Together on the road to a new pension system
We are on the way to a personal and transparent pension system that is better suited to the developments in our society and the labour market. By 1 January 2028, all pension schemes must comply with the new Act on Future Pensions. Zwitserleven will be pleased to help you with the transition to the new pension scheme. .
Zwitserleven and the pension agreement
Zwitserleven pension schemes
If you want to take out a new pension plan with us, then from 1 July 2023 you can only opt for a defined contribution plan. If you already have a pension plan, this will apply from 1 January 2028. At Zwitserleven and Zwitserleven PPI we have the Zwitserleven Exclusive Pension and the Zwitserleven Nu Pension. With a few adjustments, these pension schemes will comply with the Act on Future Pensions in time.
Together with you, we will ensure a smooth transitionThe introduction of the new pension system means that you have to make many choices.
The Act on Future Pensions is a fact. On 1 July 2023 our defined contribution schemes have to comply with the rules and agreements of the new legislation. From then, you have until 1 January 2028 to switch. Important milestones about which we will communicate with you, your adviser and the participants at various times.
From the date the Future of Pensions Act comes into force, pension providers will have four years to adjust their pension schemes. Its entry into force is scheduled for 1 January 2024. This means that pension providers and employer and employee representatives must be ready by 31 December 2027.
The new pension agreement
One arrangement in the pension agreement that has already taken effect is to have the state pension age increase more slowly. The Act on changing the link to the state pension age came into force on 10 December 2020.
Slower increase in state pension age
The state pension age will continue to be linked to life expectancy. From 2025, the state pension age will increase by 8 months for each rise in life expectancy of one year, instead of by one year. The standard retirement age follows the development of the state pension age.
We summarise the changes in the Act on the Future of Pensions and the Act on One-Off Payments, Early Retirement Arrangements and Leave Savings below.
Act on the Future of Pensions
1. New contract types
Average and final pay schemes and capital agreements no longer appear in the new legislation. You will only be able to offer your employees a defined contribution scheme.
2. Contribution no longer age-related
The amount of the contribution in the defined contribution scheme will no longer be age-related. You will pay the same contribution for each participant, regardless of their age (flat rate).
3. Investing after the retirement date
We will have two types of defined contribution schemes, the solidarity scheme and the flexible scheme. In the solidarity contribution scheme, continued investment after retirement becomes the only choice. In this scheme, a participant cannot opt for a fixed pension. Zwitserleven offers the flexible contribution scheme. In this scheme, a participant can choose a lifelong, fixed pension income or continue to invest after retirement with all or part of their accrued pension capital.
4. Surviving dependants’ pension becomes clearer
The amount of partner’s and orphan’s pension will no longer depend on the number of years of service. The partner’s and orphan’s pension will be calculated on a percentage of salary.
Legislation on one-off contributions, early retirement and leave savings
5. One-off contributions
A participant may withdraw part of their accrued pension capital on their retirement date as a lump sum and spend it without restrictions. The amount withdrawn may not exceed 10% of the pension capital available for retirement pension on the retirement date, and must be taken as a lump sum. One of the conditions is that the remaining pension capital may not fall below the commutation threshold for small pensions.
6. Early retirement and leave savings scheme
We do not offer products for these schemes. Information on these schemes can be found at rijksoverheid.nl.