When you retire, there are a number of choices you can make. By taking a moment to read more about these choices, you make sure you know exactly what your financial situation looks like after your retirement.

Choice 1: when will you start receiving your pension?

The first choice you can make is when you will start receiving your pension. By default, the pension that you've accrued before 2014 will start once you turn 65. As for the pension that you have accrued from 2014 onward, this will start once you turn 67 by default. However, you can choose to start receiving these pensions at the same time. When? The choice is yours. The earliest age at which you can start receiving your pension is 55 and the latest age is five years after the state pension (AOW) starts. If you choose to move your retirement date forward, your pension will be reduced. This is because you accrue pension for a shorter period of time and you get to enjoy your pension for a longer period of time. For each year that you move your retirement date forward, your pension benefits will be reduced with about 7%. If you decide to postpone your retirement date, your pension will be increased. You can also choose to retire part-time. We call this a part-time pension. In this case, you continue to work for a part of your time, and for the other part you receive pension benefits.

Choice 2: what will you arrange for your partner?

You can choose to exchange part of your old-age pension for a partner's pension. This is possible if the partner's pension is less than 70% of the old-age pension. If you choose this option, your old-age pension will be reduced. The reverse is also possible: if your partner has accrued a sufficient pension amount or if you have no partner, you can exchange the partner's pension (after permission from your partner, if relevant) for additional old-age pension. This only applies to the partner’s pension that is accrued from 1 January 2002.

Choice 3: receiving higher and then lower pension benefits, or the reverse

If you retire, you can choose to temporarily receive higher or lower pension benefits. This could be an option for you if you expect to have higher expenses during the first years after your retirement, because you haven't paid off your mortgage yet. Or you may want to travel for a long time, which increases your expenses. You can even choose to increase your pension benefits during the first couple of years if you don't receive a state pension yet at the time you retire. However, the lowest benefits should be at least 75% of the highest benefits.

When should you inform the pension fund of your choices?

Six months before you reach the retirement age, you will receive a letter asking you when you would like to retire and what your preferences are. Please contact the pension fund if you would like to retire before you reach the retirement age.

Please contact the pension fund