The Dutch Authority for the Financial Markets has published a report identifying gaps in survivor pension information, including situations where members are unaware they have no cover. Pension providers must give timely, actionable information, explain benefits fully after a death and actively trace everyone entitled to receive them. Providers must clearly identify when members need to act, such as registering a partner or making choices when leaving employment. Personalized, understandable communication should explain the consequences of those choices and help members assess whether they need additional provision. Providers must also warn when cover is absent or ends, including when members leave employment, retire or experience changes in their partner relationship. Members need to understand the risks, when protection expires and what options are available. After a death, providers must explain how much beneficiaries will receive, when payments begin and how benefits may change, including circumstances affecting entitlement or payment amounts. Communication should reflect the survivor’s circumstances, with personal advisers and specialist support desks cited as good practice. Providers must also make every effort to locate all eligible beneficiaries using available sources and targeted communication, rather than leaving responsibility with survivors. Clear definitions of eligible partners and children, timely partner registration and direct contact with potential beneficiaries should help prevent missed partner and orphan pensions.

Original source