On 1 January 2020, NN CDC Pensioenfonds raised its standard retirement age from 67 to 68. This article explains how this affects your old age pension, your surviving dependants’ pension and your ex-partner's pension.

In 2019, the social partners (employer and trade unions) agreed on the terms and conditions of the new pension plan, including the standard retirement age.

Pension fund implements agreements 
One of the agreements made was that the standard retirement age would be raised from 67 to 68 with effect from 1 January 2020. This means you have one extra year to build up your pension and stay at work. From 1 January 2020, NN CDC Pensioenfonds is using the 68 standard retirement age as the reference for its calculations and communications.

Targeted and actual accrual rate
The accrual rate targeted for your old age pension will be modified as well, to 1.875% of your pension base. More information on the accrual rate for 2020, which has been set at 1.552%, is available here.

Pension accrued before 1 January 2020
If you have pension rights in NN CDC Pensioenfonds that accrued before 1 July 2020, the pension fund will recalculate your pension entitlements using 68 as the reference age. The fund’s recalculation will be based on collective actuarial equivalence, which means the value of your pension as at the date of the recalculation will not change.

Impact on your old age pension
Your retirement date is still up to you, with early retirement being possible at any date of your choice after your 60th birthday. However, your pension benefits will be lower if you retire early. That's because the pension fund will need to pay out your pension for more years, while you’ll have fewer years of employment to build up your pension.

Are you retiring in 2020 and making use of any pension options? Or are you reconsidering choices you’ve already made? If you’re thinking of changing the date of your retirement because the standard retirement age has been changed, please contact the Pension Desk. You will be sent a new calculation of your pension.

Impact on your surviving dependants’ pension
The new standard retirement age will not have any impact on your surviving dependants’ pension, as the starting date is not linked to the standard retirement age, but is dependent on the date of your passing away.

What happens if you're divorced
If you’re divorced, the new standard retirement age will have an impact on the portion of your old-age pension that you share with your ex-partner.

More information
If you have any questions about your pension in NN CDC Pensioenfonds, please contact the Pension Desk. More information is also available on the pension fund’s website.