Future Pensions Act

Last updated
Future Pensions Act
Coat of arms of the Staten Generaal.svg
States-General of the Netherlands
  • Amendment of the Pension Act, the Income Tax Act 2001 and any other laws in connection with revision of the pension system, standardization of the survivor's pension, adjustment of the tax treatment of pension and any other changes with regard to pension
Passed by House of Representatives
Passed22 December 2022
Passed by Senate
Passed30 May 2023
First chamber: House of Representatives
Introduced by Carola Schouten
Introduced29 March 2022
Voting summary
  • 93 voted for
  • 48 voted against
Voting summary
  • 46 voted for
  • 27 voted against
Status: Current legislation

The Future Pensions Act (Dutch : Wet toekomst pensioenen, abbreviated Wtp) is an amendment to welfare law in the Netherlands. This law revises the Dutch pension system and amends thirteen laws, including the Pension Act. The law came into effect on 1 July 2023, and pension funds currently have until 2028 to switch to the new system.

Contents

Contents

The law relates to the supplementary pension that is accrued with a pension fund. The average system is being replaced by personal pension pots per participant. The pension funds no longer make any promises about the amount of the pension benefit, but rely on the accrued capital. Because investments at a young age have more time to yield, this carries more weight in the new system. Because the commitment disappears, the pension also moves more quickly with the state of the financial markets. [1]

For this transition, 1,500 billion euros of pension money in collective pension pots must be divided between personal pension pots. [2] This process is called entering.

A pension pot represents the life insurance value of a pension entitlement. This means that the personal pot cannot run out due to longevity, but that no money is left for heirs in the event of premature death.[ citation needed ]

Creation

Pension agreement

Federation of Dutch Trade Unions chairman Han Busker [nl] speaks to the press after union members approved the pension agreement in 2019. Han Busker in gesprek met de pers (1).jpg
Federation of Dutch Trade Unions chairman Han Busker  [ nl ] speaks to the press after union members approved the pension agreement in 2019.

Since 2004, there has been a desire in Dutch politics and among employers and trade unions to reform the pension system, partly because of the aging population. In 2010 they reached a political agreement, but this was largely not implemented due to the government's budget crisis in 2012. [3] Based on that agreement at the time, the State Attorney had advised not to make entry mandatory for legal sustainability. [4] The official advice on the advice of the State Advocate was made public on 8 December 2023. The advice of the State Advocate remained secret, but the meaning became clear. [5]

Ultimately, a pension agreement was concluded in 2019, which formed the basis for the Future Pensions Act. The condition for support from the trade unions for this was a more limited increase in the state pension age. A further elaboration of the pension agreement was presented in June 2020. [6] The membership of the FNV trade union initially postponed voting, but agreed to the implementation in July 2019. [7]

The pension agreement then had to be developed into a law. At the end of 2020, Minister of Social Affairs and Employment Wouter Koolmees presented the draft law. 800 responses were given to the consultation. This high number took longer to process than planned, delaying the law by a year. [8]

House of Representatives

Koolmees' successor, Minister for Poverty Policy, Participation and Pensions Carola Schouten, finally submitted the bill to the House of Representatives on 29 March 2022. The House debated the bill for over 100 hours. [9] Although the Fourth Rutte cabinet had had a majority in the House of Representatives, it also had to persuade opposition parties in view of the minority in the Senate. GroenLinks and the Labour Party set three amendment proposals as a condition, such as the legal target to halve the number of employees without a pension plan. These were adopted with support from the coalition. Eighteen other amendment proposals also received a majority, such as limiting freedom of funds, less extreme investment risks and equalizing pensioners. [10] On 22 December 2022, the law was passed in the House of Representatives, supported by VVD, D66, CDA, PvdA, GroenLinks, Christian Union, Reformed Political Party and Volt Netherlands (93 votes in favor, 48 against). [11]

