New pension law
The new pension law will come into effect on 1 January 2023. At least the law is now pending in the House of Representatives. Because the amendment to the law is far-reaching, the parties to the collective labor agreement are preparing.
Not receiving our newsletter yet? Then sign up quickly.
Future Pension Act
What does the new pension law prescribe? The law prescribes pension funds to convert the scheme to a defined contribution scheme. This is a scheme in which a specific pension accrual is not promised, but in which a pension premium is agreed. The law has a transitional arrangement until January 1, 2027. We therefore have time to carefully discuss the change in the pension scheme.
Current pension scheme
The UWV currently has a CDC pension scheme that is built up with the UWV pension fund. It is agreed in the scheme how much premium the employer contributes and how much premium the employee contributes. Based on the premium received, the pension fund makes a commitment about the accrual of your pension. In this scheme, many risks are collectively borne by the pension fund, but this is not free. The security offered by the pension fund means that a large buffer must be offered.
New pension scheme
The new pension scheme must be a defined contribution scheme, at least if we want to continue to accrue pension with the pension fund. The alternative is to opt for an insured scheme with an insurer.
Project planning
Designing a new pension scheme and carefully guiding the transition from old to new is quite a project. Trade unions and UWV have drawn up a multi-year plan. The steering group meets every month. The steering group gives assignments to an expert working group. Members can participate in a sounding board group. The sounding board group helps us to properly explain the decisions to the employees of UWV. We aim to start the new pension scheme on 1 January 2026.
First step
The project planning states that the parties to the collective labor agreement will already take two important decisions in September 2022.
- The choice between the solidary contribution scheme and the flexible contribution scheme.
- The choice between entering or not.
De Unie would like to make this choice together with the members. That is why you will receive more information about the pension scheme in the near future. We have agreed a communication plan with UWV. Part of the communication plan is a survey that will be launched shortly. The UWV uses this survey to gauge the opinion of its employees.
Solidary or flexible premium scheme
The flexible contribution scheme is very similar to the individual contribution scheme that already exists. The solidary contribution scheme is a new contract form. In this form an attempt is made to link up with the current practice of pension funds.
Solidary contribution scheme
- The pension fund invests jointly for all participants. The risk taken depends on the average risk attitude per age group.
- There is one pension asset both during the capital accumulation phase and during the phase in which your pension is paid out.
- You have no choice to deviate from the investment profile of the fund.
- The fund forms a reserve to absorb setbacks. Windfalls are used to maintain the reserve.
- Solidarity between all participants (active, retirees and sleepers).
- The fund is obliged to maintain a solidarity reserve.
- Your pension benefit moves along with the fund's performance, which can have a positive or negative effect.
- Your pension benefit is managed and paid out by the same fund where you built up your pension capital.
Flexible premium scheme
- You build up your own pension capital.
- The phase in which you build up capital is separate from the phase in which you receive pension benefits.
- You can choose from different investment profiles to opt for more or less investment risk. If you do not make a choice, the standard that suits your age group applies to you.
- Windfalls or setbacks as a result of the investments have consequences for your personal pension capital. However, the results can be spread over several years.
- As long as you build up capital for your pension, you do not share investment risks with retirees. When you retire, you can start sharing windfalls and setbacks with other retirees.
- It is possible to share part of the investment risks with other participants.
- When you retire, you can choose whether you use your capital to purchase a fixed pension benefit or a variable pension benefit.
- If you opt for a fixed pension benefit, you can choose the provider yourself.
sailing in
Entering is a complex discussion. More about this in the next pension message from De Unie.
Agenda
- June 17, 2022 fit festival
- June 21, 2022 open consultation
- 11 July 2022 pension steering committee
- 31 August 2022 open consultation
- September 1, 2022 collective labor agreement symposium
Contact
Do you have any questions regarding this message? Or do you have information that you are using De Unie want to share? Then contact me. You can reach me by sending an email to: inge.de.vries@unie.nl or app me on phone number: 06-5252 2091.
[print_link]
