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AOV stands for “Algemene Ouderdomsverzekering”. It is a general insurance, based on the principle of solidarity, which guarantees a basic pension to those who have reached retirement age.
Solidarity principle means that:
- Anyone who has been insured for AOV and has reached the pensionable age, is entitled to receive AOV.
- You are insured when you lived registered in the (former) Netherlands Antilles and/or were declaring income tax in the (former) Netherlands Antilles.
As a result of 10-10-10 every island of the former Netherlands Antilles has to pay only for the portion of pension equivalent to the years build up on that specific island.
We advise to apply 6 months in advance of reaching pensionable age as this is a lengthy process.
How does someone build up insured years?
1. Being a resident, registered at the Census office and living on Sint Maarten, between their 15th year and pensionable age (60, 62 or 65 years)
2. Nonresident but being assessed for income tax as a resident of Sint Maarten. E.g. people registered and living on the French side but working on the Dutch side and filing their income tax on the Dutch side do build up insured years.
When can I expect my old age pension to be paid?
By Law, the first of every month.
Can someone continue working after the pensionable age?
Yes, however, it is important to know that the AOV premium must not be withheld from your monthly wages in that case. If AOV premium is still withheld by your employer, you should be refunded the amount of premium paid upon submitting your income tax return.
When does an AOV pensioner receive a Christmas bonus?
All pensioners who have a right to AOV pension benefits by the 1st of September of each calendar year are entitled to a Christmas bonus. The Christmas bonus is paid together with the pension for the month of December.
For new pensioners: if you reach the pensionable age before the September 1st, you are entitled to receive the Christmas bonus for the first time in December of that year. If you reach the pensionable age on or after September 1st, you will be entitled to receive the Christmas bonus for the first time in December of the calendar year thereafter.
Who is entitled to unclaimed AOV pension amounts?
If for any reason there are any unclaimed AOV pension amounts after a pensioner passes away, the heirs of the deceased pensioner can claim these funds (if applicable). Application should be done within six months after the passing of the pensioner. Click here for Lump Sum After Passing for more information.
When will a deduction be applied on your AOV benefit?
The full old-age pension benefit is based on a period of 45 insured years. For each year that you haven’t been insured in that period (for example, because you didn’t reside on St. Maarten or you didn’t declare income taxes), a deduction will be applied on your AOV-pension benefit.
Because the AOV insurance started on September 1, 1960, there will be people who won’t be able to build a full/maximum benefit. These missing years will be counted as insured years under three conditions:
If you receive AOV benefits, what percentage is deducted for the AVBZ premium?
If you live on St. Maarten, you must pay the AVBZ premium in the amount of 1% of your AOV-pension. If you live outside of Sint Maarten, no AVBZ premium will be deducted from your AOV-pension.
What is a Life Certificate?
A life certificate is a legal document signed and validated by an authorized person stating that this person is alive. SZV accepts as authorized persons: Justices of Peace, a Notary Public, a Civil Law Notary, the Dutch Embassy, the Civil Registry of one of the other countries in the Kingdom of the Netherlands and SVB offices in Aruba, Curaçao and BES.
What are the AOV maximum amounts for the year?
Please see our website here for the maximum pension amounts for the current year.
Social & Health Insurances SZV © 2021