Pension freedom of choice
Single Wave Study
General Information
Title
Pension freedom of choice
Project Number
283
Abstract
This vignette study focuses on the Dutch pension system and explores the potential interest of panel members in the already existing high/low payment option and the future option of a lump sum payment.
Longitudinal Type
Single Wave Study
Begin date
02-12-2019
End date
31-12-2019
Researcher
Rik Dillingh (CPB Netherlands Bureau for Economic Policy Analysis); Frank van Erp (CPB Netherlands Bureau for Economic Policy Analysis)
Publisher
Centerdata
Copyright
© 2022 Centerdata
DOI
https://doi.org/10.17026/dans-xbj-53re
Funding Organization
CPB Netherlands Bureau for Economic Policy Analysis
ODISSEI
OCW (Domeinplan SSH)
ODISSEI
OCW (Domeinplan SSH)
Datasets and documentation
View Documentation
Codebook in English
Codebook in Dutch
Data Files
English SPSS file
English STATA file
English CSV file
Variables
| Variable name | Variable Label |
|---|---|
| nomem_encr | Number of the household member encrypted |
| sn19a_m | Year and month of the field work period |
| sn19a001 | Preloaded variable - Primary occupation |
| sn19a002 | Preloaded variable - Gender |
| sn19a003 | Preloaded variable - Age of the household member |
| sn19a004 | Preloaded variable - The household head lives together with a partner (wedded or unwedded) |
| sn19a005 | Preloaded variable - Position within the household |
| sn19a006 | Random variable for allocation of values for Brandom to Erandom - Vignette 1 |
| sn19a007 | Random variable for allocation of values for Brandom to Erandom - Vignette 2 |
| sn19a008 | Random variable for allocation of values for Brandom to Erandom - Vignette 3 |
| sn19a009 | Random variable for allocation of values for Brandom to Erandom - Vignette 4 |
| sn19a010 | Random variable for allocation of values for Brandom to Erandom - Vignette 5 |
| sn19a011 | Random variable for allocation of values for Brandom to Erandom - Vignette 6 |
| sn19a012 | (Arandom) Order of scenarios in option A, B and C within the vignette |
| sn19a013 | (Brandom) Replacement rate of supplementary retirement income - Vignette 1 |
| sn19a014 | (Brandom) Replacement rate of supplementary retirement income - Vignette 2 |
| sn19a015 | (Brandom) Replacement rate of supplementary retirement income - Vignette 3 |
| sn19a016 | (Brandom) Replacement rate of supplementary retirement income - Vignette 4 |
| sn19a017 | (Brandom) Replacement rate of supplementary retirement income - Vignette 5 |
| sn19a018 | (Brandom) Replacement rate of supplementary retirement income - Vignette 6 |
| sn19a019 | (Crandom) Real interest rate for calculation of lump sum and high-low - Vignette 1 |
| sn19a020 | (Crandom) Real interest rate for calculation of lump sum and high-low - Vignette 2 |
| sn19a021 | (Crandom) Real interest rate for calculation of lump sum and high-low - Vignette 3 |
| sn19a022 | (Crandom) Real interest rate for calculation of lump sum and high-low - Vignette 4 |
| sn19a023 | (Crandom) Real interest rate for calculation of lump sum and high-low - Vignette 5 |
| sn19a024 | (Crandom) Real interest rate for calculation of lump sum and high-low - Vignette 6 |
| sn19a025 | (Drandom) Short high-low arrangement (5/15 years) or long high-low arrangement (10/10 years) - Vignette 1 |
| sn19a026 | (Drandom) Short high-low arrangement (5/15 years) or long high-low arrangement (10/10 years) - Vignette 2 |
| sn19a027 | (Drandom) Short high-low arrangement (5/15 years) or long high-low arrangement (10/10 years) - Vignette 3 |
| sn19a028 | (Drandom) Short high-low arrangement (5/15 years) or long high-low arrangement (10/10 years) - Vignette 4 |
| sn19a029 | (Drandom) Short high-low arrangement (5/15 years) or long high-low arrangement (10/10 years) - Vignette 5 |
| sn19a030 | (Drandom) Short high-low arrangement (5/15 years) or long high-low arrangement (10/10 years) - Vignette 6 |
| sn19a031 | (Erandom) Amount of the lump sum payment low (5%) or high (10%) - Vignette 1 |
| sn19a032 | (Erandom) Amount of the lump sum payment low (5%) or high (10%) - Vignette 2 |
| sn19a033 | (Erandom) Amount of the lump sum payment low (5%) or high (10%) - Vignette 3 |
| sn19a034 | (Erandom) Amount of the lump sum payment low (5%) or high (10%) - Vignette 4 |
| sn19a035 | (Erandom) Amount of the lump sum payment low (5%) or high (10%) - Vignette 5 |
| sn19a036 | (Erandom) Amount of the lump sum payment low (5%) or high (10%) - Vignette 6 |
| sn19a037 | Net household income before pension based on choice at sn19a100 (i.e. respondent’s net household income) |
