Help your staff member navigate the different steps involved in claiming and collecting their group insurance benefits
After years of loyal service, the time has come for one of your staff members to retire.
Watch the video below to find out how they can request payment of their supplementary pension benefits on MyAG Employee Benefits in just a few clicks.
And don’t forget to inform them of the option to continue their hospitalisation coverage on an individual basis.
The steps involved in the payment of group insurance benefits
1. Your staff member has had contact with the Federal Pensions Service (FPS) to confirm their retirement date.
There's no need for your staff member to file a request with the FPS directly if:
- they will be retiring upon reaching statutory retirement age (currently 65, to be increased to 66 as of 2025 and 67 as of 2030)
- they worked as a salaried employee or on a self-employed basis in Belgium
- they currently reside in Belgium
If your staff member fulfils the three criteria listed above, the FPS will contact them directly to set the official departure date. In all other cases, your staff member will have to file a request with the FPS.
2. The FPS will notify AG of the statutory retirement date
The FPS will then provide AG with all of the necessary information about your staff member so that we can start the process of releasing the group insurance entitlements.
As an employer, you don't need to send us anything at this stage.
3. AG will send your staff member a letter outlining the practical details for collecting their group insurance entitlements
Your employee will receive a letter from us covering all of the plans they have with AG (i.e. both active and dormant plans) at the earliest two and a half months before their retirement date. In this letter, we will request certain types of information such as their bank account number.
Depending on your staff member's individual circumstances, they will also have to fill out various forms such as:
The insured can provide us with this information in the following two ways:
- Via MyAG Employee Benefits: this platform is by far the quickest and easiest option
- If you're not a MyAG Employee Benefits user, your staff member can also communicate this information in ordinary paper form or via e-mail (payout@aginsurance.be)
If your staff member meets the criteria specified in the Attestation of Professional Activity, they will ask you to attest to the accuracy of this form so that their group insurance entitlements will be eligible for more favourable tax treatment.
Given the current circumstances, we understand that it can be difficult for your employee to send you the Attestation of Professional Activity. This is why AG has come up with a fast, effective solution. As an employer, you temporarily have the option to send AG an e-mail confirming your employee's professional activity and that they meet the criteria. Your staff member can simply go ahead and sign the Attestation of Professional Activity, and all you have to do is send us an e-mail as confirmation.
At this time, your staff member will also be able to choose between collecting the benefits as a one-time cash lump-sum payout or as a regular annuity.
Interested in helping your staff members with the formalities? Go to MyAG Employee Benefits.
4. AG starts the process to release the supplementary pension benefits
Once we have all the information we need, we will double-check it and, in some cases, ask for additional details.
If we receive all of the correct information three weeks before the retirement date, we will pay the proceeds into the insured's account in the month following their departure.
If your staff member chooses to collect their benefits as a single lump-sum payout (the most commonly selected option), we will send them a Notice of Settlement with the details of the amount paid. If, on the other hand, your employee has opted to convert the benefits into a regular annuity, they will receive a Certificate of Annuity specifying the annuity value to be paid.