Almost nine out of ten (88 per cent) Dutch pension scheme members know little or nothing about the Pension Agreement and what kind of scheme they now have as the nation approaches pension reform, according to Montae & Partners.

A participant survey from the firm also found that more than half (52 per cent) of those who were aware of the upcoming changes to the Dutch pension system expected their retirement savings to be lower as a result and to have to contribute more to it themselves.

Also, 85 per cent of respondents expected to need at least 70 per cent of their current net salary by retirement age, giving some context to the level of benefits savers hope to receive.

Montae & Partners senior partner, Sander Baars, said: “Everyone knows that pensions for working people are the biggest savings. But do participants know that with the new pension agreement, the risk will increasingly lie with themselves?

“Our research shows that participants expect to receive less pension. They also know little about their current pension and about the new pension system. While they will soon have to make many more choices themselves, which partly determine how high their pension will be later on. You can't do that without guidance.”

He added that the pension industry needed to help participants and noted the positive news that 44 per cent of the survey participants “are already taking action to arrange extra pension themselves”.

Baars concluded: “That gives hope, but do you also know whether they are making the right choices now, and in the future in the new pension system? Pension funds have the task of protecting participants against risks.

“This is also possible by properly guiding them in making their pension choices. Let pension funds take the lead in guiding the participants. If the funds don't do it, who will?”

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