The ‘lump-sum’ pension option will be available from 1 January 2029

From 1 January 2029, you will be able to opt for a ‘lump sum’ when you retire. You will then be able to have up to 10% of your occupational retirement pension paid to you as a single payment. Will you be retiring before 1 January 2029? If so, you cannot yet opt for a lump sum.

What is a 'lump sum'?
It is an additional option when you retire. You can then opt to withdraw part of your pension all at once as a lump sum. You will receive up to 10% of your occupational retirement pension as a single payment. You can spend that amount as you wish. However, making use of this option will reduce your monthly lifelong pension. In addition, withdrawing a lump sum may affect your taxes and any allowances or benefits you receive.

Why is this option only available from 1 January 2029?
The Dutch Senate and the House of Representatives have approved the relevant legislation, so the arrangement can therefore be introduced. The starting date has been set as 1 January 2029. Pension funds are currently working on the transition to the new pension system. They need extra time to arrange everything properly and be able to implement the scheme carefully.