Pension

The new Pension Agreement 2015 results in an amendment in the current rules

On 27 May 2014, the First Chamber of the Dutch Parliament approved the financial framework for pensions. Accordingly, the current law will need to be amended. Agreement had already been reached that net premium tables would be introduced as of 1 January 2015. Furthermore, from the 1 January 2014, the pensionable age had already been increased to 67. As of the same date, the maximum allowable pension premium has also been reduced. As of 2015, the accrual percentage for old age pension and for survivors and orphan pensions will also be further reduced. Moreover, the maximum salary for calculating pensions will be set at €100,000. For a more extensive overview of the legislative amendments entering into force on 1 January 2015, click here (in Dutch).

Your pension policy will change

As a result of these changes, many pension policies no longer satisfy the legal requirements. Pension policies will, therefore, need to be amended as of 1 January 2015.  Insurance companies are currently workig hard to provide proposals to ensure pension conformity. You should, however, realise that the pension providers will need to make thousands of similar proposals, whereby individual alignment will be impossible. You will receive a proposal which will broadly contain the amendments, but it will not be possible to identify the financial consequences at the moment that you accept the offer. Signing without prior advice could thus involve substantial risks and increase the costs of your pension policy.

What can you do

By contacting us, we will examine the proposal together to see whether it is satisfactory. If in doubt, do not risk it, call us instead on +31 (0)35 694 2195. The phone call will cost you nothing; signing a proposal without prior advice, may end up costing you a lot more!