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How it works

The Netherlands has had the best pension system in the world for years. This is how it works.

The Dutch government offers every pensioner a basic income, the state pension (under the Dutch General Old Age Pensions Act). This is usually not enough to make ends meet, which is why many people use a fiscally advantageous method to save an additional amount through a pension scheme. 90% of employers offer their employees such a pension scheme. Some people supplement this scheme with an additional private pension from, for example, annuities, single premiums and life insurance.

Self-employed professionals are also entitled to a state pension. For them, a supplementary pension scheme is (in general) not mandatory, but it is wise to start thinking about saving up for later early on in your career.

More information on Dutch state pension is available on the website of the Social Insurance Bank (SVB).