US Persons with an investment-linked pension via their employer

Are you a ‘US Person’ or do you live (temporarily or otherwise) in the United States of America (US)? And do you have a pension scheme based on investments at Nationale-Nederlanden that has been arranged via your current or former employer? Or do you want to purchase a pension benefit from us using the value of your investments? If so, restrictions apply to your investment-linked pension and/or purchasing a pension benefit.

Nationale-Nederlanden Levensverzekering Maatschappij N.V. is not subject to US broker-dealer regulations. Our pension services are not subject to US securities legislation.

The answer to the question below explains what makes you a US Person. On this page you can also read what you need to take account of as a US Person. Please be mindful that the information you read here is not intended to be investment advice or to encourage you to buy or sell investments.

When am I a US Person?

We consider you a ‘US Person’ if you meet one of the following criteria:

• You are a citizen of the United States of America (US).
• You were born in the US.
• You have a green card.
• You have contact details or bank details in the US, such as a private address, postal address, address for tax purposes, bank account number or telephone number.
• Someone who satisfies one of these criteria will act as your investment advisor, representative or authorized representative.

Am I allowed as a US Person to participate in Nationale-Nederlanden’s pension scheme?

This is not always possible as it depends on the conditions of your pension regulations. Check your pension regulations to find out what applies to you.

Why am I excluded from the pension scheme if I live or work in the US at the time that I can start participating in the pension scheme?

Are you in the employment of a Dutch employer? And do you live and/or work in the US at the time that you can start participating in a Dutch investment-linked pension scheme? In that case, you are subject to US securities legislation. Nationale-Nederlanden works on the assumption that its pension insurances are subject exclusively to Dutch law. Consequently, we do not take account of foreign laws and regulations. For this reason, Nationale-Nederlanden excludes employees in this situation from participating in the pension scheme in the Netherlands.

Can I continue to participate if I move to the US later on?

In some circumstances, you can continue to participate in the scheme if you move to the US after having started employment. Consult your pension regulations for further information.

What happens if I am or become a US Person during the accrual phase of my investment-linked pension?

Do you have an investment-linked pension with Nationale-Nederlanden via your employer? In that case, you will need to purchase a pension benefit on your retirement date using your pension capital.

If you are a US Person on your retirement date, you will only be able to purchase a guaranteed, fixed pension benefit from us. Such a pension does not involve investments. In other words, as a US Person you will not be able to purchase a variable pension benefit from us. Remember, you can also purchase your pension benefit from another provider.

During the accrual phase of your pension, you will already be anticipating the pension benefit that you will purchase on your retirement date. When your retirement date approaches, we will ask you to pay attention to the way we invest your pension money. Based on your choice and risk profile, we will gradually prepare your investments for your pension benefit. We will then be able to reduce your investment risk as much as possible, or to a lesser extent:

• With a fixed pension benefit, we recommend reducing your higher-risk investments as much as possible.
• With a variable pension benefit, it would be advisable to draw down your high-risk investments to a lesser extent.

You decide the extent to which the investment risk is reduced as your retirement date approaches.

What options do I have as a US Person when purchasing my pension benefit?

If you are a US Person on your retirement date, you will only be able to purchase a guaranteed, fixed pension benefit from us. Do you have a pension scheme based on investments? In that case, we will need to sell all your investments on your retirement date in order to be able to purchase this pension benefit.

Do you wish to run a (substantial) investment risk up until your retirement date? In that case, be aware that your investments can still (sharply) fall or rise in value at the last minute. You can limit this by reducing your investment risk as your retirement date gets closer.

The longer we make higher-risk investments on your behalf, the more your pension capital can potentially grow. However, the results of your investments can also fall short of expectations, resulting in a lower pension capital. If you then purchase a fixed pension benefit on your retirement date, you will no longer be able to compensate any disappointing results. Therefore, when choosing your investment risk, always consider the following:

• which risk are you willing and able to accept with your investments in the period up to your retirement date;
• the pension benefit amount that you think you will need following your retirement date.

Why can US Persons not purchase a variable pension benefit from Nationale-Nederlanden?

US legislation sets specific conditions on companies that sell investment products to US Persons. Nationale-Nederlanden works on the assumption that its pension insurances are subject exclusively to Dutch law. Consequently, we do not take account of foreign laws and regulations. For this reason, US Persons cannot purchase investment products, such as variable pension benefit, from Nationale-Nederlanden. However, as a US Person you will be able to opt for our fixed pension benefit. Remember, you can also purchase your pension benefit from another provider that may be able to offer you a variable benefit.