| sn19a038 | Net household income in case of standard annuity pension - Vignette 1 |
| sn19a039 | Net household income in case of standard annuity pension - Vignette 2 |
| sn19a040 | Net household income in case of standard annuity pension - Vignette 3 |
| sn19a041 | Net household income in case of standard annuity pension - Vignette 4 |
| sn19a042 | Net household income in case of standard annuity pension - Vignette 5 |
| sn19a043 | Net household income in case of standard annuity pension - Vignette 6 |
| sn19a044 | Net household income in case of high/low with 5/15 years in the high phase - Vignette 1 |
| sn19a045 | Net household income in case of high/low with 5/15 years in the high phase - Vignette 2 |
| sn19a046 | Net household income in case of high/low with 5/15 years in the high phase - Vignette 3 |
| sn19a047 | Net household income in case of high/low with 5/15 years in the high phase - Vignette 4 |
| sn19a048 | Net household income in case of high/low with 5/15 years in the high phase - Vignette 5 |
| sn19a049 | Net household income in case of high/low with 5/15 years in the high phase - Vignette 6 |
| sn19a050 | Net household income in case of high/low with 5/15 years in the low phase - Vignette 1 |
| sn19a051 | Net household income in case of high/low with 5/15 years in the low phase - Vignette 2 |
| sn19a052 | Net household income in case of high/low with 5/15 years in the low phase - Vignette 3 |
| sn19a053 | Net household income in case of high/low with 5/15 years in the low phase - Vignette 4 |
| sn19a054 | Net household income in case of high/low with 5/15 years in the low phase - Vignette 5 |
| sn19a055 | Net household income in case of high/low with 5/15 years in the low phase - Vignette 6 |
| sn19a056 | Net household income in case of high/low with 10/10 years in the high phase - Vignette 1 |
| sn19a057 | Net household income in case of high/low with 10/10 years in the high phase - Vignette 2 |
| sn19a058 | Net household income in case of high/low with 10/10 years in the high phase - Vignette 3 |
| sn19a059 | Net household income in case of high/low with 10/10 years in the high phase - Vignette 4 |
| sn19a060 | Net household income in case of high/low with 10/10 years in the high phase - Vignette 5 |
| sn19a061 | Net household income in case of high/low with 10/10 years in the high phase - Vignette 6 |
| sn19a062 | Net household income in case of high/low with 10/10 years in the low phase - Vignette 1 |
| sn19a063 | Net household income in case of high/low with 10/10 years in the low phase - Vignette 2 |
| sn19a064 | Net household income in case of high/low with 10/10 years in the low phase - Vignette 3 |
| sn19a065 | Net household income in case of high/low with 10/10 years in the low phase - Vignette 4 |
| sn19a066 | Net household income in case of high/low with 10/10 years in the low phase - Vignette 5 |
| sn19a067 | Net household income in case of high/low with 10/10 years in the low phase - Vignette 6 |
| sn19a068 | Net amount of lump sum payment based on 5/15 high/low - Vignette 1 |
| sn19a069 | Net amount of lump sum payment based on 5/15 high/low - Vignette 2 |
| sn19a070 | Net amount of lump sum payment based on 5/15 high/low - Vignette 3 |
| sn19a071 | Net amount of lump sum payment based on 5/15 high/low - Vignette 4 |
| sn19a072 | Net amount of lump sum payment based on 5/15 high/low - Vignette 5 |
| sn19a073 | Net amount of lump sum payment based on 5/15 high/low - Vignette 6 |
| sn19a074 | Net household income in case of annuity pension payment after lump sum payment based on 5/15 high/low - Vignette 1 |
| sn19a075 | Net household income in case of annuity pension payment after lump sum payment based on 5/15 high/low - Vignette 2 |
| sn19a076 | Net household income in case of annuity pension payment after lump sum payment based on 5/15 high/low - Vignette 3 |
| sn19a077 | Net household income in case of annuity pension payment after lump sum payment based on 5/15 high/low - Vignette 4 |
| sn19a078 | Net household income in case of annuity pension payment after lump sum payment based on 5/15 high/low - Vignette 5 |
| sn19a079 | Net household income in case of annuity pension payment after lump sum payment based on 5/15 high/low - Vignette 6 |
| sn19a080 | Net amount of lump sum payment based on 10/10 high/low - Vignette 1 |
| sn19a081 | Net amount of lump sum payment based on 10/10 high/low - Vignette 2 |
| sn19a082 | Net amount of lump sum payment based on 10/10 high/low - Vignette 3 |
