FNV Bondgenoten, the biggest union in the Netherlands and a fierce opponent of the new pension agreement, has presented an alternative for the agreement.

Entitled ‘It can be different, better’, it sets out an alternative plan to reform the pension system which aims to maintain security around the value of the occupational pension, to ensure people can have confidence in the level of retirement income they will get when they stop working.

The union said they want all pension funds to have a buffer of 20% to be able to deal with future shocks on the financial markets without having to immediately cut people’s benefits. These buffers are also important for younger generations and need to be built up again after the last crisis.

The main criticism of the members of FNV Bondgenoten is that the new agreement between the social partners and the Government will no longer offer any security about pension income levels, which will move along with the financial markets and all risks will lie with the employees.

In a statement, FNV Bondgenoten said that the employers get the best deal, as their premium will no longer rise and they do not have to top up the pension pot in times of deficits. “This is not just about paying pension premiums, but to take in setbacks together with the employees, as is the case now.”

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