New pension rules delayed until 2015, due to ‘complexity’

The introduction of new rules for Dutch company pension schemes has been delayed until 2015 because of the complexity of the subject, junior social affairs minister Jetta Klijnsma told MPs on Wednesday afternoon.

The new system of contracts, aimed at making the Dutch system more sustainable, were due to come into effect in 2014.
The measures will tighten up the financial framework for pension funds and allow funds which change contracts to be more flexible about pay-outs so they can rise or fall in line with financial market and life expectancy developments.
Funds which do not change to new contracts will only be able to increase payouts in line with inflation if they can prove they have sufficient reserves and are able to meet their obligations to younger workers as well.
Duty of care
According to media reports, Klijnsma told MPs working out the new rules is taking more time than expected because of the complexity and need to ensure everything is carried out carefully.
On Tuesday, employers organisations called on the minister to meet the original targets, saying they are concerned about the impact of the delays on pension funds.
‘2011, 2012 and 2013 are crisis years in terms of pensions, and we have only prevented premiums going up even more sharply by using all the tricks at our disposal,’ the employers’ organisations said.

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