Accrue pension

Can I accrue more pension?
No, you cannot accrue more pension in the pension plan. It is determined by law how much pension you can accrue. It is possible to accrue more pension in an individual insurance or by saving on your own account, investing or accruing capital with for instance your own home

Can I also stop accruing pension?
No, you cannot. It is mandatory to participate in your employer’s pension plan.

Why do I not accrue pension over my entire salary?
You will also receive an AOV benefit from the government. It is therefore not necessary to accrue pension over your entire salary. The amount over which no pension is accrued, is called the offset.

Children

Do I have to register my children with the pension fund?
No, that is not necessary. Only after you pass away, PCN will check whether you have children. 

Decease

Can I change the dependant’s pension for a higher old age pension of my own?
No, you cannot use (exchange) the dependant’s pension for a higher old age pension.

For how long will the dependant’s pension be paid out?
The dependant’s pension will be paid out to your partner for life. As long as they meet the requirements, your children will receive an orphan’s pension until the age of 21 (students and disabled children until age 25) upon your decease. If the orphan is or has been married, there is no right to an orphan’s pension.

Will my partner automatically receive the dependant’s pension?
No, your surviving relatives have to inform PCN of your decease. Only then will PCN pay out the dependant’s pension to your partner.

Divorce

Do I have to share my pension with my ex partner?
There is a legal entitlement to pension equalisation. This means that if your ex partner wants to distribute the pension, you will have to cooperate.

How does pension equalisation work?
You and your ex partner both send request for pension equalisation to the pension administrators. You with your pension fund and your ex partner with his/her pension fund. The pension funds will then distribute the accrued pensions. Part of your pension is registered at your ex partner’s name and when you retire, your ex partner will receive the pension.

Is the 50/50 equalisation mandatory?
No, it is not. You can make other arrangements with your ex partner. You have to lay these agreements down in a divorce agreement. The 50/50 equalisation is the legal right.

Getting married and/or living together

Do I have to register my partner with the pension fund myself?
You don’t have to register your partner if you are living together without being married or without a registered partnership. If you are married or have a registered partnership, you have to register your partner at PCN. 

Getting started

Do I have to register myself with the pension fund?
No, your employer will that do for you. If you are living together without being married or without a registered partnership, you do need to register your partner yourself. That is important for the partner pension.

How do I get information about my pension?

• If you work for an affiliated employer, you receive a pension statement each year. Check this statement carefully, it concerns your income for the future. As soon as you are participating in the pension plan, you will receive extensive information about your pension plan.
• If you no longer work for an affiliated employer, you become a so-called former participant, also referred to as sleeper. Your pension remains with us, but you no longer accrue pension through your employer. You receive a pension statement from us every five years.

For more information, please contact one of our offices.

What do I need to consider when I start working somewhere?
If you start working somewhere, it is important that you know how much pension you will accrue. And whether that will be enough for you later on. You can also consider taking your pension from your previous employer to your new employer. This is called value transfer. Sometimes it is wise to additionally save for your pension on a personal note.

Increase of pension

What happens if my pension does not increase in a certain year?
If your pension is not increased for several years, your purchasing power will decrease after you retire. You can take measures by saving money for the future before you retire.

Who decides whether my pension increases with the prices?
Each year, the PCN board decides whether your pension is increased. This decision depends among other things on the financial situation and the PCN funding ratio.

Why is an increase important for my pension?
Because otherwise your pension does not increase with the prices. That way the pension loses purchasing power and you will be able to buy less in the future. 

Individual savings

Can I save forextra pension within my pension plan?
At PCN there are no possibilities for extra saving. There are various alternatives to save for extra pension. For example by saving individually, closing an insurance or accruing capital with your own home, shares or otherwise.

Does my pension plan offer the possibility of voluntary pension saving?
No, the pension fund does not have any options for additional pension savings, but there are various alternatives to save for additional pension, e.g. individual saving, investments, take out an insurance policy or accrue capital from your own house or from shares.

