Have you thought about what you’ll do when you retire or reduce your working hours?
You’ll have more freedom and more time to travel or be with your partner,
children or grandchildren. Your retirement should be a time to enjoy life, so it makes sense to take a closer look at your pension and enquire about the choices you’ll have when you retire. Make sure you stay up to date on pension developments, to avoid unpleasant surprises later in life.
Do you know how to ensure you’ll have enough income when you retire, so you can make your dreams for the future come true? Are you aware of the consequences of reducing your working hours before your retirement date? No worries: this page provides lots of information that's relevant to your pension, so you’ll be able to enjoy your retirement.
You’ll find more information on your pension below. If you have any questions regarding your specific situation, feel free to contact us, so we can help you.
Terminology regarding pensions can be quite complicated. If you’re looking for the meaning of a specific term, please check the glossary .
What does pension mean for me?
68 years
Retirement target age
Fixed
contribution
Collective
pension
What type of pension does our fund provide?
NN
CDC Pensioenfonds is the administrator of NN/NN IP's pension plan. As
such, we’ll provide you with an old age pension which will be paid out
to you alongside your Dutch state pension (AOW). We’ll also provide your
partner and children with a pension in the event that you pass away.
And should you become incapacitated for work, your pension will continue
to accrue (partly or fully, depending on the degree of your
incapacitation). More information on these specific types of pension is
available under the tab ‘What will I receive?’.
Retirement age: now and later
The pension fund's standard retirement age is currently 68,
but that doesn’t necessarily mean you’ll be retiring at that age. By
law, the standard retirement age will rise if life expectancy in the
Netherlands rises. So by the time you retire, the standard retirement
age might have gone up. It goes without saying that you can always
choose to retire early, from your 60th birthday, but that means your
pension benefits will be lower.
Former pension plans
You may have accrued a
(minor) pension in Pensioenfonds ING. Pension accrual in this former
pension plan was discontinued with effect from 31 December 2013. Pension
accrued until that date is being retained in Pensioenfonds ING and is
eligible for indexation. For more information, please contact Pensioenfonds ING. Pension accrual in the pension plan of Delta Lloyd stopped per 31 December 2019. More information is available here.
Pension options
(Part-time) pension
from 60 year
Exchange
of pension
Variable
pension
By default, your pension starts paying out when you turn 68 – the standard retirement date. However, there are other options you could consider, such as retiring early. The following pension options are available to you:
- Early retirement. You may opt for early retirement from the day you turn 60. From the day your retire you no longer build up pension, which means you’ll have a smaller pension. Your monthly pension benefits will be lower because they will be spread over a larger number of years.
- Part-time retirement. This option is available from the day you turn 60. You may opt to have 25%, 50% or 75% of your pension paid out early. The starting date of your full-time retirement is your own choice. Note, however, that you must retire fully when you turn 68.
- Convert partner pension into additional old age pension. This means you’ll receive more pension benefits, while your surviving dependants receive less or nothing if you pass away. This option is only available with the approval of your partner.
- Variable pension benefits. This means your pension benefits in your first years of retirement are higher (or lower) than in subsequent years. The ratio between high and low benefits is 100:75.
- Early variable pension benefits. If you retire before your retirement date and are not yet receiving your Dutch state pension benefits (AOW), you could opt for higher pension benefits until your AOW starts paying out and lower pension benefits after that.
Whichever option you choose, there is always an impact on your pension benefits.
If you wish to retire early or on a part-time basis, you must report this to NN IP/NN CDC Pensioenfonds at least six months before the starting date of your choice. You must take your early retirement in full months, counting back from the date of your 68th birthday.
All other pension options must be reported to NN CDC Pensioenfonds at least four months before the starting date of your choice. The fund will recalculate your pension entitlements, taking into account the choices you’ve made.
If you have any questions regarding your pension options, or need any help, call the Pension Desk at: 088 - 1162 421 or send an email to pensioenloket@nn.cdcpensioen.nl.
