Commutation

If you only have a small pension with us, APF Pension Fund may decide to commute it or transfer it to your new pension administrator.

Is your pension with us € 2.- or less per year?
Then by law this pension will lapse. This is because the administration costs involved are more than € 2.-.

Is your pension less than € 503,24 (2021) gross per year?
If your participation in our pension scheme ended before 1 January, 2018, you will receive this small pension in the form of a one-off lump sum payment. This is known as commutation. Is your pension higher? Then your pension will remain with us.

If your participation in our pension scheme ended after 1 January, 2018, APF Pension Fund will transfer your small pension automatically to your new pension administrator. If you haven’t got one yet, your pension will remain with us for the time being.

You will automatically receive a letter if we decide to commute your pension
You will automatically receive a proposal from us 2 years after you have stopped working. No action is required on your part. Of course you may also contact us yourself after 2 years.

If you are about to retire and have a small pension, we will send you a letter about the commutation of your pension when you request payment of the pension in question.

Your financial situation will change once your pension has been commuted

  • As you will stop receiving a monthly pension from us, your income will be lower.
  • Your income will be higher in the year in which we commute your pension and you may pay more tax as a result. If you are currently receiving health benefits or a rent allowance, these may change too. This is because the government takes your income into consideration when calculating the benefits to be paid to you.