Achmea welcomes Dutch pension reforms; warns of transition complexity

Dutch pension administrator, Achmea Pensioenservices, has welcomed the recent agreement on pension reform in the Netherlands, but warned that the transition to the new system would be complex.

Achmea Pensioenservices chairman of the division, Tom van der Spek, said that he was “pleased” that the government has agreed on the future of the Dutch pension system, but he was “particularly concerned” about the complicated nature of the transition.

“The next step is the elaboration in legislation,” he said. “The cabinet and parliament will do this in the next year and a half.

“I think it is important that attention is paid to the implementation aspects. I am particularly concerned about the complexity of the transition.”

The legislation is expected to come into force in January 2020 and van der Spek warned that the Dutch pensions industry has “a lot to do” before it is introduced.

He noted that Achmea has experience with premium schemes, where personal pension accrual is combined with collective risk sharing, and wanted to contribute to the “further elaboration” of the policy.

The legislator, pension funds and implementing organisations were invited to speak with Achmea on how best to move forward.

Van der Spek continued: “There will soon be two premium schemes. As a sector, you certainly have something to choose from.

“As a pension fund, we already advise research on the wishes of your supporters. How much risk and freedom of choice suits your participants?

“It is good to know that these wishes can be met collectively and in solidarity with the two schemes. Our practical experiences can also provide a lot of insight into this.”

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