SPF will be temporarily unable to perform value transfers from August 1, as SPF’s policy funding level unfortunately is lower than 100% from that date.
The law prohibits pension funds from performing value transfers for as long as they find themselves in this situation. As soon as the policy funding level has risen above 100% again, SPF can once again perform value transfers.
The policy funding level is the average of the last twelve months of funding levels.
The funding level is the ratio between a pension fund’s capital and its pension obligations.
As part of a value transfer, a pension fund transfers a member’s pension entitlements from one pension fund to another. Value transfers are usually requested if an employee changes employer and therefore accrues pension at a new pension fund.
New requests
Although new requests for a value transfer can be sent to SPF, they will only be processed when the policy funding levels at the pension funds in question are above 100%.
Pending value transfers
Pending value transfers at SPF will be processed if the member accepts SPF’s (provisional) statement (within the statutory period).
Value transfer of small pensions
If your retirement pension is less than €497.27 (2020 threshold), your pension will be transferred automatically despite the low policy funding level.