First higher then lower (or the reverse)
On your retirement date, you can choose to take a higher pension initially and then a lower pension, or the other way around. This could be useful if you are retiring before the date when you will receive AOW pension and you would like to have more pension until that date. This can make up for the lack of AOW pension, at least to some extent.
First high then low
On your retirement date, you can decide to take a higher retirement pension for the first few years and a lower retirement pension thereafter. From this second date, your retirement pension will be lower than that stated on your Uniform Pension Statement (UPO).
First low then high
You also have the option of taking a lower retirement pension for the first few years and a higher retirement pension thereafter. From this second date, your retirement pension in this case will be higher than that stated on your Uniform Pension Statement (UPO).
Six months before your retirement, you will receive a letter and a number of forms from the pension fund to inform us of your pension choices.
Frequently Asked Questions
How do I notify my choice for a higher benefit initially and a lower benefit later?
You should choose either the high/low or the low/high option not less than two months before your retirement date. Six months before you retire, you will be sent a letter and several forms from the pension fund. You can use these forms to notify us whether and how you wish to apply any of the available pension options.
Why would I want to have a higher pension benefit initially and a lower benefit later?
If you retire before reaching your AOW age, for example at age 65 and you will receive AOW when you are 67, your income in the first two years of retirement will be lower because you are not yet receiving any AOW. You can make up for this by bringing forward part of your pension until the date when you start receiving AOW.