Frequently asked questions when you’re about to retire

On your personal pension page, you can check your pension situation. Below, we briefly explain two terms: how matching funds work and investing after retirement.

How do matching funds work?
When your retirement is near, we make sure your pension stays as stable as possible. We do this by investing in matching funds. We’ve created a special information page about how matching funds work. Take a look at our information page.

What does ‘Fixed or variable pension’ mean?
On your personal pension page, you can choose to keep investing with part of your pension after you retire (variable pension). Or you can choose to stop investing (fixed pension). Based on your choice, we reduce your investment risk more or less as you approach your retirement date. On your retirement date, you make a final choice for a fixed or variable pension. You do this with the pension provider you choose.

Why are the amounts different on Mijnpensioenoverzicht.nl and my personal pension page?
Your personal pension page always shows the most up-to-date data. The amounts on Mijnpensioenoverzicht.nl may differ because we send our data to them every quarter. There’s another difference:

• BeFrank uses your state pension age or the retirement date you’ve chosen.
• Mijnpensioenoverzicht.nl always uses the target retirement age from your pension plan.

Read more about your retirement date, retiring earlier or later, or partial retirement.

Good to know: The retirement date on your personal pension page may be different from the one on Mijnpensioenoverzicht.nl. On your personal pension page, you’ll see the date you retire. That’s your state pension age or the date you’ve chosen yourself. On Mijnpensioenoverzicht.nl, BeFrank always shows the target retirement age. That’s the age stated in your pension plan.

When can I retire?
You choose when to retire. This can be from 10 years before your state pension age to 5 years after. If you don’t choose, we assume you’ll retire at your state pension age.

Retiring earlier or later – how do I arrange that?
You can let us know when you want to retire via your personal pension page. Go to ‘Affect my pension income‘, change the date under ‘Changing my retirement age’ and confirm your choice.

Tip: Want to retire earlier? Let us know at least 3 months before your desired retirement date via your personal pension page.

I want to keep working. Will I still pay pension contributions?
If you work longer than the age stated in your pension plan, you stop paying pension contributions. If your plan ends at age 68, you build up pension until then. After that, you can keep working, but you won’t build up extra pension. We will continue to invest the value of your pension.

What is partial retirement?
Don’t want to fully retire yet? Want to keep working part of the week? Then you can use part of your pension savings to purchase a pension benefit. You’ll retire partly and keep working a few hours a week. You’ll still build up pension for the hours you work until the age in your pension plan. You can use that pension savings later to buy another pension benefit.

I want partial retirement – how do I arrange that?
If you want partial retirement, send an email to klantenservice@befrank.nl.

Want to know what steps to take to retire with BeFrank? You’ll find all the steps in our step-by-step plan.

Important: Your private email address
Because we’re an online pension provider, it’s important that we can reach you by email. Always give us your private email address. You can easily update your personal details on your personal pension page.

Does BeFrank pay out my pension?
No, we don’t. We manage your pension savings until you retire. When you retire, you use the total value of your investments (and any other pension pots) to buy a pension from a pension provider. You choose which provider.

How does requesting quotes work?
In Step 3 of our step-by-step plan, you’ll read exactly how to request quotes: The road to your retirement.

Does BeFrank give advice about my pension?
No, BeFrank doesn’t give advice. But we do guide you through the retirement process. Seven months before your retirement, you’ll receive an email explaining the choices you can make to buy your pension. It also includes the expected value of your pension savings.

Good to know: Your pension savings are invested. This means the value can go up or down. On your retirement date, we sell the investments. The value of your pension savings may be higher or lower than expected.

How can I get advice?
At BeFrank, you choose which pension provider you buy your pension from. A pension advisor can help you with this. Need advice? Read more about how to get pension advice.

What costs are involved in buying a pension?
Depending on how you purchase your pension, the costs may vary. In short:

• If you arrange it yourself, costs vary per pension provider. Check the extra costs, like one-time fees or ongoing costs that are usually deducted from your pension benefit.
• If you use a financial advisor, you pay advisor fees (these may vary).
• If you buy your pension via Apple Tree, you pay €295 in setup costs.

You’ll find more information in our step-by-step plan.

How does combining pension pots work?
Do you also have pension savings with other providers? Or a small pension? Then you can combine your pension pots to buy one pension from the provider of your choice. On Mijnpensioenoverzicht.nl, you’ll find an overview of all your pension pots. Note: Your data on Mijnpensioenoverzicht.nl is updated every quarter.

Read more about what you can do with a small pension.

Can I commute my pension?
Commutation of small pension means you receive your pension savings in one payment (after tax). You can commute if you have a small pension. A small pension means your expected pension benefit is between €2 and €613.52 (2025) gross per year. You can only commute your small pension if:

• You changed jobs and we couldn’t transfer your small pension to your new Dutch provider within 5 years, or
• You retire at or after your state pension age. One month before your retirement date, we’ll confirm if you can commute.

Is your expected pension benefit more than €613.52 (2025) gross per year? Then you can’t commute your pension. Your pension stays with BeFrank until you retire — unless you choose a value transfer.

What can I do with a small pension?
Seven months before your retirement date, we’ll send you an email with your options:

• You can combine your pension pots, or
• You can commute your pension.

Each choice has pros and cons. It may be helpful to get advice.

Employers must update their pension plan to the new pension law by 1 January 2028.

Does the new pension law affect the retirement steps?
No, the retirement step-by-step plan doesn’t change.

Will my pension benefit change?
Nothing changes at BeFrank, because we don’t pay out pensions.

Do you live abroad or are you planning to move soon? Or are you leaving the Netherlands as an expat? Here you’ll find more information.

I’m close to my state pension age. What should I do?
Apply for your state pension 6 months before your state pension age. The process is different in each country. For more information, visit svb.nl.

I’m moving abroad before I retire. What should I know?
If you live or work outside the Netherlands, you’ll receive less state pension later. For each year you don’t live or work in the Netherlands, your state pension goes down by 2%. Want to keep building up state pension? Apply for voluntary insurance with the Social Insurance Bank (SVB) before you move and before your state pension age.

Where do I purchase my pension?
You purchase your pension from a Dutch pension provider. Sometimes there are conditions. Ask your future provider about this.

Can I receive my pension in a foreign bank account?
Almost all Dutch pension providers can pay your pension to a foreign bank account. Check this with your provider.

Are you divorced or are you separating? Then this may affect your pension.

What happens to my pension if I separate?
If you separate, your partner usually has the right to part of your pension. This also applies if you lived together. You can make agreements with your ex-partner. On our page ‘Relationship break-up: how does it affect your pension?’ you’ll read how to arrange this.

Tip: Want to know how your agreements affect your pension amount? Ask us via klantenservice@befrank.nl. You’ll receive a calculation within 2 to 4 weeks.

You pay tax on your pension benefit.

When does my tax rate change?
When you reach your state pension age, you usually pay less tax on your income. That’s because the tax rate in the first bracket is lower for pensioners. You also get extra tax discounts, like the elderly person’s tax credit. This means your net pension may be higher than before your state pension age.

Note: This depends on your personal situation and total income after retirement. A financial advisor can help you with this.