A capital transfer means that you move the amount you have built up in an annuity product to another provider — for example, to ING Pension Investing. This way, you can bring your pension assets together in one place, maintain a clear overview, and continue building your financial future from a single central environment.
Please note: You can only transfer capital from the third pillar of the Dutch pension system. Pension accrued through an employer (the second pillar) cannot be transferred to ING Pension Investing.
"}},{"componentType":"sectionTitle","title":"How do you arrange a capital transfer?"},{"componentType":"applicationProcess","steps":{"title":"Follow these four steps to transfer your accumulated capital to ING Pension Investing:","stepList":[{"title":"1. Open a Pension Investment Account","body":"Open an account via the ING App or Mijn ING. This is required to be able to transfer capital."},{"title":"2. Request the transfer","body":"After opening your account:","list":["In the ING App, go to your pension account and select ‘Settings’ (mobile) or ‘Manage’ (web version).","Then choose ‘Transfer’."]},{"title":"3. Provide the required details","body":"Enter the following information:","list":["The name of the provider from which you want to transfer.","Your account number with this provider.","The current balance on that account."]},{"title":"4. ING initiates the transfer","body":"Once your request is complete, ING will contact your current provider and start the transfer process. You do not need to contact them yourself — ING will handle this for you."}]}},{"componentType":"sectionTitle","title":"How does the transfer work?"},{"componentType":"paragraph","richBody":{"value":"For a smooth transfer between financial institutions, the PSK protocol is used (Protocol for Streamlining Capital Transfers). This protocol stipulates that the transfer must be completed within 14 days.
Please note: You can only request transfers from institutions that participate in the PSK protocol. More information can be found via the Protocol for Streamlining Capital Transfers (PSK).
If the transfer has not been completed after 14 days, contact your current bank or insurer. In some cases, you may be entitled to statutory interest. More information can be found via the Protocol for Streamlining Capital Transfers (PSK) (Dutch only).
"}},{"componentType":"sectionTitle","title":"Tax implications of a value transfer"},{"componentType":"paragraph","richBody":{"value":"When transferring your annuity capital, tax rules apply. These rules depend on when your annuity was taken out.
Your annuity automatically falls under the new regime if it is held with a bank, investment institution, or investment firm. If your current annuity falls under the old regime and you want to move it to ING, the new regime will automatically apply.
Under the new regime, you must use the capital to purchase a periodic payment product. There are several permitted payment options, such as the temporary old-age annuity and the old-age annuity. Within this regime, tax conditions apply, but there are also exceptions.
"}},{"componentType":"sectionTitle","title":"Exceptions for annuities"},{"componentType":"actionAccordion","actionAccordionList":[{"title":{"value":"Annuities taken out before 1 January 2006
"},"paragraphs":[{"componentType":"paragraph","richBody":{"value":"You may use (part of) your capital for a bridging annuity.
This payment starts at a moment of your choice and ends in the year in which you:
Turn 65,
Receive state pension (AOW), or
Retire.
If you have made no contributions after 31 December 2005, you may use the full value.
If you have made contributions after that date, you may only use the value as of 31 December 2005.
You can find this value on your 2005 annual statement or request it from your bank or insurer.
"}}]},{"title":{"value":"Annuities taken out before 1 January 2014
"},"paragraphs":[{"componentType":"paragraph","richBody":{"value":"You may start a temporary old-age annuity (payment) in the year you turn 65, instead of the year you receive state pension (AOW).
If you have made no contributions after 31 December 2013, you may use the full value.
If you have made contributions after that date, you may only use the value as of 31 December 2013 for a payment starting at age 65.
"}}]},{"title":{"value":"Multiple annuities?
"},"paragraphs":[{"componentType":"paragraph","richBody":{"value":"Do you want to transfer annuities from different periods? Then it may be useful to open multiple accounts. This way, you maintain flexibility when choosing the right payment option.
Please note: you are fully responsible for managing these accounts. A deposit into an inactive account may result in losing your tax entitlements.
"}}]}]},{"componentType":"sectionTitle","title":"Good to know"},{"componentType":"paragraph","richBody":{"value":"ING does not provide personal advice on capital transfers or tax implications. You must decide for yourself whether a capital transfer is suitable for you.
When making your decision, take into account:
Any costs your current provider may charge when switching.
Whether your current product has a guaranteed final value, and if you would lose this guarantee upon transfer.
Possible tax consequences of the transfer.
*For informational purposes, we will use the name Pension Investing. The actual product name is Pensioenbeleggen. This translation is intended for the customer’s convenience only. In the event of any inconsistency between the English translation and the original Dutch version, the original Dutch version shall prevail.
"}}]}}}