Retiring later: what does this mean?

It is not automatic that everyone should stop working on their predetermined retirement date. It is also not compulsory. How will later retirement affect your pension income? We list a few points worthy of consideration.

How to arrange it

  1. Notify your employer

    Let your employer know well in advance that you wish to continue working for longer. Your employer is actually under no obligation to keep you on for longer. So this is a decision that has to be made jointly by you and your employer.

  2. Check you financial situation

    It is good to have an idea of what your financial situation will look like when you reach your state pension age. You can do this together with a financial adviser, or do some research yourself. Many pension providers have a tool for this purpose that allows you to calculate approximately how retiring later will affect your pension. At Zwitserleven, you can do this in the  PensioenPlanner in MijnZwitserleven.

  3. Decide what to do with your other pension pots

    If you have also accrued pension through previous employers, these pensions may have a different retirement date. You can also defer or bring forward these dates and, for example, have all your pension pots come into payment at the same time. You can find your pension pots and corresponding retirement dates on or on the Uniform Benefit Statement (UBS) you receive from the relevant pension provider.

  4. Tell your pension provider

    Good to know: you can defer your pension until shortly before the retirement date set with your employer. You will automatically be reminded about this by your pension provider 6 months in advance. This is soon enough to state that you wish to defer your retirement. But you must do this before the current retirement date. After that, postponement will no longer be possible.

Things to consider

Working longer means that you defer your retirement date for a while. There are several reasons for choosing to defer retirement. Some people enjoy their work and don’t wish to stop yet. Others feel they will not have enough to do if they retire. Then again, they may not have accrued enough pension to stop working altogether. If you also wish to defer your pension, these are things to consider:

You can defer up to 5 years after your state pension age

By law, your pension must come into payment not later than 5 years after your state pension age. After that, it is not considered a pension for tax purposes, but wages from previous work. This means that the Tax & Customs Administration will deduct payroll tax on the entire accrued pension at once. On top of that, you will have to pay a fine that can be quite substantial. More information can be found on the Tax & Customs Administration website.

Working longer means receiving salary for longer

If you continue to work in your current job, you will usually continue to receive a salary. You can defer your pension, but not your state pension. So if you are receiving state pension in addition to your salary, your total monthly income will increase. You may lose your entitlement to allowances in this case.

Postponing retirement does not always mean more pension income

When you defer your pension, it affects the amount of your pension income. The consequences depend on the type of pension you have. For example, are you insured for an annual amount? Or do you have a pension capital with which you will purchase a pension income? You can see what kind of pension is insured for you at

Effects for partner's pension

Partner’s pension is a benefit payable to your partner in the event of your passing. If you retire later, your partner's pension may also be affected. It is good to understand and be aware of this.

Pension at Zwitserleven? View the Pension Planner

If you wish to know if you can retire earlier, or it would actually be better to postpone your pension, the Pension Planner in MijnZwitserleven can give you insight into your financial future in just a few steps. Either for yourself, or for you and your partner together. That way, there will be no surprises later.

What choices can you make?

  • Option buttons

    Retiring earlier or later

    Do you want to receive your pension on the retirement date? Or you can choose to receive your pension sooner or later.

  • Shapes

    Fixed or variable pension

    Do you want a fixed or variable pension income or a combination of these?

  • Ogen

    For your partner

    Do you have a partner? Then you can opt for your partner to receive a lifelong pension when you die.

  • Coins

    High / low pension

    Temporary higher pension for, for example, mortgage payments, long journeys or a period without state pension.

  • Pile of coins

    Lump sum payment

    You can withdraw up to 10% in one go. After deduction of taxes, you can spend this money however you want.

  • Wallet


    You may commute a small pension that yields a maximum of € 594.89 gross per year on the retirement date.

  • Shopping cart

    Right to shop around

    Buy a pension income from an insurer other than the one where you built up the capital.

Discuss your wishes with an adviser

The choices you make now for your pension income are made for the rest of your life and your partner’s life. You can no longer change a pension that is in payment. This is why it is important to seek advice from an independent financial adviser when making decisions. They will look with you at your overall financial situation, which includes all your pension pots, as well as other asset components, such as a home of your own or savings.

An adviser can also help you determine how much money you need to live on. And the minimum net pension income you need for this. An initial orientation meeting with an adviser is often free of charge.