When you retire, you have a number of choices. A bill is before the House of Representatives to add a choice to these. Namely, the possibility to receive up to 10% of your accrued retirement pension in one lump sum when you retire.
This bill is expected to take effect from July 1, 2023. This means that you can take advantage of this choice if you retire on or after July 1, 2023. This date is not certain until the bill is debated by the House of Representatives. So it could also be later.
The choice to receive up to 10% of your pension in one lump sum in short
When you retire, you will soon be able to choose to take up to 10% of your retirement pension in one lump sum. The government is adding this new choice so that you can make your pension even better suited to your personal situation and future wishes. With this amount you can, for example, pay off your mortgage or pay for a renovation. The goal is up to you.
You can make this choice once: just before you retire. If you choose to have part of your pension paid out at once, this will affect the amount of your lifelong pension benefit. This becomes lower. Exactly how much lower depends on your personal situation.
Your choice can also affect any supplements you receive and the amount of tax you pay. A financial advisor can determine whether withdrawing part of your pension in one lump sum suits your situation. Opting for a " lump sum" excludes the "higher-lower" option.
More information will follow later this year
Once the bill is passed and the effective date is certain, we will offer you more information about this new choice.
Update 05-07-2023: The expected effective date of "Lump Sum" has been postponed to July 1, 2024. This effective date is also not yet certain. This is because the bill still needs to be approved by both the Senate and the House of Representatives.
Questions?
Do you have questions or need more information? We would be happy to help. You can reach us on weekdays between 9.00 a.m. and 5 p.m. at (020) 426 63 60 or iffpensioenfonds@blueskygroup.nl