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Woordenboek / Dictionary

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This is the division of the retirement pension upon divorce, termination of the registered partnership or termination of unmarried cohabitation. 



Anw gap pension

This is an additional partner pension that you can arrange at Aegon PPI yourself. Perhaps your surviving relatives will receive an Anw benefit after your death. In that case, your partner has to meet certain conditions.

Chances are that your partner has no right to an ANW benefit. You may therefore voluntarily insure an ANW gap pension for him/her. If you do this, your partner will receive an Anw gap pension until his/her AOW age. In fact, you may also insure an Anw gap pension if your partner qualifies for an Anw benefit. This is a fixed amount per year. 


In the event of your death, your partner may be entitled to an ANW benefit from the government. Not everyone qualifies for this benefit. Only when your partner does not receive any AOW, may he/she be entitled to an ANW benefit. 

Furthermore, your partner should:

  • have an unmarried child of 18 years or younger, or 
  • should be occupationally disabled for more than 45%, or
  • be born before 1950. 

Furthermore, the Anw benefit amount is dependent upon your partner’s income. The Social Insurance bank (SVB) manages the Anw. For more information, go to the website: www.svb.nl

AOW (General Old Age Pensions Act)

This is the pension from the government. You will receive this pension from your AOW age. As a resident of the Netherlands, you automatically accrue AOW from your 17th until your 67th. Have you lived or worked outside of the Netherlands for some time during this period? Then the AOW benefit that you will receive will be lower. The Social Insurance bank (SVB) manages the AOW. See www.svb.nl for more information. 




There is an orphan’s pension available for your child(ren) in the event of your death. With your child we mean:

  • your own child
  • your step child or foster child
  • another child that you raise and support.

They are entitled to orphan’s pension after your death. 


With a divorce/separation, your ex-partner is entitled to a part of the retirement as well as the partner pension that you have accrued during your relationship. Your ex-partner may convert the entitlement to both pensions to an own pension entitlement. This is called conversion



Deffered member

You become a deferred member when you leave your current employer. Deferred members are also called former participants. 

Defined benefit

This is the amount that your employer pays into your retirement investment account every month. The defined benefit is a percentage of your pensionable base. Aegon PPI invests the defined benefit on your behalf. 

Defined contribution scheme

Your pension scheme at Aegon PPI is a defined contribution scheme. Your employer pays a monthly contribution into your retirement insurance account. Aegon PPI invests the contribution on your behalf. The total of the contributions paid, as well as the return, is your pension capital on your retirement date. You use this pension capital to purchase a lifelong retirement pension and partner pension.  

Divorce /Separation

With this we not only mean divorce, but also a legal separation and the termination of a registered partnership. A divorce has consequences for a pension. In fact, your ex-partner is entitled to a part of the retirement pension that you have accrued during the marriage, and to the special partner pension. Also see equalisation. 

Duty of care

Aegon PPI is responsible for informing their participants about their pension. This information has to be transparent and understandable so that the participants are aware of the choices they can make. In turn, the employer is required to verify that this actually happens. This mutual responsibility is been called the duty of care.




If you leave your current employer, then you become an ex-participant. Ex-participants are also called former participants.

Exchanging pension

If you resign or retire, you may exchange a part of your retirement pension for (additional) partner pension. You will then obviously receive less retirement pension. But in the event of your death, there will be a higher partner pension for your partner. 
Conversely, you may exchange your partner pension. You may even exchange your complete partner pension for a higher retirement pension. If you do not have a partner, then it makes sense to do this. Do you have a partner? Then you may also exchange your partner pension, but you require your partner’s permission to do this.




The part of your salary over which you accrue no pension. In exchange for this, you will receive AOW from the government later. You will receive this in addition to the pension that you accrue through Aegon PPI.

Free investment/ Freedom to invest

As soon as you become a participant, you invest in the neutral Life Cycle. You may also use Free Investment. In that case, you choose the investment funds yourself. Do you want the freedom to invest? In that case, you must complete the questionnaire first. 



Guaranteed pension

If you choose Free Investment, then you may convert (a part of) your accrued pension capital to Guaranteed pension. This part of your pension capital will then immediately be converted into a retirement amount in euros; this part of your pension is then fixed. We call this ‘vastklikken’. There are costs involved for this.



Life Cycle

This is a way of investing where we take the number of years until retirement into account. Is your pension date getting closer? Then you want to take very little risk with your pension. We therefore take less risk when investing as your retirement date approaches. We automatically adjust your investments to your age. You do not have to do anything regarding this yourself. 



Orphan's pension

In the event of your death, there is an own pension for your child(ren): the orphan’s pension. The orphan’s pension commences on the first day of the month after your death. Each child receives this pension until his/her 18th birthday. This will be extended to at least the 27th birthday if your child:

  • follows 5 or more education sessions per day, or follow a training towards a profession, or
  • receives a WIA benefit and is unfit for work for at least 45%, or 
  • receives a WAJONG benefit. 


Partial retirement

If you opt for partial retirement, then you retire partially. For example, you keep working for two days per week, and you retire for 3 days. You will then receive a part of your pension for 3 days, and a salary for the 2 days that you work. You continue to accrue pension over your salary as usual. 


