Ending your banking relationship with ABN AMRO

You can keep your mortgage to the end of its term. Once the term of your mortgage has expired or you repay your mortgage early, we will say farewell to you. Along with the mortgage, you will also keep any other products you have that are linked to the mortgage or home, such as home insurance. If you make your monthly mortgage payments from your current account at ABN AMRO, you can also keep this account.

If you have home insurance from ABN AMRO Verzekeringen and you have a mortgage with ABN AMRO Bank for that home, ABN AMRO Bank will continue to be your broker only for this home insurance. So nothing will change for you.

If you have insurance that provides for payment of a capital sum for example:

• Invalidity insurance
• Fixed term or term life insurance
• Accident insurance (for example, for permanent invalidity)
• Funeral insurance

You can keep this to the end of its term.

• Are you building annuity capital (in the Capital Group Policy for instance)?
• Or do you receive an annuity payment (from the Annuity Guarantee Policy, for instance)?

You can keep these products until the end of their term.

Do you have one or more

• If the total balance (the savings and the value of the investments) in the above accounts is less than EUR 4.547 (2021), it may be worth considering commuting your pension supplement. We are required to withhold income tax and national insurance contributions from that amount and pay this to the Tax and Customs Administration, unless you have an individual decision from the tax authorities of course, on the basis of which we do not need to withhold income tax and national insurance contributions. You do not need to pay any penalty (revisionary interest) to the Tax and Customs Administration. No protective tax assessment will be imposed in that case either. The amount you receive is also relevant for the tax legislation in your country of residence.
• If the balance of the account(s) is more than EUR 4.547, the supplement can be commuted, but you will always owe a penalty (revisionary interest) to the Tax and Customs Administration in that case. This penalty could be as much as 20% of your balance. You will also owe income tax and national insurance contributions in the Netherlands and there could be consequences for your tax position in your country of residence as well.
• Entitled to state pension? If you have reached state retirement age, you must convert your ‘Pensioenaanvulling’ into an annuity payment as soon as possible. We have products available for this. You could take out a Life Annuity (2008 - 2013) online and have the value of your 'Pensioenaanvulling' transferred to a Life Annuity in your name. The term of this must be the shortest tax term from 5 years onwards.

What happens if you do nothing? If you have one or more 'Pensioenaanvulling' products, you can hold onto them in order to buy a payment in due time. If you are entitled to state pension and you have a pension supplement, you must buy a payment. If you do not do so, we will commute your pension supplement within 5 years from the time you reach state pension age. You will pay a penalty (revisionary interest) of maximum 20% to the Tax and Customs Administration at that point.

Do you have one or more of the following  It might be worth considering terminating your ‘Gouden Handdruk Opbouw’ account(s). The balance in your account is a gross amount from which we are required to withhold income tax and national insurance contributions. You do not need to pay any penalty to the Tax and Customs Administration. The amount you receive is relevant for the tax legislation in your country of residence. We do not charge any costs for commuting. 

What happens if you do nothing? If you have one or more 'Gouden Handdruk Opbouw' accounts, you can simply hold onto these and withdraw from them in due time, no later than upon reaching state pension age. It is not possible to take out a Life Account (our bank savings product that makes payments) in your situation. If you have reached state pension age but have not taken action, we will sell any investment products. The proceeds and/or savings amount and any accrued interest will be transferred to the current account we have on file for you. We will withhold the usual income tax and national insurance contributions in the process.

Do you have a 'Gouden Handdruk Leefrekening' account? It might be worth considering commuting your 'Gouden Handdruk Leefrekening' account. You will receive a gross payment. If you terminate ‘Gouden Handdruk Leefrekening’ account, you do not need to pay any penalty to the Tax and Customs Administration. The amount you receive is relevant for the tax legislation in your country of residence. We do not charge any costs for commuting. Find more information about commuting. 

What happens if you do nothing? If you have a 'Gouden Handdruk Leefrekening' account, you can simply hold onto this until the end of the term.

Do you have a 'Leefrente' or 'Leefrente' 2008-2013? You can continue the gross payment you periodically receive until the end of the term agreed upon. Note: If you would nonetheless prefer to commute you 'Leefrente', you can do so, but there are always financial disadvantages to this. You will always owe a penalty (revisionary interest) to the Tax and Customs Administration in that case. This penalty could be as much as 20% of your balance.

You can keep your existing products for up to three years. An expat is a client who moves abroad for work for a limited period (up to three years) and returns to the Netherlands at the end of that period.