3 million people receive retirement pension in the Netherlands

3 million people receive retirement pension in the Netherlands

Pension funds represent three million beneficiaries according to figures from the Dutch Central Bank.

At end-2012, three million people received pension benefits from a Dutch pension fund, a 16.7% increase from 2007. This is apparent from data collected by De Nederlandsche Bank (see Chart 1). Since 2007, the number of people receiving retirement or surviving dependant’s pensions has grown by 453 thousand (+27.5%) and 32 thousand (+4.2%), respectively, while the number of recipients of occupational disability pensions has dropped by 54 thousand (-31.4%).

The sharp increase in the number of retirement pension recipients is attributable to demographic developments. In the second half of the 1940s, the birth rate was considerably higher than it had been in the previous years. This baby boom generation either retired in recent years or is about to reach pensionable age. The number of people receiving retirement pensions will continue to grow in the years ahead, with growth in the number of female recipients exceeding that of male recipients. At end-2012, women accounted for 29% of retirement pension recipients, up from approximately 25% at end-2007. The number of pension beneficiaries in the 55-60 age bracket dropped from 135 thousand in 2007 to approximately 73 thousand in 2012. This decrease is mainly attributable to the phasing-out of early retirement and pre-pension schemes, as a result of which employees remain part of the workforce until later in life.

The number of people receiving surviving dependant’s pensions has also grown since 2007, up 32 thousand to 785 thousand. The increase mainly relates to the number of people receiving partner’s pensions. The number of orphan’s pension recipients remained roughly constant. In conclusion, at end-2012 nearly 119 thousand people received occupational disability pensions, down from 173 thousand at end-2007.

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