One of the most fundamental services provided by the VZWL is retirement pensions. Every member of the VZWL is entitled to life-long monthly pension payments as soon as they pay their first contribution. Members do not need to stop working as dentists in order to qualify for their pension benefits. The services provided by other insurers or pension schemes are not taken into account by the VZWL.
Every member of the VZWL is entitled to a life-long retirement pension following expiry of the month in which they turn 67.
However, the entitlement to a standard retirement pension for the birth years listed below doest not start at 67, but in the month following the month in which they reached the aged shown in the table:
| Birth year | Age |
|---|---|
| 1953 | 65 |
| 1954 | 65 |
| 1955 | 65 |
| 1956 | 65 |
| 1957 | 65 |
| 1958 | 65 |
| 1959 | 65 + 2 months |
| 1960 | 65 + 4 months |
| 1961 | 65 + 6 months |
| 1962 | 65 + 8 months |
| 1963 | 65 + 10 months |
| 1964 | 66 |
| 1965 | 66 + 2 months |
| 1966 | 66 + 4 months |
| 1967 | 66 + 6 months |
| 1968 | 66 + 8 months |
| 1969 | 66 + 10 months |
No, you do not need to apply for your standard retirement pension. Members will be notified and provided with all of the documents required to start drawing their pension in plenty of time before reaching their standard retirement age.
Everyone always has the option of retiring early and drawing on their pension before reaching the standard retirement age. Hence, members will be able to start drawing on their pension in the month following their 62nd birthday.
Dentists whose membership started before 01.01.2012 will be able to draw on their pensions in the month following their 60th birthday.
Early retirement pensions are calculated on the basis of your pension entitlement as of the date on which you retire minus a 0.45% reduction for every month in which your pension is being paid early.
In order to draw on your pension early, you will need to submit an informal written application. The earliest date on which you will be entitled to your pension is three months after VZWL receives this written application.
Once an application for an early retirement pension has been submitted, it cannot be revoked.
It is also possible to defer drawing on your pension, which will be possible up until the month in which you turn 70.
Deferred retirement pensions are calculated on the basis of your pension entitlement as of the date on which you retire plus a 0.45% supplement for every month for which you deferred your retirement after reaching standard retirement age.
If you would like to defer your retirement, you will also need to submit an informal application and need to notify VZWL accordingly three months before reaching standard retirement age at the latest.
If a member decides to defer their retirement, they will not be required to continue paying any contributions once they reach standard retirement age. I.e. the obligation to pay contributions stops. However, should a member wish to continue paying contributions despite the above, they will be able to continue paying as before on application.
Members who were already paying contributions to the VZWL before 01.01.2005 (old contributions) continue to be entitled to a lump sum payment when they turn 65 on the basis of these old, pre-2005 contributions.
On application, members can be paid the lump sum early when they turn 60 or defer its payment until they turn 70.
If a member decides to have the lump sum paid early, their entitlement will be calculated on the basis of the lump sum they would been paid at 65 minus a 0.2% deduction of that amount for every month for which the lump sum is being paid early.
If the lump sum payment is deferred, it will increase by 0.2% for every deferred month.
The application for the early or deferred payment of the lump sum has to be submitted four months in advance respectively.
Members will be able to apply to have their lump sum payment to be paid out as a monthly pension within six months of the lump sum becoming due for payment. The start date of pension payments from the lump sum is governed by the same rules as pensions that are based on contributions paid after 01.01.2005.
Before drawing up members final pension notice, they will be provided with information on their pension entitlement and a number of declarations that the VZWL will require to determine and pay their pension benefits. In addition to information on health insurance, bank details and pension entitlements accrued abroad, we will also be providing a retirement options declaration form. On this retirement options declaration form, members will be required to state whether they would like to be paid a lump sum or monthly pension benefits.
Every member will be able to split their entitlements into a lump sum and life-long monthly pension benefit payments.
Yes, it is possible to be paid benefits from the old contributions either as a lump sum and/or monthly pension at a different date from the date on which the pension from the new contributions (=contributions since 2005) starts.
