The starting date of the lump-sum withdrawal option has been postponed by another six months. As it looks now, this option will not likely become effective until 1 July 2024.
Minister Carola Schouten has made this decision because it is important that the Lower House of Parliament is given ample time to debate on this bill. Moreover, pension administrators also need enough time to inform their pension fund participants thoroughly and in advance, to help them make well informed decisions.
What will this lead to: postponement or cancellation?
In mid-2022, the option of withdrawing a lump sum from your pension was postponed until 1 July 2023. After that, it was postponed again until 1 January 2024. By now, it is clear that the lump-sum withdrawal option will not be available before 1 July 2024. The option would allow you to withdraw up to 10% of your pension as a lump sum.
What does a lump-sum withdrawal mean for you?
Until 1 July 2024, you can start your retirement as normal. As part of the regular retirement procedure, we send you a pension letter about six months before you turn 67. The letter specifies the options available to you with regard to your pension, so you would expect it to include the lump-sum withdrawal option from December 2023. However, we will not be including that option in our pension letters (yet), because we are taking into account that the option will be postponed again…. and might not even go ahead at all.
Careful consideration
Is your retirement starting soon and are you thinking of taking out part of your pension as a lump sum? We advise you to consider this carefully before making your decision. Read this information to find out what you need to bear in mind and what could be the undesired implications. It is because of these undesired implications that the option might not go ahead at all.
