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With the new Future of Pensions Act (Wtp), partner's pension is standardized in the event of death before the retirement date. Currently, this is not always the case, which can sometimes result in unpleasant situations, for example if you forget to sign up your partner. The new law provides clear agreements to prevent these kinds of problems.
The partner's pension is an important part of your pension plan because it financially supports your partner in the event of your death. In the future, the partner's pension may not exceed 50% of your pensionable salary. This percentage is the maximum, so the benefit may be lower, depending on your specific pension plan.
The new law also introduces a run-out scheme, which means that your coverage will continue temporarily after dismissal. If you lose your job, the right to partner's pension will continue for another three months. You can choose to extend this period by exchanging part of your own pension. This can be a wise choice if you want to ensure that your partner is left financially better cared for after your death, even though it comes at the expense of your own pension assets.
The changes in the partner's pension are intended to offer more flexibility and better suit your personal situation and wishes. It is therefore important to understand these changes well so that you can make the right choices.
Do you have questions about the changes in the partner's pension, the options for a temporary continuation after dismissal, or about exchanging pensions? Leave your details here behind and a we will contact you. Van Loon is ready to help you with personal advice and ensure that you are well prepared for your financial future!