Aegon: Result of the pension scheme vote
November 25 2019
De Unie has made agreements with Aegon about a new pension scheme. We will have this new arrangement on November 6, 2019 de Uniemembers. De Uniemajority members agreed.
About 2/3 of the members voted yes, about 20% voted no, and the rest abstained. The members of the other trade unions have also agreed to this negotiation result. The Central Works Council has also given its approval. With that, the new pension scheme for Aegon is a fact.
I, advocate Inge de Vries, would like to thank everyone who has cast their vote. Many members have also given an explanation of vote. This allows me to give a good picture of the considerations and questions that have arisen among the members.
Voters in favor
The members who voted in favor indicate predominantly in an explanation of vote that they recognize that this is the highest possible result. Many respondents indicate that they are happy with that De Unie has ensured that the bill is not placed exclusively with the young people. But also in the voting group, a large part indicated that they would rather not have a defined contribution scheme.
Uncertainty is also a frequent objection among those who vote against. People don't want to gamble in retirement. Or they indicate that the income from pension must be clear because otherwise the employees cannot plan for retirement. De Unie will communicate this to Aegon and the importance that members attach to financial plans will be brought to the attention again.
Various members ask why a flat premium tier was not chosen. In principle, this comment is justified. With the current market interest rate, the choice for a flat graduated scale is the most logical. De Unie suggested this too. However, this proved unfeasible in the negotiations. De Unie has achieved a lot in these pension negotiations, but we have not been able to obtain our entire wish list. For the employer, a flat premium tier was not negotiable for two reasons. Firstly, it would lead to a further increase in pension costs, secondly, Aegon would have to consult with the tax authorities to be able to pay additional compensation for older employees. Aegon was not willing to do this.
The 1,85% actuarial interest rate used in this pension scheme is actually still too high in the current market. If the interest rate remains so low for a long time, the ultimate pension result can be affected.
Another objection is that the risk transfer to the employees with this pension scheme is given away too cheaply. These members would have liked a higher compensation. This argument is understandable, at other financial companies the risk transfer has been bought off against ample compensation.
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