NETHERLANDS - Subjective life expectancy is driving the choice by individuals as to when to retire, according to a new study released by the Dutch pension regulator DNB.

The study found there is a significant concave relationship between mortality expectations and retirement, arguing those who are most pessimistic about their chances of survival are least likely to retire, while individuals who are less pessimistic will retire earlier.

Researchers Federica Teppa, who works for the DNB and Netspar, Owen O'Donnell, of the University of Macedonia in Greece, and Eddy van Doorslaer, of the Erasmus University and Netspar, claimed the effect life expectancy on retirement age is unaffected by wealth.

"Significantly lower educated individuals are able to better match their retirement to their life expectancy than those who have a better education," the DNB said.

The organisation added: "Subjective life expectancy will most definitely cause the pension age to rise among men. This will in future relieve financial pressure on pension funds."

If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email