BeFrank is a Premium Pension Institution (PPI). Your pension contributions are invested. With a defined contribution scheme, the amount of your pension is not fixed in advance. The amount you ultimately receive depends on the return on your investments. And on the interest rate at the time when you retire.
You have your own pension account
At BeFrank, you have your own pension account. That is where your contributions are deposited. We invest these contributions for you. We do this until your retirement date.
You purchase your own pension when you retire
When you retire, you buy a pension from a pension administrator with your accrued pension capital. Only then will you know exactly how much pension you will receive. The amount of your pension benefits may differ from one provider to another. You choose where you purchase your pension. We recommend that you work with a financial advisor at that time to find out which pension administrator offers you the best benefits.
Tip: From one year before your expected retirement date, calculate what your expected pension benefit will be. But do not request quotes from pension providers until two to four weeks before your retirement date. The offers are valid for a limited time. For more information, take a look at your personal pension page.
Good to know
The amount of your final pension benefits depends on the following factors:
- How much your investments are worth on your retirement date.
- Whether you combine your accrued pension at BeFrank with any other pension funds.
- Whether or not you have included a partner’s pension.
- The average life expectancy: the higher the administrator calculates your life expectancy to be, the lower the benefits.
- The interest rate when you retire: the higher the interest rate, the higher the benefits and vice versa.
- Whether you opt for a fixed pension benefit or a pension benefit based on investments.
You decide how much investment risk you wish to take
At BeFrank, you decide how much risk you want to take with your investments. Our helps you choose an appropriate investment risk. Prefer Do It Yourself investing? That is also an option in most cases. If this possible in your pension scheme, you can find all the information on your personal pension page.
If your personal situation changes
Then it is a good idea to review your choices. Are they still right for you? Or can you now take more risk, or less? The Profile Selector can also help with this.