Switching to or from Vive

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Protocol Streamlining Capital Transfers (PSK)

If you have accrued tax-friendly pension assets with another provider and you want to transfer this assets to Vive (or vice versa) without immediate income tax, the Streamlining Capital Transfers (PSK) Protocol offers a solution. This document explains how to arrange such transfers. This also applies to the transfer of pension assets from Vive to another provider.

Vive Retirement Plan

Vive's retirement plan includes:

• A personal annuity account.
• A composite investment portfolio.
  
• An investment strategy.

The annuity account is blocked to prevent accidental withdrawals that can lead to tax consequences, such as the direct withholding of income tax and possible revision interest. The deposit into this account may be tax deductible. Transfers to or from another provider, without direct income tax, are possible under certain conditions.

PACK

Vive is affiliated with the PSK to ensure that the transfer of accumulated assets runs smoothly and without direct tax consequences. This protocol, supported by the Association of Insurers and the Dutch Banking Association, ensures a “tax-free” value transfer, without having to pay directly with the tax authorities.

Preventing income tax

A value transfer must be made accurately, otherwise the tax authorities can tax the accumulated capital. The Association of Insurers and the Dutch Banking Association have therefore made mutual agreements to ensure a smooth transfer of value. This is called “fiscally silent”. This means that the transfer takes place in such a way that there is no need to settle with the tax authorities in the meantime. These agreements are laid down in the PSK. The parties to the PSK (such as banks, insurers and investment institutions and companies) have agreed procedures for transferring the value of tax-facilitated products to another provider. Vive is a member of 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 Association of Insurers.

Advice on value transfer

You are responsible for choosing to transfer value to or from Vive. Optionally, ask a financial advisor for advice to determine whether it is a wise choice to do this. Value transfers can have long-term tax consequences.

How does it work?

a. Value transfer to Vive

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

After that, the transfer will be carried out within fourteen calendar days. Does the fourteenth day fall on a weekend or holiday? Then the next business day counts as the fourteenth day, and Vive will send you a message as soon as the money has been transferred to Vive by the transferring PSK participant. The provider that carries out the value transfer may charge costs.

Link to the form

b. Value transfer from Vive to another provider

If you decide to continue the value of your pension investment account (interim) with another PSK provider, report this in the chat function of the Vive app or by emailing to support@viveapp.com. Vive then sends an email with the transfer form and an explanation of the form. The form must be fully completed and returned signed. After receipt, Vive will make the transfer within fourteen days. The administrative fees charged by Vive for transferring your value to another provider are: (to be determined).

Additional documents required

In some situations, additional documents are required, such as when there is a divorce or death. Without these documents, Vive is not allowed to transfer your funds to another provider.

• Divorce: Divorce Settlement.
• 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 want to transfer the value does not participate in the PSK, Vive's acquiring financial institution requires an indemnification statement. Vive agrees to this indemnification statement with the acquiring financial institution.

Reimbursement

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