And before you know it, the time has come to retire! But what exactly does that mean?

Although you are free to decide for yourself the age at which you wish to retire, there are some legal rules about the retirement age. At present, the state retirement pension (AOW) comes into payment when you reach 65 but in the future this age will rise to 66 or perhaps even 67. We call this the ‘state pension age’ or ‘state retirement age’ and it is laid down by law. You can, of course, start saving now so that you can retire before then – in which case you can use your savings to plug the gap for the years before you become entitled to state pension.

Legal rules also apply to how you use the pension you have built up with BeFrank. A lot also depends on what your collective labour agreement (CAO) says, so it is a good idea to ask your employer at an early stage what your rights are.