When you retire, your income can consist of different components:
- government pension (in the Netherlands that is the state pension (AOW);
- pension that you have built up at one or more pension funds, including Bpf Koopvaardij;
- pension that you have arranged yourself, such as an annuity policy or savings account.
For more information, go to Occupational retirement pension.
Retiring earlier or later
If you wish to retire before the age of 67, you must submit a request to Bpf Koopvaardij at least six months before your desired pension commencement date. Early retirement has financial consequences:
- your pension benefit will be lower. This is because you will be receiving your pension over a longer period;
- your state pension may commence later than your early retirement pension. Your total pension will then temporarily be lower.
If you want to work longer and postpone your retirement, you will no longer pay any contribution after you reach the age of 67 and your pension build-up will stop. You may postpone your retirement until the age of seventy at the latest.
Later retirement means that your pension benefit will be higher. This is because you will be receiving your pension over a shorter period.
First a higher and then a lower pension or working while receiving a pension
You may also opt for a high-low occupational retirement pension. This means: a higher pension for an initial period and subsequently a lower pension. Your pension is therefore divided, within the set conditions, differently over the years. Because, for instance, you expect to need more money in the first few years of your retirement.
If you are not yet receiving your state pension in addition to your occupational retirement pension, this option may offer a solution. You will initially receive more pension up to your state pension age, after which you will receive less pension.
If you let your pension commence before the age of 67 and you continue to work for an employer in the merchant navy:
- you will still be a member of the Bpf Koopvaardij pension fund. You build up pension and you pay a contribution. You employer will withhold this contribution from your salary and will pay it to Bpf Koopvaardij;
- the pension build-up will stop when you reach the age of 67 or if you stop working before then. The extra built-up pension will be paid out when you reach the age of 67 or at the earlier time when you stop working.
Needless to say, you can continue to work after you reach the age of 67. But you will no longer be building up pension and will therefore no longer pay a contribution.
Extra occupational retirement or partner's pension by exchanging pension
Exchanging partner’s pension for extra occupational retirement pension
This is an option if you do not have a partner or if your partner has sufficient income or pension. You can make this choice shortly before you retire.
Do you have a partner?
If so, you must arrange this with a civil-law notary. Together with your partner, you must complete the partner's pension waiver. This means your partner waives all or part of the partner's pension. You will receive the waiver together with the application form for your occupational retirement pension.
Do you not have a partner?
Indicate this on the application form for your occupational retirement pension. This is a confirmation that you wish to exchange the partner's pension for a higher occupational retirement pension for yourself. A confirmation at a civil-law notary is not required.
Do you have an ex-partner?
Remember that your ex-partner may be entitled to part of the partner's pension. For more information, go to You and your partner are separating.
Exchanging occupational retirement pension for extra partner's pension
This is possible shortly before you retire. This exchange means that your occupational retirement pension will be lower. On the other hand, your partner will receive a higher partner's pension when you die. These are the conditions:
- you have sufficient occupational retirement pension for yourself. The new partner’s pension may be no more than 70% of your occupational retirement pension;
- the partner’s pension, together with any special partner’s pension for your ex-partner, may be no more than 100% of your occupational retirement pension.
This pension choice is also possible as soon as you leave employment and you stop building up pension with us.