In anticipation of the collective labor agreement negotiations that start on January 29, the bank and the unions have agreed that colleagues will accrue pension via a solidarity contribution scheme from January 1, 2027. Given the timelines, the bank and the unions, at the request of the ABN AMRO Pension Fund, have now agreed on this before discussions about collective labor agreements have started.
Why a new pension scheme?
A new law on future pensions will apply as of July 1, 2023. The bank and the unions must agree on a new pension scheme before January 1, 2025 at the latest. The ABN AMRO Pension Fund then has two years to implement the new pension scheme.
The bank and the unions are legally obliged to draw up a transition plan in which all agreements about the new pension scheme and the transition to it are recorded. In the transition plan, all agreements are explained in detail and provided with calculations and many details. The new pension scheme is laid down in the collective labor agreement. Discussions about this will start this month. We then discuss the further implementation of the solidarity contribution scheme, including the survivor's pension, how to deal with the pensions already accrued and compensation, should colleagues deteriorate.
What remains the same?
The basic principle of the new law remains that employers and employees accrue a pension jointly. And that we share financial risks with each other. Employers and employees pay contributions, the pension providers invest the money and pay out the pension benefits.
How does it work now?
The bank currently has a benefit scheme in which a pension benefit is promised. This is therefore a certain degree of guarantee, which means that pension funds now have to maintain substantial buffers. The bank currently has a good pension scheme for our colleagues. With a solidarity contribution scheme, the bank and the unions expect to be able to continue this good scheme within the new pension system.
What will change?
From January 1, 2027, everyone will build up a pension through a solidarity contribution scheme. This means that colleagues receive a share in a collectively invested pension capital (pension pot). The pension premium largely ends up in everyone's pension pot and is the same percentage for all ages. This solidarity contribution scheme is very similar to the current pension scheme, except that pension funds do not have to maintain as large buffers. This allows them to increase pensions more quickly when the economy is good. But pensions can also be lower if the economy is bad. A smart solidarity reserve ensures that the chance of pensions being cut is very small.
We will keep members informed of progress.
If you have any questions regarding this message, you can email the advocate Harma Pethke at harma.pethke@unie.nl
