A standard value transfer is made when requested by a member. However, it is possible that you have received a letter from the Heineken Pension Fund (HPF) concerning an incoming value transfer of pension you have accrued with a previous employer without having requested the transfer yourself. This is called an automatic value transfer. This blog explains how the automatic transfer works.
What is an automatic value transfer?
The government has established in law that small pensions (from € 2.00 to € 497.27 gross p.a.) may not be redeemed prematurely. That would imply cancellation of the actual purpose of the pension. Pension providers, such as pension funds and insurance companies, can opt to make an automatic transfer of small pensions. If you have accrued a small pension with a different pension provider, it can be transferred automatically to the HPF. The advantage of such an automatic value transfer is that your pension is no longer held by different pension providers and it retains its purpose to provide a pension. Also, given that the administration of small pension involves relatively high costs, pension providers have fewer administrative expenses.
How does the HPF deal with small pensions?
The HPF is obligated to cooperate on an automatic value transfer from another pension provider. The HPF also automatically transfers small pensions to new pension providers. Should you leave Heineken to work for another employer, there can be an automatic value transfer from the HPF to your new pension provider.
If you have any questions about automatic value transfer you would like answered, please contact our pensions helpdesk. The helpdesk can be reached by calling 071 – 545 80 65 or by email: firstname.lastname@example.org.
Heineken Pension Fund