ABN AMRO’s ANW shortfall insurance on TV’s Radar

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On 9 September, consumer information programme Radar dedicated part of its broadcast to the situation of the surviving dependant of a former ABN AMRO employee. That employee had taken out an insurance policy with ABN AMRO Verzekeringen (AAV) to cover a possible shortfall in income from the Dutch Surviving Dependants’ Act (Algemene Nabestaandewet, or ANW). Available only to ABN AMRO employees, this insurance is an optional supplement to the pension scheme. The issue discussed on Radar arose with the surviving dependants of 20 ABN AMRO employees. Those surviving dependants have been contacted, and an appropriate solution has been found for each of them.

 ANW shortfall insurance is a safety net that protects surviving dependants from an income shortfall until the beneficiary reaches the age at which he or she starts drawing a state pension. Under the original terms of the insurance, the policy paid out until the beneficiary turned 65; when the insurance was taken out, that was the age at which people started drawing their state pension.

Since 2013, however, the state pension age and retirement age have both gradually been raised. Initially the insurer held on to the age of 65, even though the state pension age was being pushed back. As a result, beneficiaries could still experience a drop in income despite their ANW shortfall insurance.

The surviving dependant on Radar made a fair complaint about this discrepancy, and ABN AMRO Verzekeringen resolved the issue. It also examined whether the same situation could arise with others, and found that 20 surviving dependants of former ABN AMRO employees were exposed to the same risk. Those surviving dependants have been contacted individually, and the problem has been resolved for each of them.


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