NN CDC Pensioenfonds has raised its standard retirement age from 67 to 68 with effect from 1 January 2020. That doesn’t mean you’ll need to continue working until you turn 68 – early retirement will still be allowed from the age of 60.
In 2019, the social partners (employer and trade unions) agreed on the terms and conditions of the new pension plan, including the standard retirement age.
It was agreed that the standard retirement age would be raised from 67 to 68 with effect from 1 January 2020. This means you have one extra year to build up your pension and stay at work. From 1 January 2020, NN CDC Pensioenfonds will use the 68 standard retirement age as the reference for its calculations and communications. The accrual rate targeted for your old age pension will be modified as well, to 1.875% of your pension base. More information on the 2020 accrual rate is available here.
Early retirement
Your actual retirement date doesn't need to coincide with the standard retirement age. You may opt to retire early, at any date of your choice after your 60th birthday. However, if you choose to retire before the standard retirement age, your pension benefits will be lower – the earlier you retire, the lower your pension benefits will be.
Pension accrued before 1 January 2020
If you have pension rights in NN CDC Pensioenfonds that accrued before 1 July 2020, the pension fund will recalculate your pension entitlements using 68 as the reference age. The fund’s recalculation will be based on collective actuarial equivalence, which means the value of your pension as at the date of the recalculation will not change.
Insight into your pension
In the first quarter of 2020, your accounts in ‘My Pension’, the Pension Planner and the government's Mijnpensioenoverzicht.nl will be updated to reflect the 68 standard retirement age. It will also be reflected in your Uniform Pension Overview (UPO), which you'll receive in June 2020.
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