Dear Anthony,
As a respond to your questions, hereb a brief reaction. Going over all the details in a public platform such as this would take a lot of time and perhaps waste that time, since most comes down to the details (as in most cases). In general, this is how it works. Since some words are hard to translate, I will write them both in English and Dutch, so your advisor and bank know what I mean.
The ideal set up would be that after your emigration to the UK, a direct transfer from your current pension fund in the Netherlands to the desired UK pension fund would take place. In theory, this is a simple transfer, but, as you described earlier on, in practice that may be different. In essence, from a Dutch point of view only a few steps have to be taken for such a transfer. The first step would be that the Dutch Pension and Insurance Chamber (Pensioen- en Verzekeringskamer) allows the international transfer. Withing the EC, that is rather a formality then a real issue as such. The serious issue from a Dutch point of view will be to get authorisation from the Tax Authorities. In the case as you described it, that will not be a real problem, but it takes time and formalities have to be fullfilled. The Dutch Tax Authorities will impose an assessment on all accrued pension rights in your “Dutch” period once you emigrate. This assessment does not have to be paid though, and does not block any international transfer, provided the UK insurer takes over responsibility for any Dutch tax claims and agrees to excecute the Dutch part of your pension in accordance with Dutch civil and tax legislation (e.g. no lump sum payments on pension date, fullfilling division of pension rights in case of a divorce, et cetera).
The second option would be the “2 step”. In general, this is only to be recommended, should the Dutch pension fund be unable to handle an international transfer. Please bear in mind that this will trigger a handling fee. Step one would then be a transfer within the Netherlands (no approvals needed besides from your employer and pension fund), step two would be the international transfer as described above.
Modifying a pension policy into a personal insurance policy such as a “lijfrente” will cause serious tax effects, and is illegal. This is a path that should be avoided at any times. A transfer to a so called C-policy within the Netherlands (which is a pension policy with all tax benefits included) can be done without breaking any rules though.
As for the beneficiaries on a pension policy, of course the net worth in a policy can be used for a widow/orphan pension. An open end beneficiaryship means that, in the situation you have no partner and/or children, the net worth will be paid out to your heirs in case of your decease. The Dutch term for it is “restbegunstiging”.
In case you need further assistence, let me know ok? You can always write me directly via email, or post in here. If it gets into too much detail, perhaps a phone call could work miracles.
Regards,
Paul
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