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Home pensioen Commutation of your pension

Commutation of your pension

If you have only accrued a small pension with us through your employer’s pension scheme – for instance, because you only worked for this employer for a short period of time – you might be able to commute your pension on your retirement date. The value of your pension will then be paid out to you as a lump sum, meaning you will you no longer receive monthly pension benefits from us. Nor will your partner be entitled to a partner’s pension in the event of your death.

When will I be able to commute my pension?

You will only be able to commute your a.s.r. pension on the retirement date. What is more, commutation is only permitted if the pension is below the statutory commutation limit. For 2023, the limit has been set at a gross sum of € 594.89 on an annual basis. To find out more about small pensions and commutation, please visit the Netherlands Authority for the Financial Markets (AFM) - Dutch only website.

How do I commute my pension?

Please complete the commutation form if you are about to retire, wish to commute your pension and meet the requirements for commuting a small pension. We will then put forward a commutation proposal, specifying the amount to be received from us.

Commutation and your taxes

We are obliged to deduct tax from the gross lump sum specified in your commutation proposal. This is why you will always receive a net lump sum on your bank account. Please declare the gross lump sum as income on your tax return. You may receive a partial tax refund or you may owe the Dutch Tax and Customs Administration money, depending on your income. 

Please note: The lump sum is a one-off that will boost your income. This may affect any supplements you may receive from the government, such as rent allowance or healthcare allowance.
An alternative to commutation: merging small pensions

Commutation may not be wise in all cases, as it could result in you not receiving a pension at all or receiving too little pension. You can opt to merge several small pensions, or to merge several small pensions and one large pension, so that you have one pension capital sum. This ensures you only have to purchase a pension once instead of having to purchase several small pensions, which makes it easier to stay on top of things. In addition, merging your pension pots means you only have to pay the purchasing fees once, which again ensures a higher pension. Find out more about merging your pension pots

If you are not about to retire any time soon, you can also opt to transfer the value of your pension, or small pension, to your current pension scheme. This is referred to as a transfer of accrued benefits

Please visit (Dutch only) if you are unsure as to whether you have accrued pension capital through several schemes. You will need your DigiD to log in, so be sure to have it close to hand.

Any other questions?

If you have any questions, please feel free to contact us at any time. We are available by telephone on business days from 8.30 a.m. to 5:30 p.m. on +31 (0)30 257 44 00. Alternatively, you can complete the contact form. We are here to help.

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