Last update: 19 July 2023
On 1 July 2023, the Future of Pensions Act took effect. The new pension legislation is more in keeping with the current times. And ensures that everyone in the Netherlands gets a good pension, including generations coming after us. Employers must have adjusted their pension scheme by 1 January 2028 at the latest. On this page, we explain the most important changes.
In brief: what will change?
In the new pensions system, everyone accrues their own pension. Good to know that you already do that at BeFrank. Yet some things are also changing. In the video, we explain what is changing.
The surviving dependants’ pension changes
Under the new pensions system, the surviving dependants’ pension will be simpler. Surviving dependants’ pension is the pension that is paid to your dependants: your partner and any child(ren), immediately after you pass away. What will the surviving dependants’ pension look like?
- We calculate the surviving dependants’ pension using a fixed percentage of your salary, regardless of how long you have been employed. We pay the orphan’s pension up to a fixed final age of 25 years.
- Your employer may offer you the option of taking out insurance for additional surviving dependants’ pension.
- What if you leave your job? Then you remain insured for the surviving dependants’ pension for 3 or 6 months as standard. After this period, you decide for yourself whether you want to keep the insurance. We may impose additional conditions on that, though.
Want to know what has been arranged for your surviving dependants? Then take a look at the Survivor’s Pension Assistance. Once your employer has switched to a new pension scheme, you will find the additional choices concerning the surviving dependants’ pension.
Same premium percentage for everyone
You pay a premium for the accrual of your pension. We calculate this premium using a percentage. Everyone gets the same premium percentage in the new pensions system, from young to old. We will then no longer calculate the premium percentages on the basis of your age.
When switching to a new pension scheme, your employer may choose not to adjust the current premium percentages. If this is the case, this will only apply to employees who are still employed before 1 January 2028.
The transition to a new pension scheme
Your employer switches to a new pension scheme that complies with the new pension legislation. This is possible until 1 January 2028. Will you be worse off with the new pension scheme? Then your employer can compensate you for this. Your employer lays down the arrangements for compensation in a transition plan.
Compulsory pension accrual from the age of 18
Currently, young people usually accrue a pension from the age of 21. From 1 January 2024 everyone will start accruing a pension from the age of 18.
Your employer determines the scheme
Exactly what will change for you depends on the choices your employer makes. You will hear more about this when your employer adjusts the pension scheme. Your employer will do this in consultation with the Works council or Employee participation council and with a pension advisor.