If you become sick and are incapable of working, it is possible that you will be declared wholly or partially disabled.
Although this is not a situation that anyone wants to consider, it is nevertheless helpful to know what the arrangements are if it happens to you. This page explains what arrangements are in place for your disability pension, what basic legal provisions are made, how disability will impact your further pension accrual and when you need to inform us of any changes in your situation.
Read on to find out what arrangements are in place to help you if you become wholly or partially disabled.
What amount will you receive from your disability pension? When can you claim this pension? Read on to find the answers to these questions and other issues concerning your disability pension.
What will happen with my pension if disability renders me incapable of working?
If disability renders you incapable of working and your employment contract is terminated as a result, your pension accrual will continue, for both your retirement pension and your survivor’s pension. If you become partially disabled, the accrual will continue proportionally.
Can I continue my Anw shortfall insurance now that I am disabled?
Yes, you can. Your insurance premiums will be taken out of your disability pension.
I now receive a disability pension. What happens in the event of my death?
Because you are still accruing pension if you are disabled, your partner is entitled to a survivor's pension after your death. Your partner must then be registered with Philips Pensioenfonds. The amount of the survivor's pension is based on the assumption that you would participate in the pension scheme until your retirement date.
When do I receive my disability pension?
We pay each month’s pension on the first business day of that month.
How does my disability pension retain its value?
Philips Pensioenfonds seeks to increase your disability pension annually in accordance with the derived consumer price index published by Statistics Netherlands (CBS). At the end of March of every year, you will receive an annual statement showing the value of your pension and whether or not it will be increased that year. You can find out more under ‘Indexation policy’.
When will I cease to qualify as disabled for Philips Pensioenfonds?
If your disability percentage becomes less than 35%, your pension accrual will stop and you will no longer be paid a disability pension. You will have a non-contributory policy, which will start paying out when you reach retirement age.