Receive 10% of your pension as a one-time payment
If you opt for a one-time payment, you can receive part of your accrued pension as a lump sum when you retire. This is a maximum of 10% of the value of your accrued retirement pension. This bill still needs to be approved. This pension choice will therefore take effect no earlier than 1 January 2025.
More freedom of choice with a one-time payment on your retirement date
How you choose to use your one-time payment is up to you. You might decide to pay off your mortgage, buy a camper van or go on a trip, etc. The one-time payment enables you to align your pension better to your personal circumstances and preferences.
More money now but less later
If you opt to receive a one-time payment on your retirement date, the monthly pension benefits you receive after this date will be lower. We advise you to ask a financial adviser to see whether you would then still have enough income to cover your planned expenditure.
A one-time payment can affect your taxes and benefits
Taking out a one-time large payment may put you in a higher tax bracket in the year you retire. Any supplements you may be receiving from the government could be reduced or disappear. With this in mind, we advise you to consult a financial adviser. Have a look at belastingdienst.nl or toeslagen.nl (deductions) for more information.
At SSPF a one-time payment will have consequences for your other pension choices
If you opt to receive a one-time payment, you will not be able to choose to:
- temporarily receive a higher or lower pension
- temporarily receive extra pension until your state pension (AOW) date.
How to arrange your pension?
From age 55 you can tell us your pension choices via my-Shell pension. Do this at least 6 months before your retirement date. Do you first want to see the consequences of your choices for your pension? You can calculate these with my-Flex planner via my-Shell pension. Log in easily and safely with your DigiD.
Please note:
Your pension has to start on or after 1 July 2024. It is not possible to receive a one-time payment prior to that date. You can easily request your pension on my-Shell pension.
Do you have questions?
Schedule a video call if you have any questions. Alternatively, call us or send us an email.