The New Pensions Act Has Been Adopted – Now What?

On 30 May 2023, the draft Act on the new pension system passed the Senate. This makes the new Pensions Act, the 'Wet toekomst pensioenen' (Wtp) a reality. On 1 July 2023, the Wtp will enter into force and by 1 January 2028, the transition to the new pension system will have to be completed. That means (among other things) that employers, pension funds, insurers and asset managers will have to get to work. This news item discusses a number of important changes, the roles and responsibilities of the parties involved and the deadlines given by the legislature.

What will change? Imporant changes pursuant to the Wtp

The current pension system will fundamentally change under the new Pensions Act. That is because the introduction of the Wtp will eliminate the so-called defined benefit scheme that is currently in effect for 80% of Dutch people who accrue pension through their employer. This scheme was characterized (in short) by a certain fixed amount of pension benefits