Standard retirement age, actuarial retirement age, retirement age for Dutch state pension (AOW). Do you know the difference?ING CDC Pensioenfonds explains these basic terms for you below. So you know what's what when you study your pension.

It makes sense to be familiar with several basic terms, particularly if you need to make decisions and plan your future pension income. 

Standard retirement age: retire on your birthday or before that
This is the date on which your employer's pension plan starts paying out old age pension benefits. At ING CDC Pensioenfonds, it's the day you turn 67. The CDC pension plan allows you to bring forward your pension to the day you turn 60. However, this does affect the amount of pension benefits paid out to you every month, because:

• You accrue less pension as you no longer work.
• Your pension accrual will need to be paid out over a longer period of time.
• You will not yet be receiving a pension from the Dutch State (AOW). 
  
  

Have you a pension accrual in Pensioenfonds ING as well? As a standard, this pension starts at the first day of the month of your 65th birthday. If you want to align the starting dates, make sure you report your wishes online before the deadlines. Use your DigiD to log in at ‘My Pension’, go to ‘Direct regelen’ and download the form Optional starting date (full or part-time) pension. Are you looking for more information regarding your pension? ING CDC Pensioenfonds will help you. Call us or visit the website for customised information. 

Actuarial retirement age: tax-exempt pension accrual
The Dutch government sets the actuarial retirement age to determine how much pension you can accrue on a tax-exempt basis. On 1 January 2018, the actuarial retirement age was raised to 68 years of age to take into account rising life expectancy in the Netherlands. ING and the trade unions have agreed not to raise the actuarial retirement age, but to leave it at 67 instead. As a consequence of this decision, the annual pension accrual rate needed to be lowered from 1.875% to 1.738%. For more information on this decision and the implications for your pension, click here. 

Retirement age for Dutch State pension (AOW): gradually rising to 67 and 3 months.
Starting on the date of your AOW retirement age, you will receive a base pension from the Dutch State. The amount you receive will depend on your personal circumstances. If you resided abroad for any length of time, your AOW pension may be lower. The Social Insurance Bank (Sociale Verkeringsbank) executes the AOW on behalf of the Dutch state. 

The AOW retirement age is gradually being raised to 66 in 2018 and 67 in 2021. In 2022 the AOW retirement age will be 67 years and 3 months, and from 2023 it will be linked to life expectancy figures for the Netherlands. From the day you reach your AOW retirement age, the Dutch State will pay you a pension (AOW). Your AOW retirement age depends on your date of birth. Check your AOW retirement age here. Log in here with your DigiD to find out how much AOW you’ll get.