This is how saving for your pension works in the Netherlands
If you live in the Netherlands, you are entitled to a basic pension. You can also save for extra pension. This is money you can get from a certain age when you stop working. Read here how pension saving works in the Netherlands.
If you work in the Netherlands you can build up a pension in 3 ways
You accrue a basic pension based on the
You often build up extra pension when you work. This is often arranged automatically by your employer.
If you have your own business, you can build up extra retirement income on your own. You can find more information about this on the website of the
This is how you build up a basic pension
Everyone living in the Netherlands receives a basic pension (AOW) from the Dutch government. This is money you get when you no longer have to work because of your age. In 2024, the age at which you officially no longer have to work will be 67.
You will get a full AOW if you lived in the Netherlands in the 50 years before you retired. For every year you did not live in the Netherlands, your AOW will be reduced by 2 percent.
The final amount based on the AOW depends on:
The number of years of accrued state pension.
Your (living) situation at the time you are entitled to AOW. If you live alone, you will get more AOW. If you live together or are married, you will get less AOW.
Sometimes you get a supplement to your basic pension
If you do not have enough AOW, your income may be less than what you need to live on. This can happen if, for example, you came to live in the Netherlands later. Or because you lived abroad for a while.
Then you can get extra money from the government. This is called supplementary income support for the elderly (AIO). You have to meet certain rules to get this. For example, you have to live in the Netherlands to get this extra money.
Here is how to build up an additional pension
Do you work in salaried employment? Then you usually build up a supplementary pension. Even if you work through an employment agency. According to Dutch law, employers are not obliged to save for your pension. But most employers do.
You and your employer save your pension together through a
Your employment contract or the collective labour agreement (CLA) will tell you how this is arranged for you. You can always ask about this when discussing your employment contract.
You will receive a letter when you may retire
Your retirement age varies by occupation and year. In 2024, most people stop working at age 67. If you do heavy work, you may be able to retire earlier.
Do you live in the Netherlands? If so, you will receive a letter from the
To get your extra pension, you have to contact your pension fund or insurer yourself. You can choose when you retire and tell them the time from which you want to receive your pension. If you retire earlier than the retirement age, you will receive less pension per month.
Your pension when you move away from the Netherlands
If you move abroad, you will keep your AOW and extra pension built up in the Netherlands. You must then contact the SVB yourself and apply for your pension. You should do this 6 months before your retirement age. For your extra pension, you will also have to contact your pension fund or pension insurer in the Netherlands and inform them when and to which account you want to receive your pension.
Have you only built up little pension? Then you can "afkopen" (redeem). This means that you can have the money transferred to your account. For this too, contact the SVB and your pension fund or pension insurer.
Your extra pension when you change employers
Are you changing jobs? Then you can usually transfer the money you have built up with the pension fund or pension insurer of your old employer to the pension of your new employer. Contact your new pension fund or pension insurer for this.