On 1 January 2019, the Dutch Small Pensions (Value Transfer) Act (Wet waardeoverdracht klein pensioen) took effect. The Act facilitates the automatic value transfer of small pensions to your current pension provider. This means that several small pensions can be combined into one larger pension. In addition, this Act restricts the possibility of commuting small pensions prematurely. This is only possible on the retirement date. A small pension has a limited scope and arises when the pension accrual via your employer is terminated.
Nationale-Nederlanden was already reluctant to commute small pensions in recent years. As of 1 January 2019, interim commutation of new small pensions (arising as of 1 January 2018) is no longer permitted. In line with this legislation, we will in future offer commutation only on the retirement date. We do this based on the idea that a pension is meant as a retirement provision.
Very small pensions (€ 2 or less per year) that arise after 1 January 2019 will be cancelled automatically. Nationale-Nederlanden does not keep this money, but donates the value to a good cause.