The Future of Pensions Act is set to take effect on 1 July 2023 instead of 1 January. Minister for Poverty Policy, Participation and Pensions Carola Schouten announced this on 6 October.
The postponement did not come as a complete surprise. The Lower House of Parliament needs more time to discuss the new pension system, after which the draft bill still has to go to the Upper House. The new effective date is now set for 1 July 2023.
Why change our pension legislation?
The new regulations should ensure that people’s pensions are better able to withstand fluctuations in the economy. You will be building up a personal pension capital and no promises will be made in advance about the amount of pension benefits you'll eventually get. On the other hand, you’ll have more insight into how much you and your employer are saving into the pension fund and how the investments made with that money are performing. If you are entitled to surviving dependants’ pension, many of the rules will be the same for everyone under the new system.
What will remain the same?
Pension will still be a joint effort. You will get a pension from your company pension plan and a pension from the Dutch state (AOW) for the rest of your life. And we will continue to share the risks. That's important should you become ill or occupationally disabled.
When will I be able to withdraw a lump sum from my pension?
The envisaged starting date for withdrawal of a lump sum has already been deferred until 1 July 2023. We do not know whether the postponement of the new legislation will result in another deferral. ING CDC Pensioenfonds was already preparing to enable lump-sum withdrawals from 1 July 2023 and will not change that until further notice. We will keep you informed via this information page and our newsletters.
