Yes, that’s possible. A former member of a Dutch pension provider who wishes to have the value of his accrued pension entitlements transferred to a pension institution outside the EU / EEA can submit a request to the Dutch pension provider pursuant to Section 87 of the Pensions Act (Pw). The Dutch pension provider must then follow the procedure below.
Value transfer to a foreign institution is only possible if the pension provider demonstrates to De Nederlandsche Bank (DNB) that it meets the requirements of the Pw. According to Section 87 Pw, the Dutch pension provider must demonstrate the following to the satisfaction of DNB:
- The requirements in art. 71, paragraph 1 Pw. That means the following:
- There is an individual termination of employment or participation.
- With the value transfer, the deferred participant can acquire pension entitlements with the receiving pension provider of the new employer.
- The partner agrees to the transfer of the value of the entitlement to partner’s pension.
- The transferring pension fund has a policy funding ratio of at least 100% or the transferring insurer has no emergency regulations or bankruptcy.
- The foreign institution is subject to a form of government supervision in the country of residence.
- The assets of the foreign institution and the new employer are legally separated by the existence of a separate legal entity from the institution, by a special preferential arrangement in favor of pensioners or otherwise.
- After the value transfer, the options for commuting the transferred pension entitlements are not wider than under the Pensions Act.
DNB also requests the Dutch pension provider to provide the name of the Dutch employer and the names of the foreign employer and the foreign pension provider with the notification to DNB. The Dutch pension provider must also provide the pension regulations of the foreign pension institution.
The Dutch pension provider is primarily responsible for assessing whether all conditions for an international value transfer have been met. DNB tests this only marginally and issues a statement on this.