Several years ago, the surviving dependent's benefit compensation was added to the ABP scheme when the surviving dependent's benefit paid by the government was cut back on. Entitlement to the surviving dependent's benefit compensation depends, amongst other things, on the family situation, the income of the surviving dependent and the number of years that the employee has participated in the ABP scheme.
The discontinuation of the surviving dependent's benefit compensation is part of a set of agreements that the employers and trade unions made in late 2017 to simplify the ABP pension scheme. Another part of this agreement is that the surviving dependent's pension will be increased.
The discontinuation of the surviving dependent's benefit compensation raises the question as to whether you, as an employee, need to do something about this. We would like to give you the following advice.
Generally speaking, it is wise to determine what the financial situation would be for your partner if you, as an employee and participant in the ABP pension scheme, were to die. Many factors play a role in this, such as your partner's income, your expenses such as a mortgage and the costs of children at school or university, the size of the surviving dependent's pension and any eventual surviving dependent's benefit. The surviving dependent's benefit compensation that has been discontinued is therefore part of a set of factors that you should examine when you assess the financial situation of your partner in the event that you should die. You are advised to periodically review the financial situation should you come to die, so that proper financial arrangements are in place for your partner. You might want to talk to a financial advisor about this subject.
If you wish to insure yourself due to the discontinuation of the surviving dependent's benefit compensation, then we advise you to carefully consider the possibilities that insurers offer.
Employees who currently have a life-threatening illness are advised to report this to ABP before 1 May. For these employees, the surviving dependent's benefit compensation will continue to exist if they have registered on time.
More detailed information about the discontinuation of the surviving dependent's benefit compensation is available on www.abp.nl/english.