Employer pensions
An occupational pension follows the applicable pension arrangements and may be administered by a pension fund, insurer or premium pension institution. A pension scheme with an insurer is not identical to an individual annuity.
A pension scheme may include retirement, partner, orphan and disability benefits. Not every scheme includes every component. Amounts and certainty depend on the actual terms and legal rules.
Individual annuities
An annuity may take the form of insurance, a bank account or investment rights. Bank saving is therefore not inherently life insurance. Deducting contributions requires, among other things, a qualifying product and sufficient annual or unused allowance. Payments are generally taxed; surrender can have additional tax consequences.
Life insurance can pay an agreed amount on survival or death. Term life cover is not automatically indemnity insurance that only compensates actual financial loss.
Loss and accessible money
Non-life insurance covers specified loss or liability under its policy, subject to possible exclusions and deductibles. Pension capital is not a freely accessible reserve for, for example, fire damage to a home. Being financial products does not make their terms interchangeable.
Who can advise?
Required qualifications and authorisation depend on the product and service. The Pension Adviser qualification combines Basis, Vermogen and Pensioen. A general reference to an old Wft Leven diploma is insufficient. Check the external adviser’s current authorisation and services for personal product advice.
What does BPH do?
Bureau Pensioen Hulp has no AFM licence. BPH provides general education and, on request, can introduce you to an external adviser using contact details only. BPH does not provide personal product recommendations, compare products for you or mediate in arranging them. Check an external adviser’s authorisation, services and fees yourself.
Frequently asked questions
Is bank saving life insurance?
No. An annuity account and annuity insurance are different product types.
Is every annuity contribution deductible?
No. Product conditions and available tax allowance determine this.
Sources and reference date
Reference date: 28 October 2026. Check your own scheme and current conditions before deciding.