From 1 July 2023 we have a new pension law in the Netherlands. This should ensure that pensions in the Netherlands become more transparent and more personal. The Future Pensions Act (Wtp) was adopted in the Senate on Tuesday 30 May 2023. The impact of this law is major, employers and trade unions must think carefully about the consequences and the right way to adapt the pension scheme for ING employees to the new legislation. A long transition period has been agreed. The pension scheme must comply with the Wtp by 1 January 2028 at the latest.
What now?
The law obliges all active pension funds to transfer to the new pension system. De Unie and the other social partners have been exploring the new pension rules for 1,5 years. Together we think about a future and sustainable arrangement for everyone. We are also working on a transition plan to ensure a careful and balanced transition to the new pension scheme. In doing so, we take into account the interests of current and future employees, but also former employees and pensioners who have accrued a pension with ING in the past.
What does this mean now and in the future?
Pension agreements are laid down by ING and the trade unions in a pension agreement and apply to all ING employees covered by the collective labor agreement in the Netherlands. We will be designing the new scheme in the near future. A number of major decisions need to be made for this. Among other things, about sailing in, the choice between the flexible and solidarity premium scheme, the compensation for participants and the adjustment of the Dependant's Pension. De Unie involves the members in these decisions. Members will therefore receive regular pension information in the coming months.
Specific situation ING
At ING we deal with two pension funds. The majority of the accrued pension assets are managed by Pensioenfonds ING. The current accrual is done in the ING CDC pension fund.
Risk preference research
Both pension funds, like the social partners, have started preparing for the new legislation. The ING CDC pension fund recently asked participants to complete a risk preference survey. This survey identifies how you and other participants view investment risks. This input is important for the investment policy and for the design of the new pension scheme. Pensioenfonds ING is also preparing an investigation.
Contact
Do you have any questions about this message, about the Future Pensions Act, or about the process of establishing the new pension scheme? Then get in touch. This can be done by sending an e-mail to the representative Inge de Vries via e-mail inge.de.vries@unie.nl or call: 06-5252 2091.
