In June the government, employers and trade unions reached agreement on the future of the Dutch pension system. The agreement was also endorsed by trade union members.

Among other things, the pension agreement provided for the state retirement age to be raised more slowly than planned.


New state retirement age

Current state retirement age


66 + 4 months

66 + 8 months


66 + 4 months



66 + 7 months

67 + 3 months


66 + 10 months

67 + 3 months



67 + 3 months


Thereafter the state retirement age will rise by eight months for every extra year of life, instead of by one year. 

The new state retirement age will take effect on 1 January 2020, provided the change to the law has been completed by 1 July 2019. The House of Representatives has agreed to the lowering of the state retirement age. The Senate will vote on the proposal in early July.

What does this mean for your pension with ABN AMRO Pension Fund?

The target retirement age in our pension scheme is 68. You can continue accruing pension in our pension scheme until you reach this age. By default, your pension will come into payment when you reach the state retirement age. However, you can start taking your ABN AMRO pension earlier (or later) than this. We will recalculate your pension based on your chosen retirement age. If your pension comes into payment on your state retirement age or earlier, your pension will be lower. This is because the pension accrual stops earlier and you will receive your pension from us for a longer period.

If you are already receiving a pension from us, and have opted for a temporary retirement pension to bridge the period until you reach state retirement age, the lowering of the state retirement age means that for a certain period you will receive state pension alongside the temporary retirement pension from ABN AMRO. Legislation is being prepared which will enable pension funds to adjust the bridging period. Once we have more clarity, you will receive more information.

Other elements of the pension agreement

So far, only the broad outlines have been agreed; the detail has still to be filled in. A steering group is to be set up with representatives of government, employers and employees, which will oversee the working up of this new contract. We will monitor these developments closely to ensure we are as fully prepared as possible for the changes.