Losing your job
If you lose your job, you must decide what to do with your pension scheme. You have different possibilities.
Continue the pension scheme
Normally, you can continue the pension scheme by paying the contributions yourself. If you already pay the contributions yourself, you may want to reduce the monthly payment, however, there might be tax-related consequences. Contact DIP for further information.
If payments are not continued, you maintain your pension and insurance covers for the first three months after payments have been discontinued. This is called the non-contributory period. You can apply for having the non-contributory period prolonged. The costs for maintaining your covers in the non-contributory period are deducted from your deposit.
When the non-contributory period expires, you are transferred to dormant membership if contribution payments are not continued. This means that your covers are calculated on basis of the value of your payments.
Transfer the savings to a new pension scheme
You can transfer your pension scheme in DIP to a new scheme. However, a possible transfer might involve costs depending on the pension agreement for your scheme in DIP and the new scheme. Accordingly, it is often a good idea to keep the pension scheme in DIP as a dormant member. Contact DIP for further information.