Telegraaf: €2,4 billion in 'forgotten' pension money in the Netherlands due to emigration and ignorance
In De Telegraaf we read a remarkable article about 450.000 'forgotten' pension pots in the Netherlands with a total value of €2,4 billion. According to the Netherlands Authority for the Financial Markets and the pension funds involved, this is a considerable problem. While many of these pots are small, amounting to less than $100 per year, there are also significant amounts of $15.000 per year that have not been raised.
The main cause seems to be people who move abroad, including migrant workers and Dutch people who seek their fortune elsewhere. There is a Register of Non Residents (RNI) to trace these people, but not everyone registers in this. In some cases, people even deliberately want to remain untraceable, which makes paying out difficult.
In contrast to pension funds, the Social Insurance Bank (SVB), which pays out the AOW, is hardly affected by this problem. In summary, there is a considerable amount of 'forgotten' pension money in the Netherlands, and despite the efforts of pension funds, this remains a persistent issue.
Read the whole article here: https://www.telegraaf.nl/financieel/688992301/nederlandse-pensioenpot-van-2-4-miljard-staat-te-verstoffen
About this blogger
-
Known as Khun Peter (62), lives alternately in Apeldoorn and Pattaya. In a relationship with Kanchana for 14 years. Not yet retired, have my own company, something with insurance. Crazy about animals, especially dogs and music.
Enough hobbies, but unfortunately little time: writing for Thailandblog, fitness, health and nutrition, shooting sports, chatting with friends and some other oddities.
Read the latest articles here
EconomyJanuary 15 2025Thailand to reach highest investment level in a decade in 2024
ResearchJanuary 15 2025Research shows: Dutch people prefer to save on health than on vacation
News from ThailandJanuary 15 2025Thailand makes visa program more attractive for international experts
News from ThailandJanuary 15 2025China bans import of durian from Thailand over banned chemicals
Gee, if people don't bother or there is no interest, pay out the unpaid pension to people with multiple disabilities. Pension funds assume approx. 16 years in the event of a lump sum payment. So 65 + 16 is payment if the beneficiary would reach the age of 81.
The knowledge about pensions is already deplorable among many Dutch people, let alone among migrant workers who have returned to their country of birth. Do not realize or do not know that they have accrued one or more pensions as salaried employees. Furthermore, they often do not know the difference between a company pension and an Aow benefit. When there is also a survivor's pension, things get even more complicated. The age difference between Dutch and Belgians with a Thai partner is often considerable. The chance that a Thai will survive her partner is therefore considerable. She must therefore be properly informed in advance whether there is an entitlement to a (surviving relatives) pension and Aow accrued herself. The Aow must be applied for at the SVB and the pension at the relevant pension providers. You need to know who they are and how you can get in touch with them. Won't be easy, especially when you, as a Thai, now living in Thailand again, are on your own! Not only can the language be a stumbling block, but people are often also asked to log in via DigiD. It is not surprising that there are already 2,4 billion euros in 'forgotten' pensions. That amount will probably only grow in the future.
Nail on the head, Wut
The lack of DigiD is often a reinforced concrete wall.
The extra points you mentioned and the fact that you are not taken seriously as a partner don't really help either.
To prevent fraud, the wall of control is often raised very high.
I can well imagine that many say stick it nicely in a dark hole where the sun doesn't shine.
In the distant past I had an address [site] that was committed to this in a paid manner.
Unfortunately can't find it anymore.
Too little enthusiasm or you don't miss what you don't know?
People will benefit from it at the SVB and the pension providers because it will not remain on the reserve bench forever.
Dear William-Korat, Even if you do have DigiD, it is sometimes a crime even for Dutch people to log in to it. If you have failed to log out of a previous DigiD session, you will be constantly asked for a 'pairing code' and then it is necessary that you have also installed the DigiD app on another (mobile) device. Otherwise clear all cookies and site data to be able to log in again. Very cumbersome, let alone for your Thai partner.
