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ACCESS NL > Dual careers in the Netherlands > Working in the Netherlands > Dutch pension system
During the years you have been living in the Netherlands, you and your partner build up an Algemene Ouderdomswet – AOW (state pension) , that is a basic state pension. In addition to this, you can set up a private pension for yourself and your partner. You can do this via a bank or an insurance company. They can advise you about the possibilities in your situation. Find more information about it at the Social Security Office (Sociale Verzekeringbank – SVB) website. That is the organisation that implements national insurance schemes in the Netherlands: www.svb.nl/int/en/aow.
The Algemene Ouderdomswet – AOW is a basic state pension insurance scheme. Everyone who lives or works in the Netherlands is insured automatically, regardless of nationality. As a rule, everyone who has reached the pension age and lives or has lived in the Netherlands is entitled to an AOW pension. You will be paid a pension from the day you reach the pension age that applies for you. If you do not live in the Netherlands at that time, you may only get a part of your AOW, depending on the treaties between the Netherlands and the country where you live.
For every year that you are insured, you build up rights to 2% of the full AOW pension. If you have been insured for the full number of years (which is 50) you will get a full AOW pension. If you have lived or worked outside the Netherlands, you are likely to have been uninsured during certain periods and may get a lower pension as a result. See below general information about when you are entitled to retire in the Netherlands:
The AOW is not designed to be a standalone income for retirees in the Netherlands and should be supplemented by a company/occupational pension (labour-based pension) or private pension scheme, or both.
If you live in the Netherlands at the time you retire, you are entitled to AOW. As you haven’t lived in the Netherlands all the time you will receive a reduced AOW. If you don’t live in the Netherlands any more when you retire, you may be entitled to AOW if you live in a country that has a treaty with the Netherlands regarding social security. You can check what the regulations are for the country you are living in on https://www.svb.nl/int/en/aow/wonen_buiten_nederland/beu/index.jsp.
Yes, you can do so. However, if you arrange something in the Netherlands, such as a lifetime annuity, it may cause problems getting the money when you have left the Netherlands. Therefore, it is important to get in touch with a financial advisor who is familiar with problems expats may have.
Almost all pensions are based on the system in a particular country. This is also true for the Netherlands. There are several ways to arrange a pension yourself, e.g. if you are self employed but when you leave the Netherlands it is not sure if you can continue with it. For example, a lifetime annuity (lijfrente) is generally considered as an option but getting it paid outside the Netherlands is very difficult due to regulations.
For international employers there are options to arrange an international pension plan. Companies offering this are usually international banks and insurance agencies. Examples are Swiss Life https://www.swisslife-global.com/corporate/solutions/expats.html, TMF Group https://www.tmf-group.com/en/services/companies/hr-payroll/international-pensions/ and Mercer https://www.uk.mercer.com/our-thinking/international-pension-plans-a-good-fit-for-mobile-workers.html . These pensions can be called international pensions, mobile pensions or offshore pensions.
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