‘Government shares blame for savings debacle’

The Dutch government is being urged to share the cost of compensating people who bought a high-cost investment-based savings policy through their company, reports NOS on Monday.

A foundation representing people hit by the high charges attached to such schemes and the financial services ombudsman both say the state shares the blame.
This is because the government limited tax breaks on the savings schemes in 2002 and 2003, leading many people to invest less money. This, on top of the high charges which ate into the invested capital, helped make the final payouts much lower than expected.
The foundation says some two million policies were affected by the changes in the law.

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