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Improved insight 1 year before retirement

Employees want to know what pension they can expect. However, the Uniform Calculation Method (Uniforme Rekenmethode, URM) is not always a good predictor of a pension benefit that is in line with the market. That is why we have developed a new feature for employees who are close to retirement. From one year before their retirement date, they will now also be able to see how much pension they could receive if they were to purchase a pension now or on their retirement date.

To help employees on their way towards retirement, they can follow the ‘I’m close to retirement’ plan. This step-by-step plan will appear on their personal pension page ten years before their retirement date. They can view the new feature one year before their retirement date in the step entitled ‘Request quotes’.

How much pension could you purchase now? 

In the step entitled ‘Request quotes’, employees will see a single overview of the current amount of the pension capital as it is on that day and the expected pension capital on their retirement date. Next, the annual (gross) pension benefit is shown if a pension was purchased with this capital either on that day or on the retirement date.

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To calculate this amount, we use the best market offer, based on the current market interest and market rates. This information is provided to BeFrank by Apple Tree, an independent pension comparison company. BeFrank does not know the name of the pension administrator with the best market offer.

We will continue to improve

We hope that this new feature will contribute to a better understanding of the expected pension. Do you have any questions or feedback? Your feedback will help us to improve our services further. You can always send an email to relatiebeheer@befrank.nl. On business days, we are available by phone on 020 – 562 1150 from 8:00 a.m. to 6:00 p.m.

What is the Uniform Calculation Method (URM)?
The Uniform Calculation Method (URM) is a standardised method based on various scenarios and assumptions to predict the expected future pension benefit. Since 2019, all pension administrators have been using this method, allowing employees to compare the different pension benefits offered by pension administrators objectively.