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Column Gener@ties for active members

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5 November 2019

Taking care of each other

While it is probably a subject that you would rather not think about, do you ever consider what will happen if you die? Do you know what the financial situation will be for your partner and children? The Pensioen3daagse, an annual 3-day event that is all about pensions and that starts today, will draw the nation’s attention to this issue. Unfortunately, almost everyone has all heard some tale or another where the arrangements were not as complete as expected. Our flex pension plan includes arrangements for your partner. However, this requires action on your part too!

A survivor’s pension for your partner

Philips Pensioenfonds handles more than just a pension for your old age: it also offers arrangements to make sure that your surviving relatives are financially comfortable if you die. This is known as a survivor’s pension.

Living together but not married: make sure that we know about your partner!

Your partner will only be entitled to a survivor’s pension if he or she is registered in our system. If you are married or your partnership is officially registered, the municipal authorities automatically provide us with your partner’s details. You do not have to register your partner with us then. If you are living together without being married, however, you are responsible for passing on your partner’s details to the pension fund. If you have not done this already, do it now.

An orphan’s pension for your children

If you have any children below the age of 21, they will receive an orphan’s pension if you die. You do not need to register your children’s details with Philips Pensioenfonds. You can see on your Pension Overview how much pension your children can claim.

If the government does not pay your partner Anw benefits?

Philips Pensioenfonds is not the only source of income for your partner after your death. The government also has a scheme: if your partner satisfies the requirements, it will pay out benefits under the Dutch Surviving Dependants Act (Algemene nabestaandenwet, or Anw), up to a maximum net allowance of 981 euros per month. The requirements are strict, however, and many widowed partners find themselves without Anw benefits. This causes what is commonly known as an Anw-shortfall, which fortunately can be covered by the Anw-shortfall insurance that Philips Pensioenfonds offers. However, it is vital to bear in mind that you can only take out that insurance at a few specific moments: moments when you might not necessarily be thinking about the possibility of your death – at the start of your employment, when you start a new relationship (cohabitation, marriage or registered partnership) or when you have a child. That is why I want you to remember at those moments – which are mostly joyous occasions – to nevertheless consider taking out Anw-shortfall insurance.

 

Jasper Kemme
General Director