ANW shortfall insurance
In the event of your death your partner will receive a survivor’s pension from Philips Pensioenfonds. In addition, your partner may be entitled to a statutory survivor’s allowance from the government under the Surviving Dependants Benefits Act (ANW). There are conditions attached to this. Your partner has not reached the AOW pension age, or have to care for one or more children below the age of majority or be partially disabled (incapacitated/unfit for work). If your partner does not receive a (full) ANW benefit from the government, you can take out voluntary ANW shortfall insurance with Philips Pensioenfonds. Your partner will then receive an extra amount each month from Philips Pensioenfonds in the event of your death.
You can take out this insurance if your partner has not reached the AOW pension age. And you can only take out ANW shortfall insurance within two months after:
- you have entered into employment with Philips;
- you enter into a (new) relationship;
- you have had a child.
As of April 2020 the maximum amount that can be insured is € 18,084 per year. You can also opt for a different amount: € 12,056 or € 6,028 per year. The amount insured can be reduced at any time. It can be increased only if you have just had a child, in which case you must notify us within two months after the birth of your child.
The contribution that you pay depends on your age and the amount insured. It is deducted from your gross monthly Philips salary. ANW shortfall insurance continues until you reach the age of 68. If at that time your partner is younger, you can continue the insurance by paying an individual contribution until your partner reaches the AOW retirement age.
Your insurance ends automatically if any of the following situations arises:
- your relationship has ended
- you no longer work for Philips
- your partner reaches the AOW retirement age
- your partner dies
You can terminate your insurance at any time, in which case we arrange for the payment of contributions to end.
More information about the government’s ANW plan can be found on the website of the Social Insurance Bank (SVB) www.svb.nl