How can I make individual pension savings on favourable tax terms?
That depends on your tax allowance, which means that comparatively you have not accrued enough pension. To calculate your tax allowance, you need the A factor on your pension statement. If your tax allowance is sufficient you can deduct the premiums paid for pension products from taxes.

Moving

Do I have to inform PCN of my change of address?
Yes, if you move, please inform PCN in writing. You are also welcome to visit one of our offices.

Occupational disability

Do I continue accruing pension during occupational disability?
Yes, usually you continue accruing pension during your occupational disability but very often you do not accrue a full pension. Please check with your pension fund.

Do I have to inform PCN of my disability of work?
To be eligible for a disability pension, you have to submit a request to us. The form can be found here: request for medical examination IP.

A request for disability pension can only be taken up if you have not passed the medical examination for your function performed at the request of your employer.
For more information, please contact one of our offices.

What is the idea behind the disability pension?
The WIA benefit ( Work and Income (according to Fitness) Act) is based on a certain maximum salary. If you earn more than this maximum salary, your income will decrease if you become occupationally disabled. That is why certain pension funds offer a disability pension, to prevent a fall in income.

Pension from the goverment

Does my partner receive a pension from the government if I pass away?
Your partner may be entitled to an AWW benefit. More information can be found at www.rijksdienstcn.com.

From which day do I receive AOV?
You receive an AOV benefit from the government as from your AOV entitled age. More information can be found at www.rijksdienstcn.com. 

How mucht is the AOV ?
​​​​​​More information about the amount of the AOV can be found on the  website www.rijksdienstcn.com.

Pension from your work

Am I automatically insured for partner pension for my partner?
Yes, if you are married or if you have a European registered partnership, then you are automatically insured. .

Can I refrain from participation in the pension plan?
No, participation in the pension plan is mandatory.

Do I have to register for the pension plan?
​​​​​​​No, you are automatically registered by your employer. After you have started participating, you will receive more information from PCN.

Receive pension

Do I also pay taxes on my pension abroad?
That depends on the agreements made between the tax authorities in the Dutch Caribbean and the country in which you live or are going to live.

Can my pension be paid out on several accounts?
​​​​​​​No, that is not possible.

Does PCN take the tax-free threshold into account?
Social Affairs of the Rijksdienst Caribisch Nederland takes into account the tax-free threshold on your AOV benefit. If the tax-free threshold is higher than your AOV benefit, you can use the remainder of the tax-free threshold for your PCN pension benefit. PCN can take this into account if you inform PCN of the amount of your AOV benefit at the start of your pension benefit. This way there is less chance of an additional tax demand by the tax authorities.

Switching jobs

How do I know if it is wise to transfer my pension?
If you are considering a transfer of your pension, you should ask your current pension fund to supply an offer. This may take several months. On basis of the offer you decide if you want to transfer your pension. It is a good idea to discuss the offer with a consultant.

Why would I take my pension to my new employer?
Because that way you keep all your pensions together. You will receive your pension from one pension administrator only. Taking your pension with you is not always favorable. We recommend you seek advice from your financial advisor.

Will I lose my pension if I leave the service?
No, pension that has already been accrued is and remains yours. You can leave your pension with PCN or take it to your new employer.

Unemployment

Can I deposit my redundancy pay in my pension plan?
No, that is not possible, but there are other possibilities to use your redundancy pay for pension.

Why am I no longer entitled to a FVP contribution (Foundation for the Funding of Continuation of Pension Insurance) after 1 January, 2011?
The capital of the Foundation for the Funding of Continuation of Pension Insurance is insufficient to pay the pensions of future unemployed.

Unpaid leave

Can I continue my pension accrual during the period of unpaid leave?
Some pension funds offer the possibility to continue pension accrual. You have to pay the entire pension premium yourself. Please check with your pension fund.

Do I accrue pension during the period of unpaid leave?
In general you do not accrue pension during the period of unpaid leave. Usually you do remain insured for partner pension during the first year.

Do I have to inform the pension fund about a period of unpaid leave myself?
No, you inform your employer/HR department and they will contact the pension fund.