Impact on your pension

If you have your deferred pension commence at an earlier date than the retirement date applicable to you under the Pension Regulations, you then receive a lower pension on an annual basis. Commencing a deferred pension also has consequences for the level of a partner's pension.

Fiscal consequences of early commencement of deferred pensions and working

You may only have your deferred pension commence at an earlier date on the condition that you are actually retiring and will no longer be working.

If you opt for early commencement of your deferred pension five years before your AOW-age and you intend to take up employment thereafter, the combination of receiving pension income and other income from employment or other economic activity may have fiscal consequences. In that case the Belastingdienst (Dutch Tax Authority) can declare the pension arrangement as non-approved and levy tax on the ‘economic value’ of your entire pension entitlement plus a potential interest surcharge of 20%. The Pension Fund recommends that you ask advice on this matter from the Dutch Tax Authority or a tax consultant.

Please read the Dutch Tax Authority point of view here (available in Dutch only).

Requesting early commencement of deferred pensions

You are required to notify the Pension Fund of this no later than two months before the date on which you wish to have the pension commence (at an earlier date). For this you use the form "Early payment of deferred pensions". Here you indicate when you would like your deferred pension to commence

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