Without DigiD you can get information about 'forgotten' pensions by sending an email to [email protected] or by telephone +31 70 751 2870. There is also a helpdesk Forgotten Pensions with tel. +31 70 311 7373 (on working days between 08:30 and 12:30).
Or information via the Netherlands Worldwide.
In addition to 'forgotten' pensions, there are also ± 20.000 people who have failed to apply for their AOW from the SVB.
If I die first, my partner will be entitled to a substantial amount of survivor's pension, accrued pension and a partial state pension in due course. I put everything in writing, but my partner is illiterate, without help I see it gloomy. And the next hurdles are the annual "life declarations" and the tax returns, which will undoubtedly follow. I have to find a solution for that, perhaps a notary or an agency in Thailand that can arrange such matters. Just as there are agencies in Thailand that help foreigners with annual residence extensions.
It is known to me Wut.
Thank you for the information you provide.
Although many also give up a year in small benefits if you have to call those types of numbers on your mobile.
Expensive and it can take time.
My wife is also illiterate and following the correct route on such sites is not always my thing.
Many with us I suspect.
Also DigiD, but there was such great 'security' that after a year of not being logged in, I think, you had to apply for your DigiD again.
We arrived far too late.
No Dutch nationality, no DigiD then, will try it next year when we are in the Netherlands.
I don't come every year either
As you already indicate, it is a complex whole in 'security', everyone issues their own rules, which in my opinion are about twenty years behind.
See 'being alive proof', expensive landline telephone connections, etc.
Try to arrange 'everything' as much as possible so that the Netherlands is a closed book for her if I do not reach the desired age.
Professional, reliable help would make many people very happy, it's true.
Dear William,
You make a valid point here, I am 67 and my Thai wife is 63, so she will receive state pension in 4 years. I assume I will still be alive, but you never know.
My wife is unable to apply for this via DigiD. I know that an acquaintance of hers even flew to the Netherlands to have this arranged.
It would be nice if we could find people on this blog who could do that for Thai widows, for example per region or so.
I think Lung Addie has also helped a lot of Thai widows with this kind of hassle. But Thailand is big, that's too much for 1 person.
Why do others always have to do that? I have also read that initiative by Lung Addie. He assists Thai women who have been widowed by their Belgian partner. Absolute respect. This is all conceivable because retirees have/are looking for a younger partner in advance. But you can still place a call on Thailandblog that you make yourself available in your place of residence and immediate area? Look, I'm many years older than you and fortunately very well versed in the digital world, but one day my wife will need help too.
Dear Joost,
No problem, I live in Trang and I am willing to assist Thai women of Dutch people if they become widows.
Obviously, only in Trang Province, I don't have a car.
My wife also has a pension, when she is 68 or older. Did packaging work in NL for a few years. According to NN data, this is 28 euros if she is entitled to state pension. She is now 55. At BND also something of 100 euros. The amounts are on an annual basis. In more than 13 years, she might receive 12 euros gross per month if she knows how to apply for it in due course. She has already said: give it to the food bank.
She must ask the Pension Fund whether it can be bought off. This is possible with a not too large amount and value transfer so that it becomes a pension. Is it worth making the effort many people don't know. Good luck don't wait now go after it.
Coincidentally, I recently received a message from a pension fund about my girlfriend's accrued capital with them, which amounted to less than 100 euros. And apparently due to legal orders it had to be transferred to her current pension accruor.
So it is completely automatic, we did not have to do anything.
Small amounts are also interesting to redeem.
My wife had built up a pension with 3 pension funds.
She has worked the longest in the catering industry, where she has received 55 euros net every month since she was 65 and now that she has reached state pension age, she is 85.
She also worked for the government for 1 year and in cleaning for 1 year. Both yielded something like 10 euros per month.
She bought off both and that was twice an amount of more than 2 euros gross.
Dear Cristina,
The buy-out limit is 594 euros gross per year. I had a small pension just above that, and it could not be bought out.
Wut says it all, people often don't know that something has been built up. Such a letter with an annual statement is disappearing.
Emigrants will have to inform their partner, but what happens if you become demented at a young age and don't remember it yourself? A point of attention for emigrants.
