Dutch Regulator Says Many Partners Discover Too Late They Lack Survivor’s Pension Cover

The Dutch financial regulator AFM has warned that some people do not realize they lack survivor’s pension coverage, which pays a partner or child after the insured person dies, Crypto Insiders reported on November 2. The warning concerns pensions, not crypto. The Crypto Insiders article contains no crypto content, and its only crypto element is an unrelated sponsored block.

According to the report, a new partner is not automatically registered in every scheme, and leaving an employer, deferring a pension or divorcing can change or end protection. The AFM says providers should make a serious effort to find eligible partners, ex-partners and children instead of leaving the search to surviving relatives. After a death, survivors should be told the amount, when payments start and how long they last. For orphan’s pensions, the AFM cites notice three months before payments end as good practice.

NL Times, citing NU.nl, said the regulator wants providers to move from passive disclosure to personal outreach at the moments when action is needed. Participants are advised to check that their partner is registered, whether their plan includes a survivor’s benefit and whether the projected amount would be enough, or whether extra insurance is worth considering.

The AFM does not say all schemes fall short. Neither source gives pension amounts or statistics.

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Sources:

• Crypto Insiders: AFM waarschuwt: nabestaanden kunnen pensioen mislopen

• NL Times: Finance regulator urges better communication on partner’s pension after their death