Why is your pension changing?
“A fairer, clearer system that fits how we work today”
In 2019, unions, employer organisations and the government agreed the Future of Pensions Act. Because of this, your pension will change next year. But why do pensions change? Piet Fortuin was involved as chair of the CNV union in making the new rules for pensions. He explains why your pension is changing.
Why is your pension changing?
“A fairer, clearer system that fits how we work today”
In 2019, unions, employer organisations and the government agreed the Future of Pensions Act. Because of this, your pension will change next year. But why do pensions change? Piet Fortuin was involved as chair of the CNV union in making the new rules for pensions. He explains why your pension is changing.
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We no longer work for the same employer for 40 years.
Why do pensions change in the Netherlands?
“We have arranged pensions very well in the Netherlands. Internationally, Dutch pensions are seen as the best in the world. But society changes. We no longer work for the same employer for 40 years. We change jobs more often or become self‑employed. There are also more flexible contracts. The pension rules no longer fitted well with how we work today.
Another important point is that under the old rules we could often hardly increase pensions. That is why unions, employer organisations and the government said: we need to change this.”
Does everything change?
“No, certainly not. We keep what works well. We continue to arrange pensions together. Accruing pension through your employer stays mandatory. At CNV we find that very important. The aim is a fairer, clearer system that fits how we work today. And one that can increase more easily.”
What are the biggest changes?
“With the new rules, pensions move more with the economy. This means your pension can increase faster when things go well. But it also means your pension can go down faster. To limit the risk of decreases, safeguards are built in. Less risky investing is used when you are close to retirement or already retired. Investment results are spread over several years. And there is a reserve pot to support pensions. With this, I am confident that pensions will also be well arranged for the future.”
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With this, I am confident that pensions will also be well arranged for the future.
Timeline of the new pension
2019
Unions, employer organisations and the government reach a pension agreement.
2023
The House of Representatives and the Senate approve the Future of Pensions Act.
2023 - 2025
(Representatives of) employers and employees make arrangements for the new pension. The Association of Pensioners is also involved through the right to be heard.
2025 - 2026
Pensioenfonds PGB prepares for the introduction of the new rules.
2027
We expect to move to the new pension.