Survivor's pension

Survivor's pension

Trade in your survivor's pension for extra retirement pension

You have built up a survivor's pension in the flex pension. Your partner will receive this survivor's pension after your death. But you can also exchange your survivor's pension. You will then receive more retirement pension. Here you can read how that works.

Is this choice relevant to you?

Do you not have a partner? Then nobody is eligible for the survivor's pension. We automatically exchange the survivor's pension for a retirement pension. You will receive more old age pension as a result, you do not have to make a choice yourself. Do you have a partner? Then this choice can be interesting for you. 

How high is your survivor's pension?

When you are about to retire, you make choices about your pension in the Pension planner in MijnPPF. The choices you make can have consequences for the amount of the survivor's pension. We record your choices in an award letter. This letter states your pension amounts, including the amount of the survivor's pension.

What are your choices?

Is your partner known to Philips Pensioenfonds? Then we assume that you will not exchange the survivor's pension. This means that you keep the full survivor's pension. Do you do not want this? And do you want to exchange the accrued survivor's pension for extra old age pension? Then you have different choices.

• You want to keep three-quarters of the survivor's pension.
• You want to keep half of the survivor's pension.
• You want to keep a quarter of the survivor's pension.
• You do not want a survivor's pension.

Do you want to exchange (part of) the survivor's pension? Then your partner must agree with the choice you make. Because this choice has consequences for his or her financial situation after your death. Philips Pensioenfonds therefore also personally confirms this choice to your partner.

How do you make a choice?

Whether or not to exchange the survivor's pension for additional old age pension? It is a difficult choice. What do you base your choice on?

• Does your partner have their own income? Or an own pension? Can he or she live on this income after your death?
• Did you ensure an income for your partner after your death? For example, with a life insurance policy with an insurer?
• Does your partner need less income? For example, because the mortgage (for a large part) is repaid after your death.
• What is the health situation of you and your partner when you retire?

What does your choice for your pension mean?

Do you choose to trade in the survivor's pension? Then you will receive a higher old age pension yourself. Your partner will receive less or no survivor's pension after your death. How much your partner receives depends on the choice you make. Pay attention! You can only make the choice to exchange your survivor's pension once. You cannot change this later.

Have you accrued no or a small survivor's pension?

You may have accrued no or a low survivor's pension in a previous pension scheme and/or you may have chosen not to insure a survivor's pension upon dismissal. And in 2022, you did not use the option to insure a (additional) survivor's pension. Perhaps your personal situation has changed in the meantime. You can then choose again. You have several choices.

• Do you have a survivor's pension? Then you can exchange your survivor's pension for a higher old age pension. You can also exchange part of your survivor's pension.
• Do you only have an old age pension? Then you can exchange part of your old age pension for a survivor's pension for your partner. By default we assume that you want to insure a survivor's pension for your partner. Even if you chose to exchange the survivor's pension for a higher old age pension when you left your employment.