The road to your retirement

With BeFrank, you build up your own pension pot. We invest this money on your behalf. When you retire, you choose a pension provider that will pay you a pension every month. This is known as purchasing a pension.

Good to know: you cannot purchase a pension through BeFrank. A financial adviser can help you make a choice, or you can arrange it yourself. 

It is wise to review your pension situation regularly, as there are ways to influence your pension. You have your pension pot with BeFrank, your State Pension (AOW), and perhaps pension accrued elsewhere. You can view all of these at mijnpensioenoverzicht.nl. On your personal pension page, you can check your pension situation with BeFrank.

• View your expected pension with BeFrank 
  
  
• Complete your pension picture and combine with any other pension pots (if any). This will help you see whether you are likely to have sufficient income when you retire.
  
  
• Review the choices you can make now to affect your pension, for example by making additional contributions or changing your retirement date. 
  
  
• Check with which investment risk you want to invest. Complete the Profile Selector and decide how you would like us to gradually reduce the risk of your investments towards your retirement date. We reduce risk step by step so that you have more certainty about the final amount of your pension. 

7 months before your retirement date

It is time to start considering your pension choices. You will receive the pension letter ‘Your retirement is approaching’ by post and via your personal pension page. We explain to you what choices you can make from now on to purchase your pension.  

Want to know more about:

• what options you have? Go to Pension benefit: these are your options.
• the amount of your pension benefit? Read here what determines the amount of your pension benefit.

6 to 8 weeks before your retirement date

You use your accrued pension capital to purchase a pension from a pension administrator of your choice. This pension administrator will pay your pension after retirement. Good to know: purchasing a pension involves costs. 

To purchase your pension, you must request quotes 6 to 8 weeks before your retirement date. You can do this in 3 ways:

1. Via the independent comparison website befrank-pensioenuitkering.nl

• Calculate your pension online, and you will receive an overview of 6 pension administrators.
• Request a quotation without obligation.
• Do you agree? You must pay a €295 formalisation fee.
• Once you have made your choice, you will also be assisted with the processing.

2. Via a financial adviser

• Discuss your pension preferences.
• The adviser will ask for quotations for you.
• Make a choice with the adviser’s help.
• The costs depend on the adviser you choose.
• Tip: in some cases, your employer may have already chosen an adviser – ask your employer.

3. You can also arrange it yourself

• You can request quotes from various pension administrators yourself.
• Make sure that you always compare the offers and options closely and also look at the additional costs of the pension administrator.

To request quotations, you need your retirement date and your expected pension capital on your retirement date. You can find these on your personal pension page.
Please note: quotations are valid for a limited period.

1 month before the retirement date

Compare the quotations and let us know your choice. Your chosen pension administrator will send you a transfer document. We need this in order to transfer your pension capital to the pension administrator that will pay out your pension benefit. You can upload the signed transfer document on your personal pension page. Or your financial adviser can send it to BeFrank.

Good to know:

• Upload the transfer document 1 month before your retirement date. We will ensure that your pension capital is with your chosen pension administrator on time.
  
  
• The transfer document is also referred to as a payment request or expiry form.
  
  
• BeFrank will not be able to sell your investments until the date for termination of your employment is known. Your
  employer will inform us of this. This date will then be entered under my pension details. You don’t need to do anything for this.

We will sell your investments shortly before your retirement date. At that point, the exact value of your pension pot will be known. We then transfer this amount to your chosen pension administrator. Once this has been done, you will receive confirmation from BeFrank. And you will receive your pension benefit from your chosen pension administrator every month for the rest of your life.