As an employer, you have to adapt your organisation’s pension scheme to the Future of Pensions Act (Wtp) before 1 January 2027. This law is expected to enter into force as of 2023. For employers, this is increasingly raising questions. What should we adapt? What impact will this have on our employees’ pensions? And what will it cost? The new BeFrank Selection Tool shows all of this at a glance.
Finally some insight: what the new Pensions Act means for your pension scheme
‘We really want to help our customers and their advisors in the transition to the new pensions system,’ says Jan Hein Rhebergen, BeFrank’s Commercial Director. ‘Employers must know where they stand in the future. And we wouldn’t be BeFrank if we didn’t make these kinds of complex pension changes transparent and easy for our customers to understand.’
A tool especially developed for BeFrank customers and their advisors
Joris Zomerdijk, Proposition Manager at BeFrank, worked together with a team of specialists to develop the ideal selection tool based on the company’s vision. He is proud of the result: ‘In five simple steps, we show employers what they need to change in their pension scheme and what options they have. At the touch of a button, they can see the effect of a choice on each employee’s individual pension. And an indication of the costs. Employers can use the tool together with their advisors to make the right choices for their future pension scheme. This way we help both the employer and the advisor.’
New Pensions Act: When should you take action?
Employers are shown a timeline in the tool. It shows when the contract is to be renewed, and when you have to comply with the new pension rules. This gives you an idea of what would be a good time to take action. For example, the renewal of the contract with BeFrank could be a logical moment. Keep in mind that a change in your pension scheme will take time. After all, the changes must also be discussed with your staff and the works council. Zomerdijk: ‘The beauty of the BeFrank Selection Tool is that all this becomes clear. You can then examine everything more in-depth together with your advisor. Your advisor helps you to make the pension scheme truly Wtp-proof.’
Developed together with employers and advisors
Development of the tool was a joint effort. Zomerdijk: ‘We really wanted to respond to the information needs of employers. That’s why advisors and employers were involved at various stages. For example, advisors told us that the timeline should be given a much more prominent place. And employers told us what they thought was relevant and what wasn’t. With this feedback, we were able to visualise the consequences of the change in the law in a really clear and simple way.’ Rhebergen: ‘Exactly what we consider to be important at BeFrank.’
Tool remains up to date
The tool is based on the bill that still has to pass through the Senate and the House of Representatives. The law can still be amended on points. Zomerdijk: ‘If this has consequences for the content of the tool, we will adjust it immediately, of course. And it goes without saying that we will let advisors and employers know as soon as possible.’
Curious about the BeFrank Selection Tool?
Do you have a pension scheme with BeFrank? Then you will find the BeFrank Choice Tool on your employer portal. Want to find out more about the new pensions system? Go to befrank.com/newpension.