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ARTICLE · 05 SEPTEMBER 2016

Defined Contribution Scheme Improvement Act Introduces Variable Pension Benefits

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The Dutch Defined Contribution Scheme Improvement Act will come into effect on 1 September 2016.

NetherlandsEmployment and HR
René Maatman
René Maatman
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The full article is only available in Dutch, click here to read it

The Dutch Defined Contribution Scheme Improvement Act will come into effect on 1 September 2016. This act imposes new obligations on all providers of defined contribution schemes, including providers that do not offer variable pension benefits. For instance, all providers have to facilitate that the investment horizon is extended for all participants who prefer receiving a variable pension. All providers have to set up adequate processes enabling them to retrieve sufficient information from their participants. This includes information allowing them to identify the participant's preference for fixed or variable payment. Variable payment schemes must also meet certain formalities, such as the collective sharing of the investment risk between participants. All this requires a significant adjustment to business operations. Pension providers may need to design a "choice architecture" for their

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