Whether you have just moved to the Netherlands and are planning ahead, or whether you are already retired and are planning on moving to the Netherlands, it is important to learn more about how retirement and pensions work in your destination country. Every country's system works a little differently when it comes to retirement, from age of retirement to pensions and more.
What is the Dutch age of retirement?
The Dutch age of retirement for 2024 is 67 years. Within the EU, it is possible to transfer your pensions from country to country, so it is advised to check your own individual situation if you are planning on moving to the Netherlands from an EU country. If you are living in the Netherlands, you will receive a letter from the SVB (Sociale Verzekeringsbank or, literally translated Social Insurance Bank) approximately 4 months before you reach your pension age. However, if you are not living in the Netherlands you will need to submit a pension claim yourself.
The Dutch pension system itself consists of three parts: a state pension, a supplementary pension, and a private pension. On this page, you can find more information about all three, as well as on eligibility for pensions.
State pension refers to the pension you accrue through tax payments throughout your working life in the Netherlands. Factors that influence how much you will receive in state pension include how long you have been working in the Netherlands, whether you live alone, and the age of the people you are living with. If you live in the Netherlands, you will receive a letter from the SVB approximately 4 months before you reach your pension age. Your pension age will differ depending on the year you are born, and it is regularly updated. You can find out what your individual pension age is on SVB's website.Learn more about state pensions
Supplementary pension refers to pension that you accrue whilst working in the Netherlands, usually funded by your employer and that you contribute a percentage of your own income too. There are sector pension funds and occupational funds, and your employer will be a part of one of these. If you are self-employed, there are also other options for your pension fund. The Dutch National Bank's website has more information on the different sector pension funds, and you can search in their register for the one relevant to your career for more information.Learn more about the different pension funds
Your private pension plan can take a variety of forms, and it is not mandatory but is instead a choice that you can make to supplement your state pension and your supplementary/company pension. Some examples of private pension plans include, but are not limited to, shares, life insurance, property investments, and retirement annuity contracts. You can find a variety of private pension plans offered by insurance companies and banks that may offer a range of options based upon your individual situation.Overview of (Private) Pension Examples