When can you retire?
Your old-age pension commences on your 68th birthday. From that day onwards, you are paid a monthly pension up to the last day of the month in which you die.
How do you know how much you have accrued to date?
Each year, Astellas Pension Fund sends you an overview. Detailed therein is the pension income you can look forward to when you reach the age of 68, but also the amount you have accrued to date. In addition, the overview provides information on matters such as partner’s and orphan’s pensions.
Small pension?
If your pension capital at Astellas is lower than the commutation limit (€ 520,35 in 2022), we may propose paying out your pension in one go within six months after the commencement of your retirement pension payments. This is called commutation. You can decide for yourself whether you wish to accept this or not. There are advantages and disadvantages:
Advantage
The value of your pension held by our fund is paid into your bank account in a single lump sum. This can be an advantage if you need the money urgently or if you don't expect to live long.
Disadvantages
- You won't receive any monthly payments from our fund.
- There will be no partner's pension for your partner or former partner. As a result, your partner or former partner will not receive any benefit payments in the event of your death.
- It is possible that the lump-sum payment means you lose other sources of income. For instance, if you receive any benefits and/or allowances from the Tax and Customs Administration (Belastingdienst), these may be reduced. We recommend that you check with the organization that pays you the benefit or allowance. We don't know your exact situation or the consequences.
How will you receive your pension?
As soon as you retire, you will receive a statement detailing the extent of the old-age pension and possible partner's pension. It further states the gross amount that Astellas Pension Fund will pay you on a monthly basis.
What is deducted from that monthly sum?
Wage tax and national insurance contribution and contribution to the Care Insurance Act (ZVW) are still to be deducted from your pension payment. Astellas Pension Fund automatically deducts this, so that you are paid a net amount, just as you would when you received your salary.
Each year, a statement is sent to you detailing exactly the amount of pension paid to you for that year and the amount that has been deducted for taxes and other contributions. You need this statement when completing your annual income tax return.
When is your ex-partner paid a pension?
As soon as your old-age pension starts, your ex-partner is entitled to his or her equalised pension. Astellas Pension Fund pays this sum directly to your ex-partner, provided our fund has been instructed accordingly in time. If your ex-partner dies, Astellas Pension Fund will pay you the entire old-age pension again.