Senate

After consideration in the House of Representatives, it was sent to the Dutch Senate. Opposition parties PVV, 50PLUS, JA21 and the Socialist Party tried to delay the legislative process in the chamber due to the 2023 Dutch provincial elections which took place in March and the 2023 Senate elections which took place at the end of May. Over one thousand written questions about the law were asked. [12]

To respond to concerns in the Senate, Minister Schouten promised to give pension funds until at least 2028 to switch to the new system. She also promised to appoint a government commissioner to monitor whether this is feasible. [13]

During the debate in the Senate, the Socialist Party stated that a two-thirds majority was required for the law. The law amends the General Pension Act for Political Office Holders (Appa), for which the constitution states that a two-thirds majority is required. However, according to Minister Schouten, this was not necessary because it only concerns legal technical changes that do not mean any changes in practice. On 30 May, the Senate agreed with the finding that a simple majority is sufficient.  The same evening, the Senate also approved the present law (46 in favour, 27 against). [14]

Related Research Articles

<span class="mw-page-title-main">Kathalijne Buitenweg</span> Dutch politician (born 1970)

Kathalijne Maria Buitenweg is a Dutch politician for the GreenLeft who served as a member of the House of Representatives between 2017 and 2021. Between 1999 and 2009, she was a Member of the European Parliament, and sat on the European Parliament's Committee on Civil Liberties, Justice and Home Affairs. In 2019 she was exposed as one of the members of the secret Bilderberg meeting.

<span class="mw-page-title-main">Carola Schouten</span> Dutch politician (born 1977)

Cornelia Johanna "Carola" Schouten is a Dutch politician of the Christian Union (CU). She was Minister of Agriculture, Nature and Food Quality and Third Deputy Prime Minister in the third Rutte cabinet from 2017 to 2022. She continued to serve as Third Deputy Prime Minister in the fourth Rutte cabinet alongside her position as Minister for Poverty Policy, Participation and Pensions until July 2024. On 10 October 2024, Schouten became the mayor of Rotterdam succeeding Ahmed Aboutaleb.

<span class="mw-page-title-main">Gom van Strien</span> Dutch politician (born 1951)

Gommarus Adrianus "Gom" van Strien is a Dutch politician, he has been a member of the Senate for the Party for Freedom since 7 June 2011. He has served as deputy parliamentary leader since 25 September 2012. He was named formation scout after the 2023 Dutch general election but resigned within days, after he was linked to a fraud case involving his former employer, Utrecht Holdings.

<span class="mw-page-title-main">Mirjam Bikker</span> Dutch politician (born 1982)

Mirjam Hannah Bikker is a Dutch politician who has served as the leader of the Christian Union since January 2023. She is also a member of the House of Representatives since 2021. She was previously elected to the municipal council of Utrecht in 2006 and Senate in 2015.

<span class="mw-page-title-main">Gidi Markuszower</span> Israeli–Dutch politician

Gideon "Gidi" Markuszower is an Israeli–Dutch politician of the Party for Freedom (PVV). He became a member of the Netherlands Senate on 9 June 2015. In the 2017 Dutch general election he was elected to the House of Representatives, and gave up his Senate seat. He was fourth on the Party for Freedom list in the 2023 Dutch general election, and therefore continued his term as a member of the House of Representatives.

<span class="mw-page-title-main">Hugo de Jonge</span> Dutch politician (born 1977)

Hugo Mattheüs de Jonge is a Dutch politician. A member of the Christian Democratic Appeal (CDA), he was elected to its leadership in 2020 for the 2021 Dutch general election. He withdrew later that year, citing an impossibility to combine his position as Health Minister in charge of the COVID-19 pandemic efforts with his party leadership. He later served in the fourth Rutte cabinet as Minister for Housing and Spatial Planning from 2022 until 2024 and as Minister of the Interior and Kingdom Relations from 2023 until 2024.

<span class="mw-page-title-main">Martijn Bolkestein</span> Dutch politician (born 1972)

Martijn N. Bolkestein is a Dutch politician who served as a member of the House of Representatives between July 2020 and March 2021. He is a member of the People's Party for Freedom and Democracy (VVD).

