Will the new system get the go-ahead?
In a few weeks' time, the Dutch Future of Pensions Act (Wtp) will reach its climax: the plenary debate on the new pension system is scheduled to take place in the Dutch Senate on 22 and 23 May. The vote is expected to follow on 30 May, just before the new Dutch Senate takes office.
Meanwhile, Zwitserleven has its own timelines and challenges to address. Our top priority is to be ready to make Wtp-proof bids from July 2023 onwards. On 01/01/2024, we will start managing pensions in a way that is Wtp-proof and the full transition should be complete on 01/01/2027.
The Dutch Future Pensions Act (Wtp) will take effect on 1 July 2023. We will be ready to bid for pension schemes in line with this new legislation. By 1 January 2027, all pension schemes will have to comply with the new legislation. We recommend that you discuss this with your advisor well in advance, as the changes will affect both you and the employees in your pension scheme. Your adviser will be able to clarify the impact of the Wtp how your pension scheme needs to be adjusted.
Zwitserleven's Management Tool
It is important to have a clear overview of the financial impact of the pension agreement on you and the participants. For that reason, Zwitserleven has provided a tool to show you the specific differences between the old and new pension schemes. The information from Zwitserleven's Management Tool will also enable your adviser to make preliminary Wtp calculations. This will give you concrete amounts to work with.
We will amend many aspects of our communication in line with the Wtp – especially for the benefit of participants and all of the pension decisions they need to make. Our information letters will give participants a transparent summary of their scheme both before and after the introduction of the Wtp. Everyone will be able to see the various features and implications for their pensions.
Admission age to be 18
Under the legislative proposal, the maximum admission age will be lowered to 18. This will apply to all pension schemes from 1 January 2024. What does this mean for employers who currently have an admission age of 21?
- All employees aged 18 and over will join the pension scheme on 1 January 2024.
- Employees who join your workforce after 1 January 2024 will enter the pension scheme as soon as they turn 18.
- If you have a defined contribution scheme, the premium scale will be extended for age 18 and above.
Once the Dutch Senate has approved the Act and the exact details and effective date have been announced, we will inform you of the next steps in our strategy.
Tip: a useful website containing lots of information on the transition to the new pension system is 'Werken aan ons pensioen' (in Dutch only).
Zwitserleven's Pension Event 2023
Save the date: 25 May in Amersfoort. It's perfect timing – just before the final vote on the legislation. Our PensioenEvent is once again packed with speakers, issues and gathering – this time on the transition to the new system. The keynote speaker is Lisa Brϋggen from Netspar, Professor of Financial Services. She will discuss pension communications, focusing on how to give practical options advice.
In addition, the subsessions will cover Wtp-related topics including:
- Options advice: a golden opportunity?
- Will the Wtp be your burnout or your sabbatical? Working together to find the advisor's success factor.
- And much more...
The afternoon will close with Prof. Victor Lamme, who specialises in free will and how that relates to topics such as options advice.
For more information about the programme, go to Building the Future Together. Don't forget to sign up right away. We look forward to seeing you!
This event is spoken in Dutch!
This article is published on 08 May 2023