General workers union Bondgenoten is drawing up its own plan to reform the pension system, because of what it sees as serious risks attached to the agreement worked out between employers and union federations last week, news agency ANP reports.

In particular the union is concerned that the new deal relaxes the buffer requirements for pension funds and makes pension payouts vulnerable to stock exchange movements.
In the new system, it will be up to individual unions and employers to determine investment strategy for sector and company-wide corporate schemes. However, Bondgenoten says pensioners will carry all the risk and get lower pensions at times of a stock exchange downturn.
Last Friday’s agreement, which paves the way for an increase in the pension age to 66 in 2020, still has to be approved by union members. Bondgenoten is recommending its 500,000 members vote against it.