Reduce work

There can be plenty of reasons for you to reduce your number of working hours. You might simply want to have more free time. You must realise, though, that your pension accrual is linked to your salary. The less you work, the lower your salary and your pension will be.

Frequently asked questions

Various options

As an ING employee, there are several ways for you to reduce your working hours:

1. Work on a part-time basis.
2. Retire on a part-time basis.
3. Retire early.
4. Take leave of absence, paid or unpaid.

1. Work on a part-time basis
If you want to reduce your working hours, you must make the necessary arrangements with your manager, if you still build up pension in NN CDC Pensioenfonds

2. Retire on a part-time basis
The standard pensionable age is 67. However, as from the day you turn 60, you can opt for early retirement on a part-time basis. For example, you could continue to work on a 50% basis and have your pension paid out for the other 50%. However, you must realise that your decision will have the following implications:

• Your income will be lower.
• You will build up less pension, because you will partly stop working.
• Are you building up pension in ING CDC Pensioenfonds? Your monthly pension benefits will be lower than if you wait to retire until your 67th birthday.

What you need to do
If you opt for part-time pension, you must take the following steps.

Inform your manager and your HR consultant of the date you want your part-time pension to start. You must report this at least four months before the date you wish to retire. Use this form (Dutch only).

Before you make a decision, it is advisable to check when your state old-age pension (AOW) will start and what consequences your decision will have for your partner’s and orphans’ pension.

3. Retire early
The standard pensionable age is 67. However, as from the day you turn 60, you can opt for early retirement.

You must realise that your decision will cause your pensionable income to decrease, because:

• You will build up less pension, because you will stop working sooner.
• The pension you built up will need to cover more years.
• You will not yet receive state old-age pension (AOW).

What you need to do
If you opt for early retirement, you must inform your manager of this. Of course, you must make agreements with ING as to if and when you can retire early. You must report this to your employer and to ING CDC Pensioenfonds at least four months before the date you wish to retire.

Before making your decision, it is advisable to check when your state old-age pension (AOW) will start.

4. Take leave of absence, paid or unpaid
As an ING employee, there are several ways in which you can take leave of absence (paid or unpaid), namely:

1. Take up vacation days.
2. Take up unpaid leave.
3. Take up pregnancy leave.
4. Sabbatical.
5. Work on a part-time basis (see point 1).
6. Retire on a part-time basis (see point 2).
7. Retire early (see point 3).