You still have the option to optimize your pension if you are retired

Can I change my payout period when I have retired?

If you have started receiving payouts of your annuity pension scheme, you can still choose to extend the period over which your payout installments are to be spread. This will give you smaller payouts each month, but can still be an advantage.

Firstly, you may experience less offsetting against your public pension when payouts from your own pension savings become smaller. Secondly, if you have a large pension pot, you may be able to achieve tax savings by spreading your savings over several years.

When is the latest I should receive payouts from my annuity pension scheme?

Your annuity pension scheme must be paid out no later than 30 years after the earliest date on which you can start to receive it. For pensioners in future years, this means that all the money must be paid out when they reach the age of 90. Since an annuity pension scheme has to be paid out over at least 10 years, you can therefore wait until you turn 80 to start payouts.

Will my surviving beneficiaries receive my pension if I don't make use of it myself?

If you have an annuity pension scheme and do not manage to receive all the money, your next of kin will generally receive the rest of your savings.

If you have a life annuity, this will generally only be paid out while you are alive. However, before you retire, you can purchase a guarantee on your annuity pension. This ensures that your surviving beneficiaries receive an amount if you die during the years covered by the guarantee.

Can I invest my savings as a pensioner?

Before you retire, you choose whether you want your savings to earn interest at the deposit rate or market rate while you receive your pension. In other words, you decide whether you want to take the investment risk associated with market interest rates in order to achieve a higher return.