All about the new Pensions Act

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All about the new Pensions Act

The Future of Pensions Act (Wet toekomst pensioenen, Wtp) came into effect on 1 July 2023. The new Pensions Act is a better reflection of today’s society. And it ensures a more transparent and personal pension, including for future generations. Employers must have adjusted the pension scheme by 1 January 2028. But what changes? And what does this mean for your pension? This page sets out more information on the transition to the new Pensions Act and what remains the same and what is changing. We have listed the most frequently asked questions and answers for you.

In short: What changes?

Pension rules have changed. We briefly explain the most important changes in the video below.
What exactly changes for you depends on the choices made by your employer. Your employer makes these choices together with a pension advisor and employee representatives, such as the works council. Your employer and BeFrank will notify you of any changes for you.

What changes and what stays the same?

The new Pensions Act will bring about changes. But not everything is being altered; some rules remain as you’re used to. We have summarised the changes and what remains the same. That way you know what to expect.

Read what stays and what is new

The transition to the new Pensions Act

Your pension scheme must comply with the new Pensions Act before 1 January 2028. You don’t need to take any action yourself. Your employer will adjust the scheme. Whenever this takes place, we will make sure, together with your employer and the pension advisor, that you know in good time where you stand.

How the transition works

Frequently asked questions

Would you like to know more about the new Pensions Act? We have listed the most frequently asked questions and answers for you. If your question is not listed here, please feel free to contact us.

How will I know when my employer adjusts the pension scheme?

Do I need to take action to adjust my pension scheme?

No, you do not need to do anything yourself. Your employer is responsible for adjusting the pension scheme. They have until 1 January 2028 to do so. Would you like to know what to expect and when regarding your new pension scheme? Please check this with your employer. BeFrank cannot indicate when your employer intends to switch to the new Pensions Act.

If you would like personal advice about the choices you can make once your pension scheme is adjusted, please consult a pension adviser. Keep in mind that this may involve costs.

Does the new Pensions Act affect my pension?

What if my employer does not adjust the pension scheme in time?

Employers still have sufficient time to adjust their pension schemes. If your employer is nonetheless too late, this will have tax implications for your pension.

You do not yet pay tax on the pension you build up. Only once you retire you pay tax on the pension benefit you receive each month. If your employer does not adjust the pension scheme before 1 January 2028, the Dutch Tax Administration will regard your accrued pension as additional salary. This means that:

you will pay income tax and revision interest on your pension;

the value of your pension will count as assets in box 3;

due to this one-off increase in your income, deductions such as charitable donations and healthcare expenses may be lower.

In short: you will pay more tax if your pension scheme is not adjusted on time.

When will I find out what changes in my pension scheme?

Your pension scheme must comply with the new Pensions Act by 1 January 2028. You do not need to take any action yourself. Your employer will adjust the scheme. Whatever the timing of the transition, we will work together with your employer and the pension adviser to make sure you know what to expect in good time.

What changes for you personally depends on the choices your employer makes. These choices are made together with a pension adviser and sometimes with employee representatives, such as the works council. Together, they determine what your new pension scheme will look like. As soon as your pension scheme is adjusted, you will receive more information about it.