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Retiring earlier or working longer

Checked on 23 November 2021

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Retiring earlier or working longer

As a participant in the Philips flex pension you can choose when to retire, though your retirement age must be between the ages of 60 and 70.

Instead of retiring at 68 you can therefore choose to continue working. If you retire later your accrued retirement pension will be higher and pension accrual continues for as long as you work. If you wish to retire between the ages of 68 and 70, you can only do so with Philips’ consent. Consult the pension plan rules for the conditions governing the postponement of retirement.

You can also choose to retire before the age of 68. However, if you wish to retire between the ages of 60 and 68 that means that your retirement pension will be lower. Earlier retirement has financial repercussions, therefore. Pension accrual ends earlier and the retirement pension is lower.

You have to bear in mind that the state pension (AOW) might start later than your early retirement. Go to to see when the AOW takes effect. If you retire before the AOW retirement age, you can purchase a bridging pension from Philips Pensioenfonds until your AOW retirement age. If the AOW retirement age is raised after you have started drawing your pension, you can still adjust your bridging pension to make allowance for the new AOW retirement age. This possibility remains open until the date on which you would start receiving your state pension under the old rules. There are three options for the amount of the bridging pension. 

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Check the conditions on advancement and deferral when selecting the retirement age in our Pension Plan Rules. You can find it on our downloadpage.

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