De Unie, in your interest

Your collective labor agreement and industry

UWV: Entering the new pension system or not?

16 September 2022

De Unie has been studying the new pension scheme at UWV for some time now. This study is being conducted with a view to the introduction of the new Future Pensions Act. This legislation is still being discussed by the Dutch parliament.

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De Unie considers it important to design the new pension scheme in the interests of the participants in the pension scheme (employees who are now building up pension and former employees who have built up pension in the past through UWV). For the participants, the best solution must be chosen, in line with the new Future Pensions Act.

Influence of the members

It is important that the members of De Unie to give their own opinion on the decisions that are made. After all, it's about your money. Not all decisions are taken at the same time, but we are now faced with a decision that will be guiding.

Pension fund proposal

The UWV pension fund has asked the parties to the collective labor agreement to state that they intend to enter the accrued pensions into the new pension system in the future.

sailing in
First I will explain the term sailing in. This means that the pension accrued with the UWV Pension Fund is transferred to the pension scheme under the new legislation. This also applies to retirees. They now have a concrete commitment from the pension fund, but this will be converted into personal pension assets upon arrival.

Transition FTK
The pension fund would like to use the so-called transition FTK. The FTK is the set of calculation rules against which the pension fund must assess indexation decisions. The transition FTK gives the pension fund more room for indexation. Due to the higher interest rate and the higher funding ratio, the pension fund will be able to index next year (according to current insights), also under the normal FTK rules. (I do have to make a reservation here, because the interest rate on 30 September 2022 is decisive for the calculations.) The transition FTK offers the pension fund a wider possibility to index.

Catching up indexation

This also creates the option of applying catch-up indexation. Based on current insights, the catch-up indexation amounts to approximately 2,6% for retirees and approximately 1,7% for the active (employees currently employed).

The pension fund may only apply the transition FTK if the parties to the collective labor agreement indicate that they intend to enter into the accrued pensions. This decision has consequences for all participants, both employed and retired.

Intent to enter

This statement, the intention to enter, is not formally final, but in practice it will hardly be possible to reverse the intention. That is why I am now asking Members to speak out.

Opinion

Members have been invited to voice their opinion.

Contact

If you have any questions, please contact the representative Inge de Vries. You can send an email to: inge.de.vries@unie.nl

 

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