Dear business relation,

The most eye-catching decision is that Minister Schouten has promised during the consideration of the law in the Senate to extend the 'transition period' by one year. This means there is an extra year* (until 1 January 2028) to fully transition to the new system.

The minister also promised to appoint a government official who will monitor the transition, may take additional measures if necessary and, when required, advise to extend the deadline further.

What is changing? 
Every pension scheme will soon have the amount of the contribution (premium) as the starting point. This means there will no longer be any commitment made on the amount of future pension benefits. The intention is to make pensions simpler and more transparent, as well as make the contribution and therefore the pension burden more predictable. Nationale-Nederlanden has more than a decade of experience with this type of pension scheme. As you probably know, we are hard at work adapting our pension products and services to the new law.

White spots

In preparations for the House of Representatives vote (late 2022), there was discussion on how to deal with workers without a pension accrual. Several solutions were included in the new legislation by the House of Representatives. These concern an adopted amendment that lowers the maximum entry age in pension schemes to 18 years. Another amendment also disallows waiting periods before workers are included in the scheme. 

You can read about the biggest changes in this online magazine. 

*The minister intends to extend the transition period by 1 year. This has yet to be laid down in regulations. The exact content of the change is not yet clear.

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