We talk about a participant in a pension scheme. If you are an employee accruing pension at Aegon PPI, then you are also a participant. An amount is transferred to your retirement investment account every month. This is the defined contribution that you use to invest. 


There is a partner pension available for your partner in the event of your death. With your partner we mean:

  • the man or woman to whom you are married or with whom you have a registered partnership 
  • the man or woman with whom you cohabit without being married.

Are you living together without being married? In that case, there are a number of additional conditions (see partnership). 


If you cohabit with someone without being married, then he/she may be entitled to partner pension. This does not apply to everyone with whom you cohabit without being married. These are the conditions:

  • the man or woman with whom you cohabit is not a relative by blood or related in a direct line. Therefore, no (great)grand)father or (great)grand) mother 
  • you are registered at the same address, according to the Municipal Personal Records 
  • you have a joint household for a consecutive period of at least 6 months and 
  • you have concluded a cohabitation agreement in which the joint household is recorded.
Pension capital

This is the amount that is intended for your retirement. Your pension capital consists of the invested defined contributions plus the returns that you have achieved with this. Your pension capital is in your own retirement investment account. 

Pension commencement date

This is the first day on which you receive your retirement pension. The pension commencement date is always the first day of the month. By default, your retirement commences at the same time as your AOW. Earlier or later is also possible. Ultimately, you decide when you retire. 

Pension dashboard

You can use the pension dashboard to calculate your pension yourself. Would you like to know what will happen to your pension if you stop working one year earlier? The pension dashboard will give you the answer. You will also know immediately whether this is financially feasible; maybe you first have to save for an additional pension. Thanks to the pension dashboard, you are able to customise your pension. 

Curious? Then go directly to the pension dashboard

Pension investment account

As participant at Aegon PPI, you have your own retirement investment account. Your employer pays the defined contribution into this account every month. Aegon PPI invests these contributions according to the neutral Life Cycle, unless you have chosen another personal risk profile or Free Investment. 

Pension Ombudsman

If you have a complaint about Aegon PPI, you can file a complaint in accordance with our complaints procedure. Are we unable to find a solution together? In that case, you may go to the Pensions Ombudsman. For more information, see the website: www.ombudsmanpensioenen.nl.

Pension overview/ Pension statement

See UPS (Uniform Pension statement). 

Pensionable base

This is your pensionable salary minus the franchise. Your defined contribution is a percentage of your pensionable base

Pensionable salary

This is the part of your salary that counts towards your pension accrual. You do not accrue pension over your total salary. In most cases, your pensionable salary is 12x your fixed monthly gross salary plus your holiday allowance. 

Prenuptial agreement

These are the written arrangements that you have registered with a notary before or during your marriage. These arrangements may also involve your pension. 



Registered partner

That is your partner with whom you have a registered partnership at the Civil registry. You are not married, but you have the same rights as partners that are married. Even when it involves pension. Your registered partner is therefore entitled to partner pension in the event of your death. 

Resignation/ Retirement

Your pension accrual at Aegon PPI stops when you leave your current employer. The pension that you have accrued, stays at Aegon PPI. From that moment, you are a slaper deferred member(former participant). Are you going to work somewhere else? In that case, you may take your pension to your new pension scheme. Taking your pension with you is called value transfer

Retirement pension

Retirement pension is the pension that you will receive from the moment you retire. You will receive this pension from your pension date until your death. 


This is the return that you earn from your investment. Returns may be positive (‘profit’), but also negative (‘loss’). As a rule: the more risk you take with your investment, the greater the possibility of high returns. But you also have a greater chance of a (temporary) loss.  

Risk profile

This indicates which investment risk suits you best. How much risk do you want to take with your investments? This is different for each participant. One participants like to take risks in order to have the possibility of a high return. Another participant is more careful, and would rather take less risk. Naturally, investment experience also plays a part.  

By default, we invest your contribution in the neutral Life Cycle. Would you like to invest according to a different profile? This is possible: offensive (more risk) or defensive (less risk). But we then have to know what your risk profile is. Therefore, complete the questionnaire first




This is a legal document in which your complete pension scheme is described. 

Special partner pension

Your partner will receive a partner pension in the event of your death. Are you and your partner separating? In that case, your ex-partner is also entitled to (a part of) partner pension. This is called ‘special partner pension’.

Surviving relatives

This is your partner and/or child(ren) that stay behind after your death. 

Surviving relatives' pension

The surviving relatives’ pension is the pension that your partner and/or child(ren) will receive after your death. Your partner will then receive partner pension; and your child(ren) orphan’s pension.



Target pension

The pension amount that you are able to achieve if you accrue pension at Aegon PPI until your pension date. The Uniform Pension statement (UPS) tells you how much pension you have accrued, and what your target pension is. 



UPO (Uniform Pension Overview) / UPS (Uniform Pension Statement

You receive an UPS every year. This overview shows you, among other things, how much pension capital you have accrued so far. But also what your surviving relatives can expect in the event of your death. 

The name says it all: the UPS is uniform, and therefore the same for all pension providers. Do you receive multiple UPS’s? In that case, you can simply add up the pension amounts. The same applies to your pension and the pension accrued by your partner



Value transfer

This is when you take the accrued pension capital to the pension provider of your new employer. 

Contact us

Aegon PPI
Postbus 5237
9700 GE Groningen
Chamber of commerce: 

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