If you were you born after 1954, the age at which you start receiving Dutch State pension (AOW) will increase by three months in 2022. Rising life expectancy is the reason. At the current rate, the AOW retirement age might be as high as 68 by the year 2025. For the first time ever, it will rise automatically.
The AOW retirement age is gradually being raised to reach the age of 66 by 2018 and 67 by the year 2021. By 2022, the AOW retirement age will be 67 years and three months. In the years that follow, the AOW retirement age will be linked to the population’s average life expectancy. If life expectancy goes up, the AOW retirement age will automatically rise three months. Any rise in the AOW retirement age will be announced by the Dutch government five years in advance.
Rising pensionable age
In late October, Statistics Netherlands (CBS) published the latest estimates for life expectancy in the Netherlands. These figures have gone up again. The consequences? In line with current law and regulations, the level of tax-allowable pension accrual will be adjusted. Many pension plans are still based on a pensionable age of 67. This is set to change on 1 January 2018, when the standard retirement age for tax purposes will be raised to 68.
The board of ING CDC Pensioenfonds has not yet decided whether to raise the pensionable age from 67 to 68 on 1 January 2018. The pension fund will keep you informed.
Early or deferred retirement?
The latest possible age for retirement under ING CDC Pensioenfonds is currently 67. You may choose to retire before the age of 67; we refer to this as early retirement. Deferring your retirement until after you turn 67 is not allowed.
Make your decision in time
Starting at the age of 60, you can opt to have your pension start paying out. It is important for you to realise that your pension benefits will be lower if you opt for this, because:
- You will accrue less pension.
- Your pension accrual will need to be paid out over a longer period of time.
- You will not yet be receiving AOW from the Dutch State.
You will also accrue less partner pension if you retire early.
More information
AOW, pension, life expectancy, etc. Changes are ongoing and unavoidable. ING CDC Pensioenfonds keeps you informed by way of newsletters and specials. If you have any further questions, please contact the Pension Desk.