| sn19a083 | Net amount of lump sum payment based on 10/10 high/low - Vignette 4 |
| sn19a084 | Net amount of lump sum payment based on 10/10 high/low - Vignette 5 |
| sn19a085 | Net amount of lump sum payment based on 10/10 high/low - Vignette 6 |
| sn19a086 | Net household income in case of annuity pension payment after lump sum payment based on 10/10 high/low - Vignette 1 |
| sn19a087 | Net household income in case of annuity pension payment after lump sum payment based on 10/10 high/low - Vignette 2 |
| sn19a088 | Net household income in case of annuity pension payment after lump sum payment based on 10/10 high/low - Vignette 3 |
| sn19a089 | Net household income in case of annuity pension payment after lump sum payment based on 10/10 high/low - Vignette 4 |
| sn19a090 | Net household income in case of annuity pension payment after lump sum payment based on 10/10 high/low - Vignette 5 |
| sn19a091 | Net household income in case of annuity pension payment after lump sum payment based on 10/10 high/low - Vignette 6 |
| sn19a092 | Net AOW (state pension) benefit |
| sn19a093 | Gross AOW benefit |
| sn19a094 | Generally speaking, how is your health? |
| sn19a095 | [How healthy do you expect you will be at the age of 67 compared to the average 67-year-old? / How healthy are you compared to other people of your age?] |
| sn19a096 | Have you ever had a paid job, and if so, did you work for an employer, were you self-employed, or did you work in a family business? I did paid work for an employer |
| sn19a097 | Have you ever had a paid job, and if so, did you work for an employer, were you self-employed, or did you work in a family business? I was self-employed |
| sn19a098 | Have you ever had a paid job, and if so, did you work for an employer, were you self-employed, or did you work in a family business? I worked in a family business |
| sn19a099 | Have you ever had a paid job, and if so, did you work for an employer, were you self-employed, or did you work in a family business? I have never had a paid job |
| sn19a100 | [Please indicate to which category your total net monthly household income per month belongs. / Please indicate to which category your total net monthly household income per month belonged, prior to your retirement.] |
| sn19a101 | Please indicate whether you have accrued any pension with a pension fund. |
| sn19a102 | With which pension fund have you accrued [pension / the most pension (in euros)]? |
| sn19a103 | Which sector do/did you work in? |
| sn19a104 | How much money do you have saved up to be able to deal with setbacks or to make expensive purchases (e.g. washing machine or TV) without having to borrow money? |
| sn19a105 | [Do you expect to / Did you have a mortgage debt at the time of your retirement?] |
| sn19a106 | Please indicate what you expect your household’s total net pension income per month will be after your retirement, if you retire at the state pension age applicable for you. |
| sn19a107 | Are you familiar with the option to divide your pension across two periods, with a higher benefit payout in the first phase and a lower benefit payout in the second phase? |
| sn19a108 | Are you familiar with the new option announced by the government which allows you to receive part of your pension immediately in a once-off lump sum payment at the moment of your retirement [...]? |
| sn19a109 | Do you have confidence in the pension system? |
| sn19a110 | What is the currently applicable state retirement age (i.e. in the year 2019)? years |
| sn19a111 | What is the currently applicable state retirement age (i.e. in the year 2019)? months |
| sn19a112 | What is the currently applicable state retirement age (i.e. in the year 2019)? I don’t know |
| sn19a113 | What is the currently applicable state retirement age (i.e. in the year 2019)? I don’t want to say |
| sn19a114 | Do you currently receive an AOW (state pension) benefit? |
| sn19a115 | From what age do you personally expect to start receiving an AOW benefit? years |
| sn19a116 | From what age do you personally expect to start receiving an AOW benefit? months |
| sn19a117 | From what age do you personally expect to start receiving an AOW benefit? I don’t know |
| sn19a118 | From what age do you personally expect to start receiving an AOW benefit? I don’t want to say |
| sn19a119 | What is the standard retirement age that your pension fund currently uses to determine your pension accrual? years |
| sn19a120 | What is the standard retirement age that your pension fund currently uses to determine your pension accrual? I don’t know |
