About Essentie Pensioen

You are a participant in your employer's pension plan. This pension plan provides a portion of your income when you retire. Your employer has chosen the Essentie Pensioen product from BeFrank.

Which parties are involved in the Essentie Pensioen?
With the Essentie Pensioen, you benefit from the simplicity of BeFrank. BeFrank is responsible for the implementation of the defined contribution pension plan within the Essentie Pensioen.

Essentie Pensioen is a partnership between NN Investment Partners for the investments, AZL for the pension administration and Nationale-Nederlanden for the insurance. NN PPI has outsourced the asset management to NN Investment Partners. The pension administration is outsourced to AZL N.V. BeFrank always remains responsible for the outsourced activities. Nationale-Nederlanden Levensverzekering Maatschappij N.V. and Nationale-Nederlanden Schadeverzekering Maatschappij N.V. together provide the supplementary insurance within the Essentie Pensioen. With these parties, you benefit from each expert in their field: insurance, investment and pension administration. The three parties have been working together under the same flag for many years already: A unique combination of expertise that guarantees quality.

What is the Essentie Pensioen?
The Essentie Pensioen is a pension plan in which a capital sum is accrued by means of investments. This is also referred to as a 'defined contribution plan'. Your employer usually pays the pension contribution or part of it. You often pay a part yourself. BeFrank invests the pension contributions paid in investment funds. With these invested contributions, a capital sum is accrued for you. On your retirement date BeFrank sells the investments, with the income being used to pay for your pension. This may be a retirement pension with a partner's pension, for example. In addition, your employer can take out supplementary insurance for you for when you die or become incapacitated for work.

Important advantages of the Essentie Pensioen are its simplicity and quality. The simplicity is reflected in an understandable pension plan, clear communication and an easy-to-use personal website. The quality is reflected in the investment funds, the investment policy with optimal protection for your pension, good administration and the parties behind the Essentie Pensioen.

How do you accrue a pension?
The amount of the contribution is dependent upon your pension plan. Each month the amount of the contribution is determined on the basis of your age and your current salary. This contribution is paid by your employer and then invested by us. For more information about how your contributions are invested, see My accounts.

What are the costs of the Essentie Pensioen?
Your contribution is invested in full. This means that no administration fees or insurance contributions are deducted. Besides the contribution for your pension accrual, your employer pays the administrative costs for the implementation of the pension plan plus any contributions for additional insurance.

You may also pay a part of the contribution for the Essentie Pensioen yourself. This is also referred to as the 'personal contribution'. You can find out what this contribution is in the introductory letter that you receive when you commence your participation in the pension plan. You can also find this introductory letter on this website under My Documents – Correspondence.

There are costs associated with investing in investment funds. The amount depends upon the way in which the manager invests and what is invested in. The costs of investment funds are offset against the price of your investments. In addition, we charge service costs four times a year. These costs are partly related to the application of the LifeCycle concept and the investment administration and are offset against your invested capital sum. For more information about the amount of your investment costs, see My accounts.