New pension law approved by Upper House of Parliament

On 30 May 2023, a majority of the members of parliament in the Dutch Upper House voted in favour of the Future of Pensions Act. The bill was passed without any major changes, but the Minister did promise to push back the deadline for implementation of the law from 1 January 2027 to 1 January 2028. This means the pension funds will have until 2028 to transition to the new pension system.

The new law has three significant goals: to accelerate growth of supplemental pensions, to create a more personalised and transparent system for pension accrual, and to ensure the pension system is more compatible with the changing job market, where people no longer work for the same employer for forty years.

NN CDC pension fund will not implement the new pension act.
Since October 1, 2022, NN employees have been building up pension benefits with BeFrank. NN IP employees will start building up pension benefits with NN as of May 1, 2023. We will continue to manage the accrued pension with NN CDC pension fund in accordance with the current law.

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