A change in my personal or professional situation

New child or job change: does this affect my complementary pension?

The chances are that your personal situation will change from time to time in the course of your career. Like when you marry the love of your life or your baby is born.  Or you make major changes in your professional life: to take up a new professional challenge, or work less to have more free time.

What you may not know is that these changes can impact your complementary pension.

Your personal situation changes
Changes in your personal life can affect not only the accrual of your complementary pension, but also your death in service coverage.

If your group insurance comes with death in service coverage, your beneficiaries receive a pre-determined amount (death in service capital) should you die before retirement age. Who this amount goes to is standard determined in your pension regulation. 

However, if your pension regulation allows it, you can explicitly deviate from the therein determined standard order of beneficiaries, which may be interesting in particular personal situations:

  • Birth of your child: you can choose for example to leave the entire amount to your child(ren).
  • New partner: enter him/her as your beneficiary.
  • Who knows, your new partner may have children from a previous relationship. You can also include these in the beneficiaries of your death in service coverage.
  • ...

Nota bene: not every group insurance includes a death in service cover. Ask your employer or check your personal situation on MyAG Employee Benefits, the online tool of AG Employee Benefits. You will need to first ask your employer for your access code. 
You can also download the MyAG Employee Benefits app from your app store. This way, you always have all information about your insurance covers at your fingertips.

Know more about the beneficiaries of your group insurance

Your personal situation changes

A lot can change also during your professional career.  You will quite likely change employer at some stage, or you may decide (temporarily) to work part-time. These changes are also important for your complementary pension.

  • You change employer
    Your complementary pension is built up by your employer. If you change employer, the former one employer will no longer pay contributions.  Your previous employer's pension institution (e.g. AG Employee Benefits) will contact you to see what to do with your accrued reserves, as there are several possibilities.

    Your options at a glance
  • Full-time or part-time
    A change in your work regime also impacts the accrual of your complementary pension. 

    A change from full-time to part-time work also reduces the periodic contributions by your employer to your group insurance. Taking a sabbatical year may even lead to a suspension of employer contributions. The reverse is of course also true: your employer's contributions will increase if you switch from part-time to full-time.

    It is therefore important to assess the implications of a change in your work regime. That way you will be spared any surprises at the end of your career.

    Your employer's personnel department will be pleased to help you if you have further questions about this.