On 22 December 2022, a majority in the Lower House of Parliament voted in favour of the Future of Pensions Act. The vote did not lead to major changes of the bill.
The Upper House of Parliament will start its debate on the new act on 17 January. The goal is to have the legislation take effect on 1 July 2023, after which the pension funds will have until 2027 to implement the new pension system.
The new pension law in brief
Pension accrual will be different. All participants will build up their own pension capital under a defined contribution scheme. Defined contribution schemes are centred around the pension contributions, whereas the current pension plan is centred around the pension benefits.
Contributions will be equalised for participants of all ages. Pensions will fluctuate more, which means that when the economy does well, your pension will be able to grow faster, but when the economy slows down, your pension will decrease.
The new legislation includes financial and tax regulations for transferring current pension rights to the new pension system. Moreover, the rules for surviving dependants’ pension will change.
Future of pensions
NN CDC Pensioenfonds is keeping close tabs on the debate on the future of pensions, but it is not authorised to change the contents of the pension plan. The social partners (the employer and the trade unions) are the parties that negotiate and agree upon the conditions of the pension plan. Of course, the pension fund does assess whether the agreed conditions will be suitable for administration, justifiable and well-balanced for all participants.
More information
NN CDC Pensioenfonds will keep you informed of the latest news via this information page and its newsletters.