<span class="mw-page-title-main">Liane den Haan</span> Dutch politician and nonprofit director

Natalia Liane den Haan is a Dutch politician and former nonprofit director, who has been a member of the House of Representatives since 2021.

<span class="mw-page-title-main">Kauthar Bouchallikht</span> Dutch politician (born 1994)

Kauthar Bouchallikht is a Dutch politician, climate activist and publicist. She served as a member of the House of Representatives between 2021 and 2023 on behalf of the green political party GroenLinks. Bouchallikht was the first member of parliament in Dutch parliamentary history to wear a hijab. She is also known for her activism in the climate movement.

<span class="mw-page-title-main">Volt Netherlands</span> Political party in the Netherlands

Volt Netherlands is a political party in the Netherlands. It is the Dutch chapter of Volt Europa, a political movement that operates on a European level.

<span class="mw-page-title-main">Pieter Grinwis</span> Dutch politician (born 1979)

Pieter Aren Grinwis is a Dutch politician, who has been serving as a member of the House of Representatives on behalf of the Christian Union since March 2021. He previously served as a municipal councilor in The Hague and assisted the party in the House of Representatives and the Senate.

<span class="mw-page-title-main">Senna Maatoug</span> Member of the Dutch House of Representatives

Senna Maatoug is a Dutch civil servant and politician, who has been a member of the House of Representatives since the 2021 general election. She is a member of the green political party GroenLinks.

<span class="mw-page-title-main">Barbara Kathmann</span> Dutch politician (born 1978)

Barbara Catharina Kathmann is a Dutch politician, serving as a member of the House of Representatives since 2021. She is a member of the Labour Party (PvdA). Before being elected to the House, she served as a municipal councilor and alderwoman in her hometown Rotterdam. Kathmann has also worked in media and at two nonprofit organizations.

<span class="mw-page-title-main">Stephan van Baarle</span> Dutch politician (born 1991)

Stephan Ruben Tobias van Baarle is a Dutch politician. A member of the minority interest party DENK, he served on the Rotterdam municipal council from 2018 to 2022. He was elected to the House of Representatives in 2021 and succeeded Farid Azarkan as DENK's parliamentary leader two years later.

<span class="mw-page-title-main">2021–2022 Dutch cabinet formation</span>

Following the Dutch general election on 17 March 2021, a cabinet formation led to the establishment of the fourth Rutte cabinet in 2022. The coalition included the People's Party for Freedom and Democracy (VVD), Democrats 66 (D66), Christian Democratic Appeal (CDA) and Christian Union (CU), the same parties from the preceding third Rutte cabinet. This formation process, lasting 299 days, was the longest formation in Dutch history.

<span class="mw-page-title-main">Gideon van Meijeren</span> Member of the Dutch House of Representatives

Gideon Frederik Cornelis van Meijeren is a Dutch civil servant and politician, who has been representing Forum for Democracy (FVD) in the House of Representatives since the 2021 general election. He also held a seat in the States of South Holland and was elected to the municipal council of The Hague in 2022. He previously worked as a legislative adviser for the government. His opposition to the government's policy to mitigate the COVID-19 pandemic and his statements regarding democracy – including speculation about an overthrow of the government – have drawn stark criticism from political leaders. In June 2024, Van Meijeren was sentenced to 200 hours of community service for incitement to violence for his utterances in past speeches and interviews.

<span class="mw-page-title-main">Fonda Sahla</span> Dutch politician (born 1979)

Fonda Sahla is a Dutch politician of the social liberal party Democrats 66 (D66). She has served as a member of the House of Representatives from 2021 to 2023, initially as the temporary replacement of Rens Raemakers but later as the successor of Rob Jetten. Sahla's involvement in her local community led her to become politically active. She was elected to The Hague's municipal council in 2018 and participated in the March 2021 general election but was not directly elected.