| sn19a121 | What is the standard retirement age that your pension fund currently uses to determine your pension accrual? I don’t want to say |
| sn19a122 | [Based on expectations, to what extent can your future pension be indexed in the coming 5 years? / Based on expectations, to what extent can your pension be indexed in the coming 5 years?] |
| sn19a123 | What choice would you advise this [man / woman / household], based on your own preferences? |
| sn19a124 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option A |
| sn19a125 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option B |
| sn19a126 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option C |
| sn19a127 | What choice would you advise this [man / woman / household], based on your own preferences? |
| sn19a128 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option A |
| sn19a129 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option B |
| sn19a130 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option C |
| sn19a131 | What choice would you advise this [man / woman / household], based on your own preferences? |
| sn19a132 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option A |
| sn19a133 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option B |
| sn19a134 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option C |
| sn19a135 | What choice would you advise this [man / woman / household], based on your own preferences? |
| sn19a136 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option A |
| sn19a137 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option B |
| sn19a138 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option C |
| sn19a139 | What choice would you advise this [man / woman / household], based on your own preferences? |
| sn19a140 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option A |
| sn19a141 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option B |
| sn19a142 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option C |
| sn19a143 | What choice would you advise this [man / woman / household], based on your own preferences? |
| sn19a144 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option A |
| sn19a145 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option B |
| sn19a146 | Please evaluate each option for this [man / woman / household] by giving it a grade, based on your own preferences. Option C |
| sn19a147 | At what age [do you expect to retire or take early retirement or stop working / did you retire, take early retirement or stop working]? |
| sn19a148 | At what age does your partner expect to retire/did your partner retire? |
| sn19a149 | Did you choose to have your pension paid out based on a high-low arrangement, with higher payments in the first years of your retirement and a lower payment in the later years of your retirement? |
| sn19a150 | How likely is it that you will choose to have your pension paid out based on a high-low arrangement, with higher payments in the first years of your retirement and a lower payment in the later years of your retirement? |
| sn19a151 | For what specific purpose [would / did] you use the higher pension payments provided under this high-low arrangement? To pay off a loan |
| sn19a152 | For what specific purpose [would / did] you use the higher pension payments provided under this high-low arrangement? To give the children money to buy a house |
| sn19a153 | For what specific purpose [would / did] you use the higher pension payments provided under this high-low arrangement? To pay our ongoing mortgage |
| sn19a154 | For what specific purpose [would / did] you use the higher pension payments provided under this high-low arrangement? To go on an expensive trip far away |
| sn19a155 | For what specific purpose [would / did] you use the higher pension payments provided under this high-low arrangement? Uncertainty about the future of the pension system |
| sn19a156 | For what specific purpose [would / did] you use the higher pension payments provided under this high-low arrangement? Uncertainty about potential future medical expenses |
| sn19a157 | For what specific purpose [would / did] you use the higher pension payments provided under this high-low arrangement? Other |
| sn19a158 | For what specific purpose [would / did] you use the higher pension payments provided under this high-low arrangement? I don’t know |
