FAQ new pension system

The WTP is a new law that came into force on 1 July 2023, introducing new rules for pensions in the Netherlands. NN's pension schemes must be adapted to comply with the new legal requirements and ensure that the pension schemes still meet the needs of participants.

The current NN Pension Scheme at BeFrank needs to be adapted to the WTP. The old NN pension schemes of the closed pension funds, Stichting Pensioenfonds ING, Delta Lloyd Pension Fund, and NN CDC Pension Fund, may be adapted, but it is not necessary.

These are Stichting Pensioenfonds ING, Delta Lloyd Pension Fund, and NN CDC Pension Fund. Pensions have been accrued at these funds by NN employees, former NN employees, and people who are already receiving a pension.

NN is responsible for adapting the pension schemes to the WTP, in consultation with the trade unions and the closed pension funds.

If accrued pensions are left in the current scheme, they will remain under the old pension rules (FTK-Financial Assessment Framework), and in principle, nothing will change.

The decision lies with the social partners (NN and trade unions). If they decide to merge accrued pensions, NN can request a merger of the pension funds. The boards of the pension funds then assess whether the request to merge is in the interest of all participants (balanced) and whether it is feasible.

Conversion means that the accrued and current pensions are moved to the new WTP rules. This is also called merging. A choice can be made between a solidarity or flexible pension contract. In a solidarity contract, the positive and negative results (risks) are shared by the participants. In a flexible pension contract, participants have more (investment) freedom and carry the risks individually.

There are two options: to remain in the current scheme or to merge into the new WTP rules (invaren). Staying in the current scheme means that pensions will fall under the old pension rules, and nothing will change. Merging means that the pensions will be transferred to the new scheme that complies with the WTP rules, where a choice can be made between a solidarity or flexible pension contract. Within the solidarity or flexible pension contract, pensions are more affected by the economy, and there can be earlier indexation. If the economy is not doing well, pensions can also be reduced more quickly. The investment policy is more tailored to the participant. More is invested in stocks for younger participants and less for older participants. In the current scheme, a single investment policy is followed for all participants.

It must be clear before 1 January 2025 whether and which changes are necessary in the (closed) pension schemes, and by 1 January 2028, those schemes must have been adjusted if necessary. The decision on whether or not to merge accrued pensions must be made in the coming year.

At this time, it is not yet clear what the consequences are for your pension accrual in case of partial or total disability and the payment of your disability pension. This depends on the agreements that the social partners make.

More information about the WTP can be found on the website www.pensioenduidelijkheid.nl. This website was created by trade unions, employers' organizations, pension administrators and the Ministry of Social Affairs and Employment. The websites of the pension funds also contain a lot of information about the WTP. Check the funds' sites regularly and/or subscribe to newsletters.