What options do you have if your annuity is about to mature?

Whether you have the money paid out or decide to delay the payments, the choice you make will depend on your income needs as well as the tax rules applicable at the time.

The year in which you took out your annuity insurance or opened your annuity account will determine which tax rules apply to you. If you did this before 2006, the rules are more flexible. They’re less flexible if your annuity product is from after 2006. However, there are still effective ways to give yourself a good income, such as early pension release.

If you took out a lump sum annuity before 1992, or before 16 October 1990 by paying monthly contributions, your annuity falls under the ‘old annuity regime’. This means you can do more with the amount that matures. Feel free to go over your options with one of our advisers.

If you need immediate access to the accrued capital in your annuity, you can choose to have your annuity paid out. These are your options: 

• You use the money to top up your state pension (AOW) and workplace or private pension for several years
• You reduce your hours or retire early and use the money to bridge the gap until you are able to draw state pension (AOW), workplace pension or private pension

You can also purchase the annuity payments from a bank or insurer other than the one with which you accrued the capital.

You can purchase a periodic payment from an insurer. You can open an annuity account with a bank and use it to convert the accrued amount of annuity into a periodic payment.

You will then receive a fixed payment every month, quarter or year over a pre-defined period. 

If you don’t yet need the extra income, you can delay annuity payments for up to five years after the year in which you reach state pension age (AOW).

If you purchased payments from a bank, your payments will transfer to the beneficiaries of your estate or your heirs. 

If you purchased payments from an insurer, the payments will stop unless your policy includes a beneficiary, such as your partner.

You can easily combine the capital on multiple insurance policies and accounts to put yourself in a better financial position. You can transfer your annuity insurance or account to another insurer or bank on, or after, its maturity date. To avoid missing out on the flexible options available to you, it’s a good idea to seek advice from a professional.

You can also do the same before the annuity’s maturity date if you find a better rate or terms elsewhere. However, this may involve additional charges.

If the government introduces a new bill, you may also choose to take out at most 10% of your annuity as a lump sum. It is completely up to you how you spend this lump sum.

However, taking out a lump sum means the remainder of your annuity payments will be lower. It could also have negative effects on your tax burden and other means-tested benefits. The bill is due to take effect on 1 July 2025, but the government may miss the deadline. If so, it will probably enter into force on 1 July 2026 instead.

What can you do if your annuity policy no longer exists?

1. Contact your insurer
   If you can’t find an annuity policy but know the name of the insurer who provided your annuity, get in touch with them.
2. Dutch central bank’s Information Desk
   If your insurer no longer exists, contact the Dutch central bank’s Information Desk to find the legal successor.
   Dutch Central Bank's Information Desk
3. Insurer search service
   If you’re having trouble, you can ask for help from the Dutch Association of Insurers search service. The Association will ask participating insurers to check their records for any policies registered in your name.
   Dutch Association of Insurers search service

The right choice for you depends on your annuity insurance or account, your personal finances and your own preferences.

If you have questions about annuities or need help, please get in touch with us. We’re here to support you and explore your options.

• Topping up your pension with an annuity: what are your options?