| sn19a159 | [How likely is it that you will / Would you, had it been possible] choose a lump sum payment upon retirement: a sum of money paid out immediately upon retirement, with lower pension payments after that? |
| sn19a160 | For what specific purpose [would you use the once-off payment / […] / would you use the once-off payment, should you have chosen it after al]? To pay off a loan |
| sn19a161 | For what specific purpose [would you use the once-off payment / […] / would you use the once-off payment, should you have chosen it after al]? To give the children money to buy a house |
| sn19a162 | For what specific purpose [would you use the once-off payment / […] / would you use the once-off payment, should you have chosen it after al]? To pay our ongoing mortgage |
| sn19a163 | For what specific purpose [would you use the once-off payment / […] / would you use the once-off payment, should you have chosen it after al]? To go on an expensive trip far away |
| sn19a164 | For what specific purpose [would you use the once-off payment / […] / would you use the once-off payment, should you have chosen it after al]? Uncertainty about the future of the pension system |
| sn19a165 | For what specific purpose [would you use the once-off payment / […] / would you use the once-off payment, should you have chosen it after al]? Uncertainty about potential future medical expenses |
| sn19a166 | For what specific purpose [would you use the once-off payment / […] / would you use the once-off payment, should you have chosen it after al]? Other |
| sn19a167 | For what specific purpose [would you use the once-off payment / […] / would you use the once-off payment, should you have chosen it after al]? I don’t know |
| sn19a168 | How would you rate your knowledge of financial matters? |
| sn19a169 | Suppose you have 100 euros in a savings account, with an interest rate of 2% per year. How much money would be in your savings account after five years, if you did not take any money out? |
| sn19a170 | Imagine that the interest on your savings account is 1% per year and inflation is 2% per year. After 1 year, would you be able to buy more, exactly the same, or less than you could today with the money in your account? |
| sn19a171 | A share in a single company normally offers more reliable returns than an investment fund that only invests in shares. |
| sn19a172 | When the interest rate increases, what should happen with bond prices? |
| sn19a173 | How do you see yourself? Generally speaking, are you someone who is completely prepared to take risks, or someone who prefers to avoid taking risks? |
| sn19a174 | How would you describe your preparedness to take risks with regard to financial matters? |
| sn19a175 | Please enter an amount of money below (X1), so that you find option B as appealing as option A: (A) Receive € 800 now (B) Receive X1 next year |
| sn19a176 | Please enter an amount of money below (X2), so that you find option B as appealing as option A: (A) Receive € 800 now (B) Receive X2 in ten years from now |
| sn19a177 | Is it important to you to have the option to vary the amount of your pension payments using a high/low arrangement? |
| sn19a178 | Is it important to you to have the option to receive a part of your pension in a once-off payment? |
| sn19a179 | How many times have you switched energy suppliers in the past 5 years? |
| sn19a180 | How many times have you switched healthcare insurers in the past 5 years? |
| sn19a181 | How many times have you switched telecom providers in the past 5 years? |
| sn19a182 | Please indicate why you did not switch energy suppliers. |
| sn19a183 | Please indicate why you did not switch healthcare insurers. |
| sn19a184 | Please indicate why you did not switch telecom providers? |
| sn19a185 | Was it difficult to answer the questions? |
| sn19a186 | Were the questions sufficiently clear? |
| sn19a187 | Did the questionnaire get you thinking about things? |
| sn19a188 | Was it an interesting subject? |
| sn19a189 | Did you enjoy answering the questions? |
| sn19a190 | Starting date questionnaire |
| sn19a191 | Starting time questionnaire |
| sn19a192 | End date questionnaire |
| sn19a193 | End time questionnaire |
| sn19a194 | Duration in seconds |
Response Information
Response Overview
Selected number of household members: 1,250 (100.0%)Non-response: 161 (12.9%)
Response: 1,089 (87.1%)
Complete: 1,064 (85.1%)
Incomplete: 25 (2.0%)
Collection Events
Period
02-12-2019 to 31-12-2019
Sample
1,250 panel members from 55 to 75 years old.
Collection Mode
internet survey
Fieldwork Note
A reminder was sent twice to non-respondents.