The pension funds are actively seeking; I noticed that in practice. The well-known internet media are also searched, but that is no guarantee that people will be found.
What happens to it afterwards? Sometimes it is reserved for the partner, who may be young, or for surviving relatives, but it can also be booked as a mortality benefit for the pension company. This is then set off against losses incurred by people who grow older than the expected final age and whose pension must continue to be paid until they die.
Henk, the food bank? That is only possible if your wife later applies for the benefits and donates the net amount.
Worked for PTT for a while, a long time ago.
I built up pension at ABP then, sometimes I still get a message about it.
I will then receive a whopping 2 euros / YEAR upon retirement! Ole !
It is often not that people do not take the trouble to check that they are still entitled to a pension somewhere, it is very often ignorance.
I myself worked in construction for a while in my early youth, and after a few years I switched my work into an independent activity.
When I was 35 years old I moved to Germany, and when I was 65 years old I was convinced that the small Bouwpensioentje for those few years that I worked in construction had already been paid out or had not been paid out due to the minimal noteworthiness of the amount.
It wasn't until I had already been enjoying my state pension for 7 years that I was surprised to receive a letter from the Bouwpensioen stating that they had a gratifying announcement that my pension had been increased by approximately 1%.
How they suddenly came to my address afterwards is still a mystery to me, but in response to their letter I immediately called the office of bpf Bouw in Amsterdam and told them that this announced increase of theirs was a wonderful message, but that I have never received a pension from them in the last 7 years.
Then I was neatly paid retroactively over the last 7 years an amount of just over 65 Euros per month.
In retrospect, what I find of the various pension insurance policies, which insured persons may not be able to invent, is that they can simply request an unknown foreign address of the person from the SVB.
Often these people do receive their state pension, and their addresses have been known to the SVB for years.
Years ago I worked for more than 2 years at a steel wholesaler.
That company was later taken over by Thyssen Staal (if I spell the name right).
Before I left for Thailand I called that company and they simply said that I was not in their administration.
Jos M, so after you left that steel wholesaler it was sold to Thyssen? Well, then it's true that they don't know you at Thyssen; you never worked there. If you are afraid that you will miss your pension there, please contact the pension fund for metal and technology, pmt.nl. Full name, date of birth and BSN must be sufficient.
Erik, thank you, I will do that tomorrow
Let's see who does the administration and which pension fund currently has it in cash.
Pay the effort and then buy it off.
My sister, now deceased, has always lived in NL and has been to TH 1x on holiday because my brother was so enthusiastic about it. So she just received state pension and a little later also a message about a kind of forgotten small pension from a job she had in her youth for a year or so - with the message that the monthly amount would be so small that it 'had to?' in lump sum. It may vary per pension fund whether and from what amount this applies.
In eg Türkiye and Maghreb=Morocco you can see here and there quite small 'offices' of people who earn some (additional?) money by helping their returned compatriots with this kind of business - on commission. But in many EU countries, the total pension is often provided by 1 institution, including because of work, etc. - so it is understandable that people do not know exactly
From 1 January 2019, stricter rules apply to commuting small pensions (in 2023 up to € 594,89 gross on an annual basis). If there are several small pensions, they may be combined. It is best to obtain information from the pension fund.
There are also options to take out your company pension earlier, this is different for each company pension.
I worked in construction for 20 years, when I developed medical complaints here in Thailand in 2017, I inquired with BPF Construction what the options were, they gave me a number of options, starting my company pension from 2017 until the end of my life, 230 euros per month.
The life expectancy is 81 years, after which I would suffer a loss.
The other was to start my pension on my birthday in 2017 and have the entire amount paid out until my state pension age, after which I will receive 500 euros per year.
I did this and it is my company pension in Thailand in any case in case I do not live to be 81.
I also applied for Digid here in Thailand, it takes some searching, but it is very convenient.
The disadvantage for a lot of people is that most of them are a bit older and already had pensions when they came this way and can no longer change their pension because once signed it remains for your entire life.