When you become entitled to AOW benefit, the Dutch State pension, you will receive this benefit in addition to your retirement pension. Benefits under the General Old Age Pensions Act (Algemene Ouderdomswet, AOW) are administered by the Social Insurance Bank (Sociale Verzekeringsbank).
For every year you are insured under the General Old Age Pensions Act, you accrue 2% of your AOW benefit. You will be entitled to a full AOW pension if you have accrued AOW benefit during the 50 years before you become entitled to the benefit (50 years x 2% = 100%). In general, you are accruing AOW benefit while you are residing in the Netherlands. In most cases, you are not accruing AOW benefit during periods of residence outside the Netherlands.
If you have a partner, you receive 50% of the AOW benefit for married persons when you become entitled to AOW benefit. If you have not accrued a full AOW pension, you receive the accrued portion. The same applies to your partner. You partner also receives 50% of the AOW benefit for married persons, or the portion he/she has accrued when he/she becomes entitled to AOW benefit.
If you do not have a partner, you receive 70% of the AOW benefit for married persons when you become entitled to AOW benefit, or the portion you have accrued.
If you wish to make your own savings for additional pension payments
If you have not accrued a full AOW pension, and if you wish, you can cover this shortfall yourself by means of supplementary insurance through the Sociale Verzekeringsbank or an insurance company. Alternatively, you can make your own saving arrangements. Shell has a pension saving arrangement with an insurance company.
Further information on the pension saving arrangement can be found on the Shell intranet (SWW), on de site 'HR Online'. Further information about the AOW scheme or the supplementary partner AOW benefit can be found on www.svb.nl.