A new job: how does it affect your pension?

Got a new job? This will affect your pension. We’ve listed the main implications for you below.

The contract with your employer contains various agreements, some of which are about your pension.

  • If you decide to quit your job or start a new job, your period of employment and therefore your pension accrual with your former employer will also stop.
  • You can often transfer the pension you have accrued up to that point to your new pension administrator. This is called a value transfer.

Opting for value transfer

The advantage of a value transfer is that you keep all your pension capital in one place. Years of service with a previous employer also count towards the amount of the surviving dependants’ cover. However, it may be better not to go for this option. For that reason, you need to think carefully about whether you want a value transfer. If you’re unsure whether a value transfer is a good idea in your situation, you should always consult a financial advisor first.

  • If you are accruing pension through BeFrank and you want to request a value transfer, visit your personal pension page.
  • Accrued pension with BeFrank and want to transfer the value to your new pension administrator? You can request this from your new pension administrator.

A small pension with BeFrank

Accrued pension with BeFrank through your old employer? If you have accrued an amount between €2 and €520.35 per year (2022), we call it a small pension. If you are accruing pension through your new employer elsewhere, we will transfer your small pension to your new pension administrator. You do not have to do anything for this.

If you have accrued a very small pension of less than €2 per year, then the amount is too small to transfer to your new pension administrator. This is regulated by law. BeFrank will donate the amount to charity.

Accruing pension with BeFrank

If you accrue pension with BeFrank through your new employer, you will receive an e-mail asking you to activate your personal pension page.

Your personal pension page provides details of your pension scheme. There are several choices you can make about your pension. For example, you can choose which investment profile works best for you and when you want to retire. This page also shows you exactly how much pension you are accruing and roughly how much benefit you will receive later.