If you opt for exchange, or conversion, you are required to notify the Pension Fund of your choice no later than two months before your retirement. You can use the form 'Final pension choices'.
you wish to make one or more pension choices
There are a number of situations in which you might consider conversion of pension:
- No partner’s pension or a lower partner’s pension is required. In that case, you can opt to exchange your partner’s pension for a higher retirement pension.
- You do not need as much retirement pension following your partner's predecease. In that case, you can exchange part of your retirement pension.
Exchange of partner’s pension
You can decrease the partner’s pension in favour of your retirement pension. Or you can increase the partner’s pension and reduce your retirement pension, however there is a statutory limit.
Thereby you can change the partner’s pension to 70% or 50% or 30% or 0% of your retirement pension following the conversion. If you opt for 0% partner’s pension you are exchanging the entire partner’s pension for a higher retirement pension for yourself.
If you do not have a partner or ex-partner on your retirement date, or if you have not enrolled your partner with the Pension Fund, the entire partner’s pension is converted automatically into a higher retirement pension. This will also be the case if your partner is deceased and you have no partner on your retirement date.
Exchange of retirement pension
You do not need as much retirement pension following your partner's predecease. In that case, you can exchange part of the retirement pension you would receive after your partner’s predecease. In return you receive a higher retirement pension as long as you are both alive. There is a statutory limit.
You can exchange either 30% or 50% of the retirement pension that you would receive following the predecease of your partner.