Skip to main content
main content, press tab to continue

Dutch pension reform for pension funds

Read all about the new Dutch pension agreement and and what this means for pension funds.

In 2019, employer and employee representatives and the Dutch government agreed on a revolutionary pension reform containing new agreements on pensions and state pension (AOW). At the end of 2021, this resulted in the draft legislative proposal, the Future Pensions Act ( in Dutch; Wet Toekomst Pensioenen). On 30 May 2023, the Senate approved the Future Pensions Act. This brought an end to an intensive debate on the bill.

The core of the changes is that pension accrual will become age independent, and that all future accrual will have to be in defined contribution. In case of any negative impact, compensation will have to be considered.

Transition to a new Dutch pension system

The Future of Pensions Act is effective as of July 1, 2023. After that, there will be a transition phase of four years, during which pension providers will have to implement the new pension schemes. All Dutch pension schemes must comply with the new legislation by 1 January 2028.

What is expected of you?

With the arrival of the new pension agreement, almost all pension plans will have to be revised. Because the transition is complex and impactful, the employer in most cases is legally obliged to draw up a transition plan. This transition plan must include all choices and considerations, including the calculations underlying the agreements made. The transition plan must be agreed with employee representatives.

In our view, aside from challenges, the transition (if done well and timely) also offers opportunities. In particular these opportunities can arise when employers and employee representatives look at the required changes in a broader reward perspective.

The outcome should be a more sustainable, generationally fair pension system with more predictable costs for employers. WTW advises and supports employers and pension funds in the transition to the new system.

We are involved with a large number of employers and providers in their preparations for the transition to the new system. In some cases, this is already in an advanced stage, especially for employers that aim to make an early transition. We advise employers and providers to start the transition to the new pension system as soon as possible. Although every situation has its own challenges, WTW can rely on extensive experience, broad expertise and available materials.

Survey results Dutch pension system

March 2022 - In this video, we present the results of two surveys, one among employers and one among employees, on their views on the future of the Dutch pension system.

Get access to our webinars about the Dutch pension reform
Contact us