Automatic conversion – why we do it

You value a good pension for yourself and for your surviving dependants. Yet, you want to understand why NN CDC Pensioenfonds automatically converts part of your pension into surviving dependants’ pension... and the amounts involved.

On 1 October 2022, your pension accrual in NN CDC Pensioenfonds was discontinued. Shortly after that, in October, the pension fund sent you a letter about this, which you can find in My Pension. In that letter, the pension fund also outlined the consequences for the pension your partner and children will get.

Care for your loved ones
Your pension accrual in our pension fund has been terminated. Consequently, the risk-based pension for your surviving dependants has also been discontinued. If the pension fund doesn't take action, your loved ones will run the risk of being left behind without benefit if you were to pass away.

Automatic conversion
To prevent that from happening, the pension fund automatically converts part of your old age pension into partner and orphans pension. If you’d prefer to undo the conversion when you retire and get a higher old age pension instead, you can. As at your retirement date, you can reconvert the value of your surviving dependants’ pension into a higher old age pension.

I am single
Even if you're currently not in a relationship, it could be important to have surviving dependants’ pension because you might have a partner or children in the future. Surviving dependants’ pension also covers future partners and orphans. It's reassuring to know that if you pass away, your partner and children will receive a pension.

Insight into the amounts
If your partner agrees and you are aware of the risks involved, you don’t need to wait until your retirement date to undo the automatic conversion. We expect to complete the update of our administrative systems by early April 2023. We will then send you a letter with a pension overview (UPO). The letter will specify the amounts before and after the automatic conversion. You may then decide to cancel the automatic conversion, but you must report this to us within six months. You will find the relevant form on the website.

Already made your decision?
Have you already sent us the form for cancellation of the conversion? Given that we will not be able to process your request until we have updated our administrative systems, you too will get a letter early next year specifying the amounts before and after the automatic conversion. However, you won’t need to take action, because you've already made your choice. When we have processed your request, we will send you a new pension overview showing the cancellation of the automatic conversion. Should you want to reverse your cancellation of the conversion in the following year, you must report this to us within six months.

Call the Pension Desk
If you have any questions about your pension, you can reach out to the staff of the Pension Desk during office hours. And for more information regarding your pension, please visit our website.