In that case, you have four options:
- Your pension starts on the standard date.
- Your pension starts earlier.
- Your pension starts on a part-time basis.
- Options for the amount of pension paid out to you.
1. Your pension starts on the standard date
If you decide to have your pension start on the standard date (68 years), you do not need to take any action.
2. Your pension starts earlier
The standard pensionable age is 68. However, as from the day you turn 60, you can opt for early retirement.
You must realise that your decision will cause your income to decrease, because:
- You will build up less pension, because you will stop working earlier.
- The pension you built up will need to cover more years.
- You will not yet receive state old-age pension (AOW).
Retiring early will also result in less partner pension accrual.
What you need to do
If you opt for early retirement, you must report this to your employer and to NN CDC Pensioenfonds at least six months before the date you wish to retire.
Before making your decision, it is advisable to check when your state old-age pension (AOW) will start.
3. Your pension starts on a part-time basis
The standard pensionable age is 68. However, as from the day you turn 60, you can opt for early retirement on a part-time basis. For example, you could continue to work on a 50% basis and have your pension paid out for the other 50%. However, you must realise that your decision will have the following implications:
- You are not receiving pension yet.
- Your income will be lower.
- You will build up less pension, because you will partly stop working.
- Your monthly pension benefits will be lower than if you wait to retire until your 68th birthday.
What you need to do
If you opt for part-time pension, you must report this to your employer and to NN CDC Pensioenfonds at least six months before the date you wish to retire.
Of course, you must make agreements with your employer as to if and when you will retire on a part-time basis. Your employer will then report this to NN CDC Pensioenfonds. Use this form.
Before making your decision, it is advisable to check when your state old-age pension (AOW) will start and what consequences your decision will have for your partner’s and orphans’ pension.
4. Options for the amount of pension paid out to you
NN CDC Pensioenfonds offers several options that will affect the amount of pension paid out to you. For example, you can:
- Vary the amount of old-age pension paid out to you.
- Raise the level of your old-age pension until you reach the age for state old-age pension (AOW) .
- Convert partner pension into old-age pension.
a. Vary the amount of old-age pension paid out to you
You could opt to have a higher level of pension paid out to you during the first years of your pension, for example because you want to be able to spend more in those first years. You could also choose to have less pension paid out to you at first and more later. You can opt for the first period to be a three or a five-year period.
While you are free to vary the amount of old-age pension paid out to you, you will have to stay within a bandwidth of 100:75. Details can be found in the pension regulations. You can also contact the Pension Desk at 088-1162 421 or send an email to: pensioenloket@nn.cdcpensioen.nl
If you choose to vary the amount of old-age pension paid out to you, you must report this to the pension fund. Four months before your pension date, NN CDC Pensioenfonds will automatically send you a letter and a form you can use to report your choices.
Before making your decision, it is advisable to check when your state old-age pension (AOW) will start.
b. Raise the level of your old-age pension until your reach the age for state old-age pension (AOW)
If you decide to have your pension start early, you will not yet be receiving state old-age pension (AOW). To cover the gap, you can opt to raise the level of your old-age pension until your reach the age for state old-age pension (AOW). However, you must bear in mind that this means you will receive a lower level of old-age pension later on.
If you choose to raise the level of your old-age pension until your reach the age for state old-age pension (AOW), you must report this to the pension fund. Four months before your early pension starts, NN CDC Pensioenfonds will automatically send you a letter and a form you can use to report your choices. You must return the form to us within one month after receipt.
Before making your decision, it is advisable to check when your state old-age pension (AOW) will start.
c. Convert partner pension into old-age pension
Partner pension is a monthly payment that your partner receives from NN CDC Pensioenfonds for the rest of his/her life after you pass away. When you retire, you can opt to convert all or a part of the partner pension into a higher amount of old-age pension. This could be the case if you do not have a partner or if your partner already has a good income or pension.
>If you opt to convert all or part of the partner pension into a higher old-age pension, the amount of old-age pension paid out to you will be higher and your partner will receive less or no partner pension. Your partner will need to give his/her approval for this conversion.
Your Uniform Pension Overview (UPO) states the current value of your old-age and partner pension. If you wish to convert partner pension into old-age pension, you must report this to the fund. Four months before your pension date, NN CDC Pensioenfonds will automatically send you a letter and a form you can use to report your choices. Your partner will need to give his/her approval for this conversion.
