Waiver of premium - we make contributions to your pension scheme if you lose your earning capacity
You can rest assured that contributions are still made to your pension scheme if you are unable to work because of illness or an accident. We manage the contributions for you so that you can concentrate on your everyday life.
With the waiver of premium, contributions to your pension scheme will continue throughout the agreed period of contribution.
You will get:
- Waiver of premium if you lose your earning capacity (⅓ or less)
- Simple insurance as part of your pension scheme
- Security regarding your future financial situation
Your health matters when you take out the insurance. Typically, waiver of premium is part of an insurance package included in your pension scheme, for which we obtain health information.
If your earning capacity is reduced to one third (under some agreements it is half) or less because of illness or accident, we make contributions to your pension scheme for you.
It might be a requirement that you have suffered a loss of income and no longer receive your previous salary. This will be specified in your insurance conditions.
We typically start to pay contributions three months after you have lost earning capacity. Some schemes have a waiting period of 6 or 12 months.
We make contributions to your pension scheme until you have regained sufficient earning capacity - or once the agreed time for lapse of premium payment is reached. Regardless of whether you are back to work or not.
Log onto Netpension to see whether waiver of premium is already part of your pension scheme - it is for 90% of our customers.
Please contact us if you need any guidance.