6 June 2023

The Dutch Senate voted on the Future Pensions Act on 30 May. This act has been approved, which means that the pension law will change. The pension funds must switch to the new system by 1 January 2028 at the latest. The Algemeen Burgerlijk Pensioenfonds (ABP) aims to transfer to the new system on 1 January 2026. This means that nothing will change for employees in the next few years.

New system and further implementation

The risks and returns are distributed more fairly across generations in the new model and it takes a more flexible labour market into account.

The pensions act will come into force on 1 July. The financial rules for the transition period will also become clear. Social partners will then have to decide about existing pensions and whether they will be transferred to the new system. In January 2025, the social partners will make a definitive choice between the two types of pension contract: the solidarity contribution scheme or the flexible contribution scheme.  The solidarity scheme is most similar to today’s pension. The flexible contribution scheme offers more individual choices.

Pension funds must then begin to further implement the law. Employers cannot do much until the actual transition of their pension fund. The ABP will inform employers in due course. It has a special page with information about the new pension system on its website. It’s a good idea to keep an eye on the ABP website.

We will keep you posted too.