between your occupational retirement pension and partner's pension will remain. The partner’s pension is then 70% of the occupational retirement pension.
Do you need help?
Do you have any questions or would you like more information? If so, contact us.