What do you need to do if...
Four practical tips
- What if I want to make the right choice for my pension?
- What if I retire just as we transition to the new pension system?
- What if I want to withdraw a lump sum as soon as I retire?
- What if I want to withdraw my TOP capital before my state pension date?
What should I do to make sure I make the right choice for my pension?
There is a wide range of options for you to consider. You can find information on these options on the website, which we will expand in the coming years with the pension planner, so you can weigh up all kinds of pension choices and see what the financial impact would be. Helping everyone make the right choice for their pension is incredibly important to us, so that is what we are working on. In fact, since 1 July 2023, there has been a legal obligation to provide sufficient information about the pros and cons of each choice.
What should I do if I retire just as we transition to the new pension system?
There’s nothing to do yet. Whether you retire before or after the start date of the new scheme, existing pensions will be transferred to the new pension system. In principle, you’ll receive no less than before. As soon as we know more about the scheme under the new system, we will of course inform all our members and pension beneficiaries about it. In addition, there is a webinar on 11 October 2023, when we will update you on the new system.
Can I withdraw a lump sum as soon as I retire?
No, the legislation on a lump sum has not yet been adopted. We already mentioned that this possibility is likely to be offered. If it is you can then withdraw a large sum as soon as you begin to receive your pension. This means your pension will be lower. There are a few other points to consider as well. We’ll let you know when the time comes. This new law will not enter into force on 1 January 2024 and is instead provisionally expected to take effect on 1 July 2024.
What do I need to know if I want to withdraw my TOP capital before my state pension date?
If you would like to use your TOP (pre-pension) capital to retire earlier than the state pension (AOW) date, it’s a good idea to check that you are currently using the correct LifeCycle. By default, the LifeCycle is aimed at purchasing a lifelong retirement pension on your state pension date. If you are a former employee and you also have TOP capital with NN-IP (now Goldman Sachs), you can withdraw all of that capital one year before your state pension date. Note that this is not possible for a shorter period. For more information, please contact AZL.