AOW Deferral in Amsterdam: Rules, Conditions and Consequences
**AOW deferral** offers Amsterdam residents the opportunity to defer their AOW age by up to a maximum of 5 years for a higher benefit. Learn about the local rules, conditions and consequences, including contact points at the SVB and legal assistance in Amsterdam.
Why AOW Deferral is Attractive for Residents of Amsterdam
In Amsterdam, where the cost of living is high, **AOW deferral** can be a smart financial choice. You defer your **AOW entitlement age** (in 2024: 67 years and 3 months) by up to a maximum of **5 years**, which increases your monthly pension benefit. This compensates for the high housing costs in the city. The Social Insurance Bank (SVB) handles applications nationwide, but Amsterdam residents can go to local SVB offices or the Juridisch Loket for advice.
Legal Basis with Amsterdam Perspective
The rules are set out in the **AOW Act** and **AOW Decree**. For Amsterdam pension entitled persons, the same national laws apply, but in case of disputes, you can approach the **District Court Amsterdam** (Parnassusweg 220). Important articles:
- Article 11 AOW Act: Regulates deferral of the AOW age.
- Article 12 AOW Act: Determines the increase calculation.
- AOW Decree, article 1.1: Procedure for registration with SVB.
For questions or objections: Contact the Juridisch Loket Amsterdam (Vijzelstraat 77) for free advice.
Conditions for AOW Deferral in Amsterdam
To apply for AOW deferral as an Amsterdam resident:
- Minimum AOW age reached: From 67 years and 3 months (2024).
- No current AOW benefit: You have not yet started.
- Maximum 5 years deferral: E.g., until 2029 if you are entitled in 2024.
- Timely registration with SVB: At least 3 months in advance. Amsterdam residents can make an appointment via the SVB website or by telephone (020 number for the region).
Calculation of Increased AOW for Amsterdam Residents
The increase depends on the deferral period, life expectancy and indexation. The SVB formula spreads your AOW over a shorter period. Example (for base AOW of €1,500 net):
| Deferral period | Increase (%) | Monthly amount |
|---|---|---|
| 1 year | approx. 7% | €1,605 |
| 2 years | approx. 14% | €1,710 |
| 3 years | approx. 21% | €1,815 |
| 4 years | approx. 28% | €1,920 |
| 5 years | approx. 35% | €2,025 |
Tip for Amsterdam: Use the SVB calculation tool or consult the Juridisch Loket (Vijzelstraat 77) for personal calculations, taking into account Amsterdam costs such as rent in the canal belt.
Consequences of AOW Deferral for Amsterdam Residents
Deferral offers higher income, ideal against Amsterdam inflation, but consider risks such as health.
Advantages
- Higher benefit: Extra income for urban expenses.
- Continued work possible: Stay active in the Amsterdam labour market.
- Tax advantages: Higher amounts may fall into lower brackets.
Disadvantages and Risks
- Income loss upon early death: Less total AOW.
- No benefit during deferral: Budget carefully in expensive city.
- Limited reversal option: After starting deferral, not easily reversible.
Practical Steps for Amsterdam Residents
1. Check your AOW age via SVB.
2. Notify deferral 3 months in advance.
3. In case of problems: District Court Amsterdam (Parnassusweg 220) or Juridisch Loket (Vijzelstraat 77).
Last updated 2024. Always consult SVB for current information.