At the end of your career you can work however you see fit. You might want to work less or keep working as before. Or stop working altogether. Do what is best for you. Retire partially.
On partial old-age pension you decide how much work you want to do: less, the same amount as now, or not at all. Regardless of your choice, you will simultaneously receive pension. That is why partial old-age pension suits you whether you are an employee or self-employed. Or unemployed.
You can retire on partial old-age pension when
You also get to decide how large a pension you wish to withdraw. There are two choices: either half or a quarter. This 50 or 25 per cent is calculated from the pension that you have accrued by the end of the year preceding your retirement.
The amount of partial old-age pension can be raised from 25 per cent to 50 per cent, if you wish. Unfortunately it is not possible to reduce the amount of pension.
The partial old-age pension is a new type of pension, which will replace the part-time pension. The new type of pension will be more flexible because you can only apply for the old, i.e. part-time pension, if you start working part-time.
Please remember that the partial old-age pension cannot be discontinued. If you regret your decision, you can cancel the pension within three months of when the pension decision was made. In that case, we will have to collect from you the pension that has already been paid.
If you transfer to partial old-age pension, your actual old-age pension will be reduced permanently. As will all of your other earnings-related pensions. The reduction will take place as an early retirement penalty, which is 0.4% for each month of early retirement, until you reach your lower old-age retirement age. If you continue at work after the lower retirement age, you will accrue 0.4% more pension for each month that you postpone your retirement. How is a pension formed?
The pension thus decreases less the older you are when you retire. And the more you work while on partial old-age pension. You can use our calculator to estimate the amount of partial old-age pension you will receive. The calculator also helps to estimate the amount of the actual old-age pension and how the dividing up of the pension reduces the old-age pension.
At some point you will want to retire full-time. And withdraw a full old-age pension instead of a partial one. It is then time to apply for old-age pension. The actual one.
You can apply for actual old-age pension at any point after you have turned the lower old-age retirement age and your employment relationship has ended.