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Build up pension

Everything concerning the top-up pension

You’ve come here to find out more about adding to your pension. That’s very sensible, because the state pension (AOW) combined with a employee pension will often not be enough for a comfortable retirement. However, when trying to find out more about pensions, you may come across words you might not be familiar with. We’ll be happy to explain those here.

Difficult concepts explained

What is a pension shortfall?

A pension shortfall means that your monthly expenditure will exceed your pension payments once you retire. You can make up for this shortfall yourself.

Savings

What is annual margin?

You can put some extra money aside for your pension and potentially get a tax credit for it. This tax credit is conditional on your additional deposits staying below a certain limit. We call this your annual margin. In Dutch it is called 'jaarruimte'.

What are the pension pillars?

The first pillar of the Dutch pension system is the state pension, known as ‘AOW’, which stands for General Old-Age Pensions Act. The second pillar is your employee pension. You can top up your pension with a third pillar in the form of a top-up pension.

Step-by-step plan: pensions for beginners

You now get the basics of pensions. Well done! Once you understand how it works, it would be a good idea to take a closer look at your own pension situation. We have put together a step-by-step guide to help you with that. Simply go through the steps to check if you will be able to enjoy the same lifestyle in retirement.

Step 1: check your pension

It takes just 5 minutes to check how much pension you’re entitled to. Go to Mijnpensioenoverzicht  and log in with your DigiD. Your details will be retrieved and you’ll see right away on your screen how much pension you will receive. The figure shown on screen is made up of both your Dutch state pension (AOW) and your Dutch employee pension(s). The pension that you previously built up abroad does not appear here.

Step 2: calculate your annual margin

You now have an idea how much money you can expect every month when you retire. In most cases, it is advisable to start putting some extra money aside for later as soon as you can. You can do that with a pension account. You can top up your pension every year up to a certain amount and potentially get a tax credit for the money you put in. In Dutch, we call this amount your 'jaarruimte' (annual margin).

Step 3: open a pension account

Within a pension you save and invest for your top-up pension with a possible tax credit. At ABN AMRO, such a pension account is called the Pensioenaanvulling.

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Do you have a question?

Look for answers to our frequently asked questions about pensio on our service page.

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