Dependents pension: what changes under the new scheme?
3 Jun
If you die, your partner and children will receive a dependents pension. This is the case now and will remain so under the new scheme. However, the way this works is changing. On this page, we explain what is changing and what this means for you.
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What exactly is changing?
Under the current scheme, you accrue a portion of the dependents pension each year. The longer you work, the more you accrue. That accrued survivor’s pension will remain in place under the new scheme, but no further accrual will take place. However, there is an additional change: the dependents pension will be insured on a risk basis. This means that it will only apply for as long as you are employed by Robeco. If you die whilst in employment, your partner will receive 32% of your final salary as a partner’s pension (with a maximum income of Eur 137.800 on a fulltime basis). This percentage is fixed in advance and does not depend on how long you have been employed. Any children will receive 40% of the partner’s pension as an orphan’s pension.
In addition: If your partner is younger than the state pension age when you die, they will receive an extra €5,000 per year on a temporary basis until they reach the state pension age.
What does this mean for your situation?
- Active participants (you are still employed by Robeco) You have both the partner pension accrued in the past and the new term life insurance. If you die whilst in employment, your partner will receive 32% of your final salary and any partner pension accrued previously.
- Former participants (you no longer work at Robeco) You only have the partner’s pension that you accrued during your employment. As you are no longer accruing pension with the Robeco Pension Fund, there is no life insurance cover. The life insurance cover ceased when you left the company.
- Pensioners (you are already receiving a pension) Nothing will change for you regarding the survivor’s pension. It will continue to work as you are used to. If you die, your partner will receive a lifetime partner’s pension. The standard amount is 70% of the accrued retirement pension, unless you opted for a different percentage on your retirement date.
Please note: cover ceases upon leaving the company
It is important to note that if you leave Robeco, your insurance cover will continue for a further three months. After that, it will cease. Your partner will then only be entitled to the partner’s pension that you have accrued up to that point.
What can you do?
- Check that your partner is correctly registered
Log in to My Pension and check that your partner’s details are correct. - See what arrangements have been made for your situation
In your personal pension statement, you can see what arrangements have been made for your surviving dependants. That way, you’ll know exactly where you stand. - Leaving the company? Think of your partner
If you leave Robeco, your cover will automatically continue for a further three months. After that, the life insurance will cease. Do you want to ensure your dependants remain adequately insured? If so, look into what options are available elsewhere. It is also possible to continue your cover through the Robeco pension fund. This will be at your own expense.
Any questions?
Do you have any questions about the dependents pension? Please get in touch with us via the contact page. We’ll be happy to help.