New pension rules.
What does that mean?
The pension rules worked well for years, but that is changing. That is why the trade unions, employers and the government have teamed up to create new pension rules. Because we want everyone in the Netherlands to have good pensions, including future generations. The new pension rules entered into effect on 1 July 2023.
What will change under the new pension rules?
The following will change
- New, clear rules will apply to the survivor’s pension. These rules are the same for all pension administrators. This will make it clearer to your surviving dependants what arrangements have been made.
- Starting 1 January 2024, new employees will start to accrue pension on the age of 18.
- The option to withdraw a maximum of 10% of the accrued old-age pension capital on the retirement date has been postponed again. It is still unclear when this arrangement will come into effect
- If you become unemployed or disabled for work, you can voluntarily continue your partner's and orphan's pension insurance. This is possible for a maximum period of 15 years. Please contact us for more information.
The following will not change
- You will receive a state pension when you reach your retirement age, even if the new rules have been implemented.
- If you pass away, your partner will often receive a pension, even if you pass away before you retire.
- Usually, you also continue to accrue pension if you become disabled for work.
- We will continue to invest your pension contributions as we do now.
- When you retire, you still purchase a pension benefit with your pension capital.
Why is there a new pension system?
Our society is changing. We are getting older and older and are changing jobs more often. The government, trade unions, employers’ organisations and pension administrators see that the current rules are no longer well suited to the times. That is why new pension rules are needed.
Timeline
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1 July 2023
The new Wet toekomst pensioenen enters into effect.
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1 July 2023 - 1 January 2028
The transition period. At some point during this period, your employer must switch to a new pension scheme. Your employer will decide when it will adjust the pension scheme and what the pension scheme will look like.
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1 January 2028
All Pension schemes must comply with the new rules of the Wet toekomst pensioenen.
When will your pension change?
The new pensions act enters into effect on 1 July 2023, but it may take some time for you to notice anything. Your employer decides when it will adjust the pension scheme and what the adjusted scheme will look like. One thing is certain, though: By 1 January 2028, all pension schemes must comply with the new rules.
Want to know more?
Visit ‘pensioenduidelijkheid’, a dedicated website of the Ministry of Social Affairs and Employment. There you can read more about the revamped pension system.
You don’t have to do anything at this time
You may be wondering if you need to do anything right now. You do not. As soon as it is clear when your pension will be adjusted, you will be notified by your employer and by us. Check your personal pension portal to make sure we have your correct contact information.
However, you can start preparing already
You can already have a look at how much pension you have accrued so far through your employer and how much state pension you will receive later. This way you know what you are expected to receive when you retire.
Frequently asked questions
The new pensions act enters into effect on 1 July 2023, but it may take some time for you to notice anything. Your employer decides when it will adjust the pension scheme. And what the adjusted scheme will look like. Once your employer decides to adjust the scheme, you will be notified by us and by your employer.
Yes, the new rules may also apply to you. In that case, you will receive information from us.
It is still possible to retire earlier or later, even with the new pension rules. Talk with your employer or with us to discuss your options. Or visit your personal pension portal to see what your options are.
That is unknown at this time. The amount of the contribution is not determined by the new rules. Your employer will make new agreements about this, together with a trade union or works council, for example.
That is unknown at this time. Your employer decides when your pension scheme changes and what it will look like.
Once your employer has decided to adjust the pension scheme, you will receive a notification from us and from your employer. In this notification, we will inform you of the changes to your scheme as best we can.
What constitutes a sufficient pension varies from person to person. In your personal pension portal, you can see how much pension you have accrued through your current employer to date. Visit mijnpensioenoverzicht.nl for a complete overview of your pension. Here you can see your state pension, how much pension you have accrued through your employer and at which other pension administrators (pension funds or insurers) you have accrued pension as well. You can also see what your surviving dependants will receive when you pass away.