Are you traveling to a country where a negative travel advice (code red or orange) is applicable? Now that the coronavirus is going around the world and more and more countries are being classified as 'risk areas', we think it is important to clarify any restrictions on the payment for your partner (capital, annuity or pension) after death:
- No restrictions at Philips Pensioenfonds
Philips Pensioenfonds has no restrictive conditions for the payment of the survivor's pension in the event of a negative travel advice (code red or orange). This means that we always pay the survivor's pension, even if you die when you visit a risk area. This also applies to the benefit from the ANW shortfall insurance if you have taken out this with us.
- Restrictive conditions may apply with other insurers
There may be restrictive conditions with other (pension) insurers. Do you have any other (life) insurance policies and are you traveling to an area where a negative travel advice (code red or orange) is applicable? Then it is good to check under which conditions there is or is no payment from this insurance in the event of your death. Moreover, the Dutch Association of Insurers recently advised the affiliated insurers to mitigate the restrictive conditions insofar as the negative travel advice is a consequence of the corona virus.
When does your partner receive a survivor's pension from Philips Pensioenfonds?
As a flex pension participant, you automatically accrue a survivor's pension. This is a lifelong retirement income that your partner will receive in the event of your death. It is important that your partner is known to Philips Pensioenfonds; only then will we pay the survivor's pension to your partner after your death. You can read here when you must take action yourself.
You can see on your pension overview whether your partner is known to Philips Pensioenfonds and whether a survivor's pension is insured. If you already receive a pension, it may also be that you have exchanged your survivor's pension for a higher retirement pension. You can find your last pension overview in MijnPPF.
What conditions apply to the net pension scheme?
If you are employed by Philips or Signify and your pensionable salary is higher than € 110,111, then you are automatically insured for a survivor's pension within the net pension scheme. In that case, you are separately informed by ABN AMRO Pensioenen about the conditions it applies.