10 12 14 16 18 20 22 24 26 Females Males The Netherlands European selection AG2018 NED AG2018 Europe CBS-2017 AG2016 1970 1980 1990 2000 2010 2020 2030 2040 2050 Graph 8.3 Development of period life expectancy at age 65 The different projections of life expectancy at age 65 for men are close together. For women the downward adjustment from AG2016 is clearly visible. Table 8.5 lists the cohort life expectancies for AG2016, AG2018 and CBS2017-2060. The differences between AG2018 and CBS2017-2060 in cohort life expectancy at age 65 are moderate. Year 2019 Projection AG2016 AG2018 CBS2017 At birth Males 90.4 Females 93.3 90.0 92.5 20.3 Not available 20.3 Table 8.5 Life expectancies for AG2016, AG2018 and CBS2017 8.5 Link between life expectancy at age 65 and 1st and 2nd tier retirement age The Raising of the State Pension Retirement Age and Standard Pension Retirement Age Act (Wet Verhoging AOW- en Pensioenrichtleeftijd) of 12 July 2012 links the first tier (State pension) retirement age and the standard retirement age in the second tier (employers’ pension schemes) to period life expectancy. Raising the State Pension age is done in three month steps and depends on the level of the macro average remaining period life expectancy at age 65 (L), as estimated by CBS, versus a value of 18.26 and on the difference between the then prevailing State Pension retirement age and 65. The reference value of 18.26 is legally defined and based on CBS observations in the period 2000-2009. Because at the end of 2016 L was expected to exceed 20.51 years before 2022, an increase in State Pension retirement age of a quarter of a year (0.25) was necessary (because (20.51 – 18.26) – (67 – 65) equals 0.25), as was announced in 2016. No increase was announced in 2017 for the year 2023. Projection Table AG2018 Results 25 At age 65 Males 20.4 Females 23.5 23.1 22.8

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