In recent weeks the outcome of negotiations for the new Dutch pension system was often headlined in the news. Now that the trade unions have given their approval, the upper and lower houses of parliament will cast their votes, after which employers and employees will need to take action.
Last year it was decided that the Dutch state pension age (AOW retirement age) would rise less steeply than initially planned. Moreover, the cabinet, the employers and the employees reached an agreement on the outlines of the new national pension agreement. Now, a proposal setting out the details of the agreement has been presented. For more information about this, visit the Dutch government's website (in Dutch only).
When are the new rules likely to take effect?
2020-2021: Bill to be submitted to the lower house of parliament. If the bill is passed by the upper and lower houses of parliament, the new Pension Act will take effect. That is estimated to be on 1 January 2022.
2022-2023: Employers and employees will make agreements based on the new law.
2024-2026: Time frame for pension funds to implement the new rules and the agreements made by employers and employees. In most cases, this will mean implementing a new pension plan.
Impact on your pension?
We do not know at this point how the new law will affect your pension. If the bill is passed, the social partners (the employer and the trade unions) will need to determine the contents of the new pension plan. Next, ING CDC Pensioenfonds will assess whether the new pension plan is feasible in terms of legal requirements, funding and administration, and whether it can be communicated. Only then will we be able to inform you of the impact the new rules will have on your pension. The whole process is likely to take several years.
Stay informed
To stay informed about the new pension agreement, read the updates on the pension fund's website and in our newsletters.
