What is pension?
In the Netherlands, it is customary to work until a certain age and then retire. However, you will still need an income, which is why anyone who has lived and/or worked in The Netherlands will eventually receive a state pension (AOW) from the Dutch state.
Your date of birth will determine when you start to receive a state pension
The statutory retirement age is increasing incrementally. The age at which you will start to receive a state pension will depend on your date of birth. The state pension amount will not be the same for everybody either. The amounts paid change every year. View SVB.nl for an estimate of your statutory retirement age, the amounts applicable and for more information about the state pension ('AOW') in general. Most employees also receive a supplementary pension through their employers. Employees are also able to save for their pension themselves (individual pension provision).
Your pension could consist of these 3 elements
- A basic retirement pension from the state
- Pension accrued through your employer
- Your own pension provisions
These 3 elements form the pillars of the Dutch pension system: how we ensure that people in The Netherlands have an income after they retire.
Statutory schemes
Besides the state pension (AOW pension), a number of statutory schemes cover situations in which an employee is no longer able to work, is partially unable to work or dies: the Unemployment Benefits Act (WW), the Work and Income Act /Capacity for Work Act (WIA) and the Surviving Dependants Act (ANW).