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. As an employer, you must have converted your pension scheme by 1 January 2028 at the latest. We understand that this raises questions. 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.
The animation below 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.
BeFrank Selection Tool
Via your employer portal you can access the handy BeFrank Selection Tool. At a glance, you get an indication of the impact of the new pensions system on your organisation’s pension scheme. And you can also see the impact this has on your employees’ pensions. Very convenient! This animation shows you how the BeFrank Selection Tool works.
Ask your advisor for advice
Your advisor will help you make the final choices. The selection tool is a useful tool for looking at the various possibilities. With the push of a button, you can download all data and even see the impact per employee. This way you’ll make the right choice together. And, of course, we’re always ready to discuss the options with you!
Articles on the new Pensions Act
- What will change in the new pension system?
- Help your employees make choices for the surviving dependants’ pension
- Towards the new pension system: tips for the Works Council
- Current status of progress of the new Pensions Act
Would you like more information about BeFrank or our services?
Not a customer at BeFrank yet? And would you like more more information about BeFrank, our pension schemes or our services? Feel free to contact us.