Are you about to retire?
The time has come, you are about to retire. But perhaps you would like to keep working longer. Before you retire, you can make a number of choices. And you should arrange a number of matters.
- What choices can you make?
- Choice one: when do you retire?
- Choice two: exchange your old-age pension for a partner's pension
- Choice three: variable pension payment
- What additional arrangements should you make?
What choices can you make?
Before you retire, you can make three choices. These choices depend on the agreements that your employer has made with Delta Lloyd. Do you have any questions about the possibilities? Ask your HR department or employer to explain them to you. Your pension introductory letter will tell you which options you have. We sent you the pension introductory letter when you started the pension scheme.
Choice one: when do you retire?
To some extent you have the option to choose when you retire. Will you retire before you reach your target retirement age? Then you will receive a lower pension. This goes without saying, as you build up (accrue) pension for a shorter period of time while the pension needs to be paid for a longer period of time. In most cases it is also possible to retire later. The possibilities to advance or postpone your retirement depend of the agreements made by your employer.
In addition to the pension that you have built up (accrued) with Delta Lloyd and possible other employers, you will also receive a state old-age pension. The state old-age pension takes effect once you reach your state old-age pension age. You cannot advance or postpone the state old-age pension age (unlike the retirement age). During the coming years the state old-age pension age will gradually increase. It may be that you will receive a state old-age pension later than expected. This may result in a temporarily lower income. This may not be an issue for you. Therefore the moment that you retire also depends on when you will receive your state old-age pension.
Calculate your state old-age pension age (Dutch only)
Sometimes it is also possible to retire part-time. You will then retire part-time and will keep working for the remainder of the time. In this case you will receive a (part-time) salary and a (part-time) pension. You can arrange this in consultation with your employer.
Do you take part in the Personal Pension Plan? Then you can log into Pension Services Online and use the pension planner. This is a useful tool which gives you clear insight into your pension. You can directly and easily see what your situation will be later on, and what the effects would be if you were to adjust your pension.
Choice two: exchange your old-age pension for a partner's pension
It may be that no benefit has been arranged for your partner in the event of your death or when you retire. A previous divorce may also result in less partner's pension for your current partner. This may lead to your partner having little or no income. In these cases you can choose to exchange part of your old-age pension for an (additional) partner's pension. In this way your partner is taken care of in the event of your death.
Vice versa: exchange partner's pension for additional old-age pension
Do you have no partner? Or has your partner built up (accrued) a pension of their own? Then perhaps your partner has no need for a partner's pension. In that case, you can usually choose to exchange the partner's pension for additional old-age pension. If you have a partner, they must also agree.
Choice three: variable pension payment
Lastly, you can opt for a variable pension payment. In this case, you will receive a higher amount of pension during the first years. This could be convenient if you expect to have more expenses in the first few years of your retirement. After that, the pension payments will be lower. The reverse is also possible: you opt to start with lower payments and then switch to higher payments.
What additional arrangements should you make?
Apply for a state old-age pension
Six months before you reach the state old-age pension age you will receive a letter from the Sociale Verzekeringsbank (Social Insurance Bank). In this letter you can read how to apply for your state old-age pension.
Apply for old-age pension
You will receive an application form for your pension from Delta Lloyd at least six months before the target retirement date according to your pension scheme. On this form, you also indicate the choices you made. Would you like to retire before the default age? Then you should inform your employer yourself.
Do you have built up (accrued) pension through previous employers? At www.mijnpensioenoverzicht.nl you can get an overview of all your built up (accrued) pensions. Visit Pension Services Online to get an overview of your Delta Lloyd pension.