The Netherlands to reform its pension system [updated]
On 22 December 2022, the Dutch House of Representatives approved the draft bill of the Future of Pensions Act (in Dutch: Wet toekomst pensioenen – WTP). The legislation, which goes before the Senate in January 2023, aims to implement reforms of the Dutch supplementary pension system that were agreed upon between employers, employees, and the government in 2019. The WTP introduces several important changes, notably the obligation to provide occupational pension schemes on a defined contribution (DC) basis only instead of a defined benefit (DB) provision accrual.
The WTP will come into effect on 1 July 2023. A transition period until 1 January 2028, previously 1 January 2027, applies for employers and pension providers to implement the changes in consultation with the employees and/or their representatives.