<span class="mw-page-title-main">Henk Staghouwer</span> Dutch politician (born 1962)

Henk Staghouwer is a Dutch administrator and Christian Union politician. He served as Minister of Agriculture, Nature and Food Quality in the fourth Rutte cabinet from 10 January to 5 September 2022. From 24 April 2013 to 10 January 2022 he was a member of the provincial executive of Groningen.

<span class="mw-page-title-main">Nicolien van Vroonhoven</span> Dutch politician (born 1971)

Jennifer Nicolien van Vroonhoven-Kok is a Dutch politician who has a seat in the House of Representatives. She was the second candidate of the New Social Contract party in the 2023 general election. From 2002 to 2010, she held a seat in the House on behalf of the Christian Democratic Appeal (CDA). From 2010 to 2011, she was for a member of the municipal council of The Hague and from 7 May 2014 to 17 December 2017 she was an alderman in the municipality of Hilversum, both for CDA.

<span class="mw-page-title-main">Bart van Kent</span> Dutch politician (born 1983)

Bart van Kent is a Dutch politician of the Socialist Party. Since 23 March 2017, he has been a member of the House of Representatives.

References

  1. ↑ Pelgrim, Christiaan (2022-03-30). "Een miljardenoperatie met de pensioenen – waar is dat voor nodig?". NRC . Retrieved 2023-05-23.
  2. ↑ Opheikens, Thom (2022-11-02). "Hoe verdeel je 1500 miljard? En andere vragen over het nieuwe pensioenstelsel". Nederlandse Omroep Stichting . Retrieved 2023-12-29.
  3. ↑ Tamminga, Menno (2019-06-06). "Pensioenakkoord 2019: zoek de verschillen met 2010". NRC . Retrieved 2022-12-22.
  4. ↑ Wolzak, Martine (2023-12-11). "Oud advies zorgt voor twijfel over overhevelen €1500 mrd naar nieuw pensioenstelsel". Het Financieele Dagblad (in Dutch). Retrieved 2023-12-11.
  5. ↑ van Wensen, Jeroen (2023-12-09). "Oud advies zorgt voor twijfel over overhevelen €1500 mrd naar nieuw pensioenstelsel". Elsevier Weekblad (in Dutch). Retrieved 2023-12-11.
  6. ↑ Pelgrim, Christiaan (2020-06-12). "Uitwerking pensioenakkoord afgerond, Koolmees stelt kortingen uit". NRC . Retrieved 2022-12-22.
  7. ↑ Pelgrim, Christiaan (2020-07-04). "Vakbond FNV stemt in met pensioenakkoord". NRC . Retrieved 2022-12-22.
  8. ↑ Pelgrim, Christiaan (2021-05-10). "Nu al vertraging voor nieuw pensioenstelsel". NRC . Retrieved 2022-12-22.
  9. ↑ Pelgrim, Christiaan (2022-12-15). "Na bijna 15 jaar discussie geeft de Tweede Kamer groen licht voor de nieuwe pensioenwet". NRC . Retrieved 2022-12-22.
  10. ↑ Pelgrim, Christiaan (2022-12-21). "Deze veranderingen heeft de Tweede Kamer afgedwongen in de pensioenwet". NRC . Retrieved 2022-12-22.
  11. ↑ Pelgrim, Christiaan (2022-12-22). "Pensioenwet met ruime steun door Tweede Kamer". NRC . Retrieved 2023-01-03.
  12. ↑ Lammers, Esther (2023-05-20). "Tegenstanders proberen in de laatste week de nieuwe pensioenwet nog tegen te houden". Trouw . Retrieved 2023-05-30.
  13. ↑ "Minister komt senaat tegemoet, meer tijd voor pensioenfondsen". NOS Nieuws . 2023-05-23. Retrieved 2023-05-30.
  14. ↑ Pelgrim, Christiaan (2023-05-30). "Senaat steunt pensioenwet na verhitte discussies over de Grondwet". NRC . Retrieved 2023-05-30.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.