On th eretiremenet dat, you can make a once-only choice for a different ratio between the retirement pension and the partner’s pension. This is termed ‘exchange’ or conversion. If you opt for conversion, you are required to notify the Pension Fund of your choice no later than two months before your retirement. There are a number of situations in which you might consider conversion.
No partner’s pension or a lower partner’s pension is required
For instance, because your partner is entitled to a pension of his/her own. In that case, you can opt to exchange your partner’s pension for a higher retirement pension. You can decrease the partner’s pension to 50% or 30% or 0% of the retirement pension following Conversion. In the latter case, you are exchanging the entire partner’s pension for a higher retirement pension. If you do not have a partner or ex-partner on your retirement date, or if you have not enrolled your partner with the Pension Fund, the entire partner’s pension is converted automatically into a higher retirement pension. This will also be the case if your partner is deceased and you have no partner on your retirement date. |
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You do not need as much retirement pension following your partner's predecease In that case, you can exchange part of the retirement pension you would receive after your partner’s predecease. In return you receive a higher retirement pension as long as you are both alive. You can exchange either 30% or 50% of the retirement pension that you would receive following the predecease of your partner. You can also combine this exchange option with the conversion of your partner’s pension into retirement pension, as described above. Table The table below contains exchange options. The partner’s pension may never exceed 70% of the retirement pension after conversion. The table assumes a retirement age of 65. If you retire earlier or later, the percentages in the first column and therefore in the other columns, will change accordingly. If you have access to SWW, the Shell intranet, you can use the Pension Calculator to calculate the implications of various conversion options for your own pension. |