Guidance on Information Provision for Third Pillar Pension Products

Inform your customers at least 6 months before the expiration of the accumulation phase of their pension product (expiration date).

Inform your customers about the possible choices, including the 'shop right', and the payout options for the pension capital. Use digital tools if appropriate.

Make the information customers need to make an informed choice easily findable, and verify that they can actually find the information.

Explain in understandable language which choices customers must make, and verify that they actually understand the information.

Structure the information in layers so that customers can determine themselves whether and where they want to read more detailed information. Relevant key messages are in the first layer of the information.

Use current and personalized information you have about customers, such as age, the amount of pension capital, and the fiscal regime. Based on this information, enable them to make definitive choices regarding the pension product, without advising your customers.

Pension as a product. How does a pension work? What is it and what can customers do with it?

The difference between banking and insurance products. Consider aspects such as duration, longevity risk, and coverage of survivor risk.

Fiscal aspects of a pension. What fiscal aspects are characteristic of a pension? Ensure that customers can easily find, in understandable language, which fiscal rules apply (or may apply) to them, such as gifting or cashing out.

Customer-specific information. Customers should expect to receive information about the expiration date, the current amount of capital, the fiscal regime, concrete deadlines for making a choice, and the contact details of their advisor.

Information about the expiration process. Make clear what customers must do, where they can obtain further information, and what happens if they do not respond in time.

Options at the end of the pension accumulation phase. What are the main options at the end of the pension accumulation phase (expiration)? Make clear to customers what the different options are for paying out, deferring a payout, or, for example, consolidating pensions.

Forms of service delivery. What forms of service delivery can customers choose from at expiration? Customers must know the main differences between advice and execution only, including costs.

Shop right. Customers must know that they can also purchase a product from other providers when their pension reaches the end date.