BeFrank is ready for the new pensions system

After ten years of negotiation, a new pensions system has been finalised. This marks an important step towards a more futureproof pension. BeFrank is delighted that the pensions system is moving in the direction of an individual and personal pension. We already have ten years’ experience with individual pension funds and individual options, as well as a fixed premium for part of the portfolio. However, the further implementation does require some consideration and sound solutions in a number of areas. What will the pension agreement mean for you? We have listed the most important implications.

What the pension agreement will mean for you

  • Your pension scheme needs to be modified between 1 January 2022 and 1 January 2026 at the latest.
  • There will be one fixed premium which is not age-related. This will particularly have a negative impact on older employees. However, the transition to this fixed premium still needs to be worked out in further detail. The exact implementation has not yet been decided.
  • The rising premium may remain in force for employees who are in an existing pension scheme.
  • You can also opt for a scheme with a fixed premium, in which existing employees will be compensated.
  • A new pension scheme with a fixed premium must be agreed for new employees. The maximum level of the fixed premium allowed for tax purposes is not currently known yet.
  • Labour mobility in older employees is an area for attention. If this group change job, they will be placed in a new scheme with a fixed (often lower) premium. This will result in a smaller pension.
  • Pension providers may preselect for a variable pension benefit by default in their investment policy.

We will keep you informed
As soon as there is a relevant news about the implementation of the pension agreement, we will inform you further. In the meantime, we recommend that you talk to your adviser about the consequences of the pension agreement.

Also of interest
Employers and employees in a premium scheme are in danger of being footed the bill (in Dutch)

Pension agreement with a bitter after-taste