Protocol Streamlining Capital Transfers (PSK)

If you have built up tax-efficient pension capital with another provider and you wish to transfer this capital to Vive (or vice versa) without immediate income tax, the Protocol Stroomlijning Kapitaaloverdrachten (PSK) offers a solution. This document explains how to arrange such transfers. This also applies to the transfer of pension capital from Vive to another provider.

Vive Pension Plan

Vive's pension plan includes:

• A personal annuity account.
• A diversified investment portfolio.
  
• An investment strategy.
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The annuity account is blocked to prevent unintended withdrawals, which can lead to tax consequences, such as the direct deduction of income tax and possible revision interest. Contributions to this account may be tax deductible. Transfers to or from another provider, without direct income tax, are possible under certain conditions.

PSK

Vive is affiliated with the PSK to ensure the transfer of accrued capital runs smoothly and without direct tax consequences. This protocol, supported by the Dutch Association of Insurers and the Dutch Banking Association, ensures a 'tax-neutral' transfer of value, where there is no need to immediately settle with the Tax Authorities.

Avoiding income tax

A transfer of value must be done carefully, because otherwise the Tax Authorities can levy tax on the accrued capital. The Dutch Association of Insurers and the Dutch Association of Banks have therefore made mutual agreements to ensure that a transfer of value runs smoothly. This is called "tax neutral". This means that the transfer takes place in such a way that there is no need to settle with the Tax Authorities in the interim. These agreements are laid down in the PSK. The parties affiliated to the PSK (such as banks, insurers and investment institutions and companies) have agreed procedures with regard to the transfer of value of fiscally facilitated products to another provider. Vive is affiliated with the PSK and works according to this protocol.

Read more about the PSK on the website of the Dutch Banking Association (NVB) or on the website of the Verbond van Verzekeraars.

Advice on value transfer

You are responsible for choosing to transfer value to or from Vive. If necessary, seek advice from a financial advisor to determine if doing so is a wise choice. Value transfers can have long-term tax consequences.

How does it work?

a. Transfer of value to Vive

Download the form at the bottom of this text. Sign it and send it to your current provider. Once the current provider has received the form and all required documents, they will initiate the transfer.

After this, the transfer will be carried out within fourteen calendar days. If the fourteenth day falls on a weekend or a public holiday, the first following working day will be considered the fourteenth day. Vive will send you a message as soon as the money has been transferred to Vive by the transferring PSK participant. The provider carrying out the transfer may charge fees.

Link to the form

b. Value transfer from Vive to another provider

If you decide to continue the value of your pension investment account (in the interim) with another PPI provider, please report this in the chat function of the Vive app or by e-mailing support@viveapp.com. Vive will then send an e-mail with the transfer form and an explanation of the form. The form must be fully completed, signed and returned. After receipt, Vive will complete the transfer within fourteen days. The administrative costs charged by Vive for transferring your value to another provider are: (to be determined).

Additional required documents

In some situations, additional documents are required, for example, in the event of a divorce or death. Without these documents, Vive is not allowed to transfer your money to another provider.

• Divorce: Divorce agreement.
• Death: Death certificate and certificate of inheritance.
• Power of attorney: Proof of power of attorney.
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In the event that the financial institution to which you wish to transfer the value does not participate in the PSK, the acquiring financial institution of Vive requires a disclaimer. Vive will coordinate this disclaimer with the acquiring financial institution.

Interest

If the fourteen-day period for transfer of value is exceeded, the transferring party is obliged to pay statutory interest.