At BeFrank, we offer more than pension accruals for later in life. So your customers can also cover their employees’ risks through us, such as the risk of passing away and the risk of becoming occupationally disabled. This page explains our pension insurance policies.
1. Risk: passing away
Employers can opt for a surviving dependants’ pension under all our schemes. The amount of this pension depends on the employee’s final salary or average salary. By doing this, we cover the largest possible surviving dependants’ pension when an employee passes away.
Extra surviving dependants’ pension thanks to restitution clause
A restitution clause applies at BeFrank. If an employee passes away before they reach their retirement date, 100% of the accrued pension capital becomes available to the surviving dependants.
The employee’s partner and/or their children under the age of 27 (or in some cases: 21 or 30) can use this to purchase an additional partner’s pension and/or orphan’s pension. This pension is in addition to the insured risk covered by the surviving dependants’ pension.
Surviving dependants’ pension for salaries over €114,866
If your customer has employees who earn over €114,866 (2022) per year, they can opt for a partner’s and orphan’s pension over the pensionable income above this amount. Their surviving dependants will then receive an additional benefit until they themselves pass away. The premium is paid by the employees.
2. Risk: occupational disability
If your client’s employees become occupationally disabled, they are entitled to state occupational disability benefit (WIA). If your customer opts for the waiver of contributions in the event of occupational disability, we will continue pension accrual together with the insurer if employees become occupationally disabled.
Waiver of contributions in the event of occupational disability
The waiver of contributions takes effect on the day an employee is at least 35% occupationally disabled and receives government benefits under the Work and Income (Capacity for Work) Act (WIA). The waiver of contributions stops no later than the first day of the regulatory retirement date.
Occupational disability pension
If your customer has employees who are entitled to WIA benefit, they will receive an amount from the government periodically. If your customer opts for an occupational disability pension, their employees will receive a periodic benefit from BeFrank in addition to that.