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Withdrawing a lump sum from your pension
When you retire, you may withdraw a lump sum from your pension pot. The amount you withdraw may be up to 10% of your pension. You're free to do whatever you want with that money. You could use it to go on a long vacation, for example, or for a home improvement. However, you can only do this if your pension does not fall below € 592.51 gross per year (2024) after the withdrawal.

We expect you will be able to use this option starting 1 January 2025.

Important note: Withdrawing a lump sum from your pension could have financial implications. Make sure you read the explanation below before making your decision.

You will pay more income tax 
Given that your income will be higher in the year you withdraw the lump sum, you will be paying more income tax in that year. You could be subject to a higher tax bracket, which means you'll be paying a higher tax rate for part of your income. You'll also be paying more premium under the Health Care Insurance Act (Zorgverzekeringswet).

For more information, go to the website of the Dutch tax authorities: www.belastingdienst.nl. Search: ‘income tax’ and/or ‘Zorgverzekeringswet’.

You might pay less tax for the lump sum
If you are not yet receiving Dutch state pension (AOW) when your old age pension starts, you will still be paying contributions for the AOW, including for the amount of the lump sum. 

You could defer payment of the lump sum, subject to certain conditions, if your old age pension starts in the same month that your AOW starts. That could save you some tax. You can check with the tax authorities whether that would be the case.

Your tax benefits could be lower
Your income will be higher in the year you withdraw the lump sum. This could cause your tax benefits to be reduced or discontinued. Your housing benefit or health care benefit, for example. You might even have to pay back some of the money. For more information, please go to the website of the institution that pays you the benefit. That could be the tax authorities (Belastingdienst), the UWV Institute for Employee Benefit Schemes or your municipality.

Your social security benefits could be lower
Your income will be higher in the year you withdraw the lump sum. This could bring down the amounts of your social security benefits. For example, benefits paid by the government under the Surviving Dependants Benefits Act (ANW). For more information, please go to the website of the institution that pays you the benefits. That could be the Social Insurance Bank (SVB) or the UWV Institute for Employee Benefit Schemes.

Your old age pension benefits will be lower
The lump sum you withdraw will be taken from your own pension pot. This means your pension benefits for the rest of your life will be lower if you withdraw a lump sum. How much lower? That will depend on the amount you withdraw.

You don't need to make a choice
If you don't make a choice, you will receive the amounts specified in the letter.

You cannot combine all options
You can choose multiple options, but not all options can be combined with each other. For example, if you withdraw a lump sum, you will not be able to opt for:

• Varying the amount of your pension benefits. 
• Higher old age pension benefits until your Dutch state pension (AOW) starts paying out.

You can only choose once
If you opt for withdrawal of a lump sum and you have reported your choice to us, you will not be able to change the choice you’ve made.

Questions? We’re happy to help.

Partner pension is a monthly payment that your partner receives from ING CDC Pensioenfonds for the rest of his/her life after you pass away. When you retire, you can opt to convert all or a part of the partner pension into a higher amount of old-age pension. This could be the case if you do not have a partner or if your partner already has a good income or pension.

If you opt to convert all or part of the partner pension into a higher old-age pension, the amount of old-age pension paid out to you will be higher and your partner will receive less or no partner pension. Your partner will need to give his/her approval for this conversion.

Your Uniform Pension Overview (UPO) states the current value of your old-age and partner pension. If you wish to convert partner pension into old-age pension, you must report this to the fund. Four months before your pension date, ING CDC Pensioenfonds will automatically send you a letter and a form you can use to report your choices. Your partner will need to give his/her approval for this conversion.

You could opt to have a higher level of pension paid out to you during the first years of your pension, for example because you want to be able to spend more in those first years. You could also choose to have less pension paid out to you at first and more later. You can opt for the first period to be a three or a five-year period.

While you are free to vary the amount of old-age pension paid out to you, you will have to stay within a bandwidth of 100:75. Details can be found in the pension regulations (Dutch only) You can also contact the Pension Desk.

If you choose to vary the amount of old-age pension paid out to you, you must report this to the pension fund. Four months before your pension date, ING CDC Pensioenfonds will automatically send you a letter and a form you can use to report your choices.

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

If you decide to have your pension start early, you will not yet be receiving state old-age pension (AOW). To cover the gap, you can opt to raise the level of your old-age pension until your reach the age for state old-age pension (AOW). However, you must bear in mind that this means you will receive a lower level of old-age pension later on.

If you choose to raise the level of your old-age pension until your reach the age for state old-age pension (AOW), you must report this to the pension fund. Four months before your early pension starts, ING CDC Pensioenfonds will automatically send you a letter and a form you can use to report your choices. You must return the form to us within one month after receipt.

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