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The new pension system: postponement of the Lump-sum payment scheme

Part of the Pension Agreement is the Lump-Sum Payment, Early Retirement and Leave Savings Scheme Act. This Act has three sections. The Early Retirement Scheme and Leave Savings Scheme sections came into force on 1 January 2021. The Lump-sum payment section was due to come into effect on 1 January 2022, but has been postponed to 1 January 2023 due to the complexity of implementation, so providers now have more time to adapt their administrative systems.

 

The Lump-sum scheme

With the Lump-sum scheme, members have the option of withdrawing a one-off lump sum on their retirement date. This concerns a maximum of 10% of the value of the old-age pension. The lump sum is freely disposable and allows members to make choices that are appropriate to their personal situation. On the retirement date, a member may opt to withdraw a lump sum on the retirement date or in February following the year in which the statutory retirement date is reached.

 

Remaining payment

If the member opts to have a lump sum paid in one go, this will have consequences for the remaining lifelong pension benefits. These will be proportionately reduced. It is not possible to make use of a high/low construction with a higher old-age pension for the first five or ten years and a lower old-age pension for the remaining life.