Open for applications to withdraw private pension savings
21. April 2020
Applications for the temporary withdrawal of private pension savings are now open.
Points to consider before withdrawing private pension savings
1. When I retire, my income will decrease
Average income per month during working life
Even if I make monthly payments towards my pension, pension payments from my compulsory pension plan will only amount to half of the income I have had during my lifetime. My income could therefore be halved when I retire unless I put more aside.
Compulsory pension savings
2. Supplementary pension savings means a pay rise
If I register for supplementary pension savings my employer will pay a complementary contribution. My salary will increase by 2% as soon as I start to save and go directly towards my pension savings. My employer's complementary contribution is added to my contribution and the total contribution is therefore double the amount that I save each month.
3. It pays to start early