What if you leave your employment, take unpaid leave or fall ill? The pension for your partner and/or children when you pass away will likely not be the first thing you think of. We understand that, but it is still important to make the right arrangements. We offer two kinds of cover for this: 'risk cover' and 'continued risk cover'.
What is risk cover?
With risk cover, your surviving dependants will retain the right to a (full) pension after you have passed away. Risk cover costs you nothing. You are entitled to it in one or more of the following situations:
- You leave your employment and do not immediately have a new job.
- You receive wage-related or other unemployment benefit or sickness benefit.
- You go on unpaid leave while still being employed by your employer.
What is your situation?
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What if you leave your employment? Then you are entitled to run-off cover with Bpf Koopvaardij for another six months. This means that a pension has still been arranged for your surviving dependants if you pass away within six months. You do not need to pay for this. This cover stops if you get a new job or retire (or take semi-retirement).
Good to know
- You are not entitled to risk cover if you get a new job immediately or if you retire immediately (or take semi-retirement).
- Are you switching to a new job? If so, let us know as soon as possible.
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What if you are receiving unemployment benefit or sickness benefit? With risk cover, your surviving dependants will receive a pension if you pass away while receiving your benefit. You do not need to pay for this.
Good to know
- Your children will receive a pension until they are 25 years old.
- The risk cover starts as soon as your benefit begins and immediately follows the end of your employment. The risk cover applies as long as you are receiving your benefit.
- We base your risk cover on the average number of hours you worked and the average salary you received before your benefit started.
- What if you receive occupational disability benefit during your risk cover? Then the risk cover will stop automatically.
- You will be notified by us if your risk cover stops or changes.
- You are now building up less pension or no pension. Voluntary continuation may be the right option for you. You will then build up pension again. However, you will have to pay the contribution for this yourself.
What do we need from you?
To arrange the risk cover for you, we need some information from you.
- Are you receiving a benefit from the Dutch Employee Insurance Agency (UWV)? In that case, you will have received a letter with a decision from them. Please make a copy of the whole letter and send it to us. You can find our contact details on our website. We will then arrange the risk cover for you. In doing so, we will also rely on the information from the UWV.
- Does your current or former employer pay your benefit? You will then receive a confirmation letter from your employer. In that case, too, we would like to receive a copy of the whole letter. Please send it to us. You can find our contact details on our website. We will then arrange the risk cover for you. In doing so, we will also rely on the information from your former employer.
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Are you taking unpaid leave? With risk cover, your surviving dependants will receive a pension if you die during the leave period. You do not need to pay for this. What if you become occupationally disabled during your leave? In that case, you can probably build up non-contributory pension. This will be based on the average number of hours you worked and the average salary you received before you went on leave.
Good to know
- Your children will receive a pension until they are 25 years old.
- The risk cover will start immediately from your first day of leave and apply for as long as you are on unpaid leave.
- The start and end dates of the period of risk cover will be stated in the letter that you receive from us.
- During your unpaid leave, your salary will be lower, so you will build up less or no pension. Voluntary continuation may be the right option for you.
Continued risk cover
What if you stop working in the merchant navy sector? In that case, you will be entitled to six months of run-off cover with Bpf Koopvaardij. This means that a pension has still been arranged for your surviving dependants if you pass away within six months. You do not need to pay for this. After those six months (or earlier, if you get a new job outside the merchant navy sector), do you also want your surviving dependants to receive a pension when you pass away? In that case, you can opt for 'continued risk cover’. That will extend your risk cover. You will have to pay a contribution for this.
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You can opt for continued risk cover if you meet the following conditions:
- You no longer work in the merchant navy sector.
- You currently receive no unemployment benefit or sickness benefit.
- You are no longer entitled to the six months' run-off cover.
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Six weeks before the end of the run-off cover, you will receive a letter from us with a proposal. You should fill it in and send it to us. You can continue risk cover in three ways:
- You extend only the cover for the partner's pension.
- You extend only the cover for the orphan’s pension.
- You extend the cover for both the partner’s and the orphan’s pensions.
Please note! What if you do not let us know your choice? Then the risk cover will stop automatically. This choice is final, and you will not be able to take out cover later.
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You can take out continued risk cover voluntarily. You will then also pay the contribution yourself. You will not have to transfer the contribution to us yourself. We will deduct it from your pension assets each month.
Please note! This will reduce your pension assets, and your occupational retirement pension will also be lower as a result. It is therefore important that you consider everything carefully before taking out this kind of cover.
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Six weeks before the end of the run-off cover, you will receive a letter from us telling you what the cover costs. We set the contribution each year, and it can get higher each year. We will tell you what the new contribution will be on 1 January each year. We will then also check whether your pension assets will be high enough to pay for the insurance in the coming year.
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Your continued risk cover is always valid for one year. This period starts from the date when you take out the cover. For example, if you take out cover on 1 June 2026, it will be valid up to and including 31 May 2027. After that year, we will renew the cover automatically. The contribution can change each year on 1 January. We will notify you of this. What if you want to stop the cover? You can do that at any time. Before the end of the period, you will receive a letter from us with information about the expiry of your risk cover.
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What if your situation changes? For example, if you no longer have a partner, or you no longer have children aged under 25? Let us know in good time. We will then stop your continued risk cover. That will prevent you from paying unnecessary contributions. You can change or stop your continued risk cover at any time.
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- When you let us know that you wish to stop the cover;
- When you no longer have a partner;
- When you no longer have children aged under 25;
- When you retire (or take semi-retirement);
- When you transfer your pension to a different pension administrator;
- When your pension assets fall below the commutation limit.
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If you pass away before you retire, your surviving dependants will only receive the surviving dependant's pension that you have built up until 2026.
What if you choose not to continue risk cover voluntarily? Then that choice is final, and you will not be able to take out cover later.