What is your state pension age?
Every year, the government sets the state pension age for the next 5 years. See your state pension age at www.svb.nl/en/.
It may be a logical choice: to stop working when you reach state pension age. Are you opting to start receiving your pension when you reach state pension age? If so, you will receive a state pension from the government as well as a pension from Bpf Koopvaardij. The state pension and an occupational retirement pension are not the same thing.
For many people, retiring at state pension age is an excellent choice. Nevertheless, it is worth considering other options too, such as retiring earlier or later. In the end, it is all about what suits your situation best.
What does it mean to retire at state pension age?
Are you retiring at state pension age? In that case:
- you will receive your state pension from your state pension age;
- you will receive a pension from Bpf Koopvaardij from the first day of that month;
- you will receive your pension in equal monthly instalments, unless you opt for a different payment structure;
- holiday allowance is already included in this amount;
- there is a partner’s pension for your partner in the event of your passing.
What happens if you do not have a partner? In that case, the partner’s pension will automatically be converted into an additional pension for yourself.
Is this the right choice for me?
Your situation is personal. So are your choices. Consider, for example, the following issues:
- Would you like to stop working as soon as you reach state pension age? Will you have sufficient income from your state pension and other pensions from that point onwards?
- Do you have any other sources of income, such as savings, an annuity or a pension from another pension fund or insurer?
- Is a fixed and predictable pension amount right for your situation?
- Would you like to make use of other pension options, such as a temporarily higher pension?
- What will your financial situation be like after you retire?
- Do you have a partner? If so, you should also check what arrangements have been made for your
- partner in the event of your passing.
Thinking this through will give you a better idea of what this choice means for you.
What will change when I retire at state pension age?
Your income
Once you reach state pension age, you will receive a state pension from the government. Have you decided to start receiving your pension from Bpf Koopvaardij? If so, you will receive both your state pension and your Bpf Koopvaardij pension from that point onwards. Your Bpf Koopvaardij pension is the same amount every month, unless you opt in advance for a different payment structure, such as high-low.
Don’t just check how much pension you will receive, but also whether it will be enough to cover your future expenses. Once you retire, some costs will disappear, whilst other expenses may actually increase.
Your partner’s income
Following your passing, your partner will receive a partner’s pension. It is advisable to assess together whether this will provide sufficient financial security. Go to Pension for your family to see what arrangements have been made for your partner.
Your expenditure
Your life often changes when you stop working. Travel expenses or work-related expenses may no longer apply. On the other hand, you will have more free time and your spending habits may change. Think about what you’ll need and want to spend your money on in the future. The Nibud Pensioenschijf-van-vijf can help with this.
Tax and allowances
Once you reach state pension age, you may receive several sources of income, such as the state pension and a pension from Bpf Koopvaardij. This income is taken into account for tax purposes.
When submitting your pension application, you must also indicate whether Bpf Koopvaardij should apply the wage deductions tax credit. You may only apply this to one income. Do you receive both the state pension and an occupational retirement pension? In that case, check carefully where you want the wage deductions tax credit to be applied.
Don’t just look at the amount of your pension, but at your overall financial situation. You can find more information on the website of the Dutch Tax and Customs Administration.
Your choices will be final
Once your pension has commenced, you will no longer be able to change the pension choices you have made. You should therefore think carefully in advance about the choices you make.
What other options do I have?
Retiring at state pension age is one of the options available under the pension scheme.
You can also opt for:
- taking early retirement;
- retiring at a later date;
- a higher pension at first and then a lower one later on;
- a higher or lower partner’s pension.
In the pension planner you can see what different choices mean for your pension.
What does Bpf Koopvaardij arrange?
We will contact you 6 months before you reach state pension age to advise you on how to apply for your pension. You must apply for your pension no later than 2 months before you wish your pension to commence.
Have you applied for your pension? We will then calculate your pension based on the choices you have made.
How do I apply for a pension?
Six months before you reach state pension age, you will receive a message from us inviting you to apply for your pension. You must apply for your pension no later than 2 months before you wish it to commence. You can do this in My Koopvaardij.
Read the step-by-step guide to applying for a pension beforehand. In this guide, we explain how to apply for your pension.
Remember: once your pension commences, your choices are final. You will therefore no longer be able to change these choices.
Do you have a partner? If so, bear in mind that he or she will also need to sign your pension application (digitally or otherwise).
What happens if I do nothing?
Many members think that their pension will start automatically when they reach state pension age. That’s not the case.
What happens if you do nothing? In that case, your pension will not commence automatically. Your pension will be postponed until you apply for it. As a result, you will receive your pension at a later date. It is therefore important to read the information provided by Bpf Koopvaardij carefully and to take action in good time.
See your situation in the pension planner
What does this choice mean for your pension? Calculate it using the pension planner.
Calculate it now!
Do you need help?
Do you have any questions or would you like more information? If so, contact us.