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10/7 AOW enkelvoudig

English translation: Individual Old Age Pension (Status: married or cohabiting)


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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Dutch term or phrase:AOW enkelvoudig
English translation:Individual Old Age Pension (Status: married or cohabiting)
Entered by: Albert Stufkens
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10:59 Sep 28, 2007
Dutch to English translations [PRO]
Bus/Financial - Business/Commerce (general) / Pension schemes
Dutch term or phrase: 10/7 AOW enkelvoudig
In a summary statement of a pension scheme, it states the following

Franchise: 10/7 AOW enkelvoudig
Can anyone explain what this means please, and how I should translate it.

Many thanks
LAB2005
Local time: 07:49
single national legislation based Old Age Pension
Explanation:
"Enkelvoudig" in this context has nothing to do with the absence of a partnership. In that case the term "alleenstaande" would apply.
"Enkelvoudig" means that only one national legislation applies to pension benefits.
This issue relates to nationals living in a country other than a country from which they hope to get a pension.


--------------------------------------------------
Note added at 1 day2 hrs (2007-09-29 13:40:22 GMT)
--------------------------------------------------

"Franchise" is an insurance term meaning approx. 'threshold'.
That is to say that the secondary (i.e. private) pension relates to an amount that excludes the amount of the state pension. The idea being that at the pensionable age the monthly income will comprise the state pension plus this paid for private pension totalling an envisaged monthly income, whereas the premiums payable will only relate to the amount excluding the state pension.
"Franchise (NL)" = franchise (GB) as an insurance term

--------------------------------------------------
Note added at 1 day3 hrs (2007-09-29 14:22:55 GMT)
--------------------------------------------------

It seems that for married persons the term "enkelvoudig" is also used, meaning that each partner gets 50% of the total state pension for a married couple (both being over 65).
"Meervoudig" would then mean twice this 50%.
I strongly suspect that these terms are applied within the insurance industry only, and not in legislation.

--------------------------------------------------
Note added at 1 day3 hrs (2007-09-29 14:27:25 GMT)
--------------------------------------------------

Also see: http://www.duurstedevastgoed.nl/socialewetten 2005.htm

--------------------------------------------------
Note added at 1 day3 hrs (2007-09-29 14:43:54 GMT)
--------------------------------------------------

"Franchise: 10/7 of the individual rate for married couples"

The connection with married or cohabiting couples must be stressed because the rate for a single individual living independently is definitely higher and is not considered for insurance purposes!
Selected response from:

Albert Stufkens
Local time: 08:49
Grading comment
Sorry for the delay in awarding points. Decided to award Albert the points, as his explanations helped most of all in trying to understand the term here. Many thanks also to Jarry and cjguy.
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +2"AOW" for a single individualxxxjarry
4single national legislation based Old Age Pension
Albert Stufkens
3state pension offset is equal to 10/7 of (basic/simple) state pensionCJG


Discussion entries: 1





  

Answers


11 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +2
"AOW" for a single individual


Explanation:
as opposed to a married couple or two individuals who have entered into a partnerhip (cohabitation)
"AOW" stands for "Algemene OudersdomWet" (State Pension)

xxxjarry
South Africa
Local time: 08:49
Specializes in field
Native speaker of: English
PRO pts in category: 237

Peer comments on this answer (and responses from the answerer)
agree  Dave Calderhead
55 mins
  -> Thank you Dave
agree  Alexander Schleber
2 hrs
  -> Hi Alexander! Thank you
Login to enter a peer comment (or grade)

1 day2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
state pension offset is equal to 10/7 of (basic/simple) state pension


Explanation:
This may provide some explanation:

De minimum AOW franchise bedraagt 10/7 maal de enkelvoudige
reële AOW-uitkering van een gehuwde, inclusief structurele verhogingen en vakantietoeslag,
maar exclusief de toeslag voor een partner jonger dan 65 jaar. De minimum AOW franchise
voor een DGA die (gedeeltelijk) pensioen in eigen beheer opbouwt bedraagt 10/7 maal de reële AOW-uitkering van een ongehuwde, inclusief structurele verhogingen en vakantietoeslag

CJG
Netherlands
Local time: 08:49
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4
Login to enter a peer comment (or grade)

4 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
single national legislation based Old Age Pension


Explanation:
"Enkelvoudig" in this context has nothing to do with the absence of a partnership. In that case the term "alleenstaande" would apply.
"Enkelvoudig" means that only one national legislation applies to pension benefits.
This issue relates to nationals living in a country other than a country from which they hope to get a pension.


--------------------------------------------------
Note added at 1 day2 hrs (2007-09-29 13:40:22 GMT)
--------------------------------------------------

"Franchise" is an insurance term meaning approx. 'threshold'.
That is to say that the secondary (i.e. private) pension relates to an amount that excludes the amount of the state pension. The idea being that at the pensionable age the monthly income will comprise the state pension plus this paid for private pension totalling an envisaged monthly income, whereas the premiums payable will only relate to the amount excluding the state pension.
"Franchise (NL)" = franchise (GB) as an insurance term

--------------------------------------------------
Note added at 1 day3 hrs (2007-09-29 14:22:55 GMT)
--------------------------------------------------

It seems that for married persons the term "enkelvoudig" is also used, meaning that each partner gets 50% of the total state pension for a married couple (both being over 65).
"Meervoudig" would then mean twice this 50%.
I strongly suspect that these terms are applied within the insurance industry only, and not in legislation.

--------------------------------------------------
Note added at 1 day3 hrs (2007-09-29 14:27:25 GMT)
--------------------------------------------------

Also see: http://www.duurstedevastgoed.nl/socialewetten 2005.htm

--------------------------------------------------
Note added at 1 day3 hrs (2007-09-29 14:43:54 GMT)
--------------------------------------------------

"Franchise: 10/7 of the individual rate for married couples"

The connection with married or cohabiting couples must be stressed because the rate for a single individual living independently is definitely higher and is not considered for insurance purposes!


    Reference: http://www.monitor.nl/ziek.html?http://www.monitor.nl/s_2447...
Albert Stufkens
Local time: 08:49
Specializes in field
Native speaker of: Native in DutchDutch, Native in EnglishEnglish
PRO pts in category: 18
Grading comment
Sorry for the delay in awarding points. Decided to award Albert the points, as his explanations helped most of all in trying to understand the term here. Many thanks also to Jarry and cjguy.

Peer comments on this answer (and responses from the answerer)
agree  Jack den Haan: Quite a mouthful, but in any case your interpretation is correct IMHO.
2 hrs
  -> Thank you. A mouthful indeed.
disagree  xxxjarry: The AOW is not "an old age" pension, That term implies that people receive this pension only when they are old when in fact some beneficiaries of this pension live for another 30 years or more! Yes, in SA it is called State Pension.
10 days
  -> OK Jarry. These days at 65 one is still young. AOW stands for Algemene Ouderdomswet. Van Dale defines this as Old Age Pension. In Australia it is called Age Pension. In US : Social Security. In SA: State Pension?
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Changes made by editors
Oct 9, 2007 - Changes made by Albert Stufkens:
Created KOG entryKudoZ term => KOG term


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