Why have you received this letter?
You have a vested benefits account with the Substitute Occupational Benefit Institution LOB. Pension funds are legally obliged to transfer your assets to us if you do not contact them after leaving, or you may have instructed the pension fund yourself to transfer your assets. In this letter, we keep you up to date with the current status of your account on an annual Basis.
What do you need to do?
If you are working and insured through a pension fund, you should arrange for your assets to be transferred to your current pension fund. To make the transfer process easier for you, you are welcome to use our online form.
Alternatively, you can also print the form out and fill in before returning it to us by mail. If you have any questions about the details of your pension fund, your employer will be happy to help you.
For legal reasons, you are obliged to have your vested benefits transferred to your new employer’s pension fund.
As of 1 January 2020, the current interest rate for the vested benefits accounts is 0.01% (subject to any interest rate adjustments made during the year)
You can find further information about the figures listed on your account statement here: Account Statement.
You are an employee and are insured with a benefits scheme. You therefore need to transfer your vested benefits to this benefits scheme.