Wtp-scheme from 1 July possible at BeFrank

31 May 2023


After more than ten years of negotiation and many questions, the Wtp was passed by the Senate on Tuesday 30 May after previously being approved by the House of Representatives. The new Act will take effect on 1 July 2023. The new pensions system will provide future-proof pensions that are better suited to the times we live in.

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. As an employer, you can choose to apply the right of transition. This means that your current employees continue to accrue their pension under the current scheme, and that your new employees will be covered by the new pension scheme no later than 1 January 2028.
  • 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.

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.

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.