When to retire

The pension commencement age in our pension fund is 68 years. You can also choose to retire earlier (from the age of 55) or later (up to the age of 70). This means you either stop working completely or continue working completely.

Retirement when you receive your first state pension (AOW) payment
The employment contract with Avery Dennison ends automatically when you start receiving the Dutch state pension (AOW benefits). All participants receive a letter from the pension fund a few months before the AOW benefits take effect. This letter informs you that you can also retire before you turn 68. Obviously, if you do retire earlier, your pension payments will be lower. This is because the pension is accrued for a shorter period of time and the pension needs be paid out over a longer period of time. The pension fund can make a calculation for you.

Retirement earlier than 5 years before your AOW pension age
Are you thinking of retiring more than 5 years before your statutory retirement age? This means that you are no longer allowed to have any income from work, now and in the future.

Temporarily higher pension benefit if you retire early
The AOW benefit takes effect on the statutory retirement date that applies to you. This could mean that if you do stop working earlier, you will be faced with a gap in your income (the AOW gap). The pension plan offers the possibility of bridging this gap between your actual pension commencement date and your statutory retirement date. You can choose to be paid a higher benefit up to your statutory retirement age (AOW age) and a lifelong lower benefit afterwards.

Working longer?
Do you want to work longer and continue to accrue pension after your AOW benefit has started? The decision to work longer has to be made in consultation with your employer. You can continue working and postpone the commencement of your pension until you turn 70 at the latest.

What do you have to do?
Make clear agreements with your employer well in advance. Would you like to retire early? Contact us directly at least 6 months before your desired pension commencement date.