The new pension system
Last update: 3 July 2023
After more than ten years of negotiations and many questions in the Dutch Second and First Chamber, the Future of Pensions Act has been passed. The new Act has taken effect on 1 July 2023. The new pensions system will provide future-proof pensions that are better suited to the times we live in and the future. On this page, you will find explanations and links to articles about the new pensions system.
In short: what will change?
At BeFrank, the new pensions system entails two changes for most pension schemes:
- In the current schemes, the pension contribution increases as your employees grow older. In the new schemes, every employee, young or old, has the same contribution rate.
- In the new pensions system, the percentages and definitions within the surviving dependants’ pension have been changed to a fixed standard.
A video explains the main changes in three minutes. It is also important to know that the transition period has been extended to 1 January 2028. Furthermore, from 1 January 2024 the entry age for pension accrual for all pension schemes will be reduced to 18 years. Employees then accrue pension from the age of 18.
Wtp-scheme possible from 1 July 2023
Employers need to change their pension scheme to a scheme that complies with the new pensions law before 1 January 2028. At BeFrank you can request a quote for a Wtp-scheme from 1 June. From 1 July 2023 we can implement the new pension scheme.
How do we deal with pension capital when someone passes away?
The new pensions law changes the way in which we distribute the pension capital when someone passes away. Pension capital accrued under the current pensions law will continue to be subject to restitution. That optimises the surviving dependants’ pension. This changes under the Wet toekomst pensionen (Future of Pensions Act). Pension capital accrued under the new law will be divided amongst the other participants if someone passes away.
Properly arranged for employees
The surviving dependants’ pension is changing under the new pensions system. If you switch to a new BeFrank scheme that complies with the new pensions law, we will offer employees the extensive Survivor’s Pension Assistance. We support employees step by step in making choices relating to the surviving dependants’ pension, and we personalise those choices.
Articles on the new Pensions Act
- Impact Future of Pensions Act depends on choices made by employer with advisor
- Wtp-scheme from 1 July possible at BeFrank
- What will change in the new pension system?
Would you like more information about BeFrank or our services?
Would you like more more information about BeFrank, our pension schemes or our services? Feel free to contact us.