If the new pension agreement, recently negotiated by the Dutch government, employers and trade unions, is written into law, the new Dutch state pension (AOW) retirement age will take effect in 2020. This article explains what that entails for you.

Over the past years, the AOW retirement age has been steadily raised from 66 years in 2018 to 66 years and four months in 2019. The reason for the increase is the rising life expectancy of the Dutch population.

Slower rise
In June Dutch government, employers and trade unions reached an incorporating a slower increase of the AOW retirement age. If you were born before 1 January 1958, check below what that means for you:

Starting in 2025, the AOW retirement age will be linked to life expectancy figures for the Netherlands. Any decision to raise the AOW retirement age will be announced by the Dutch government five years in advance. 

Early or deferred retirement
The latest possible age for retirement under ING CDC Pensioenfonds is 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.

Decide well in advance
From 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 a Dutch state pension (AOW).
  
  

You will also accrue less partner pension if you retire early.

More information
AOW, retirement age, 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.