How you save up
You usually build up your pension through three different types of savings, and each one is paid out in its own way.
Old-age savings
- Paid out in smaller amounts or as a lump sum.
- You decide how you want the money paid out.
- You are not required to pay taxes on the money you receive.
Annuity pension
- You receive a monthly amount when you retire.
- You decide a payout period between 10 and 30 years for your annuity pension.
- The last payment must be made within 30 years of your earliest retirement age.
- You are required to pay taxes on the money you receive.
Lifetime pension
- You receive a monthly amount when you retire and for as long as you live.
- You are required to pay taxes on the money you receive.
