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12.07.20 | Dutch Pension Agreement

The gross annual salary of a worker is 50,000 euros. The state pension is 13,449 euros. For this employee, his pension base is 36,551 euros. De Nederlandsche Bank NV (DNB) The creation of a pension provider is subject to DNB approval. Conditions include sufficient financial assets and an appropriate foundation board. Under the Pensions Act and the Financial Supervision Act, the DNB closely monitors the financial and administrative activities of pension funds. The fact that pensions were better a few years ago than today has led to a loss of confidence in our pension system and, in particular, public assistance to the second pillar is affected. Trust and support are essential given the long-term nature of pensions and pension accumulation. That is why the government, social partners and other parties to the Social and Economic Council (SER) are working hard to develop a pension agreement reached in mid-2019, which aims to modernise the system and make it sustainable. An important principle in this regard is that pensions must be more responsive to general economic developments, increase more rapidly in good times, and regress earlier in difficult times. The Dutch pension fund association agrees that it is desirable to find another pension contract, but this must be done with the maintenance of strong characteristics of the Dutch system, such as collective risk sharing and compulsory participation. Last night`s debate in Parliament followed last month`s agreement on the new pension contract between the Dutch cabinet and the social partners. The decision to reform the Dutch system, currently considered one of the best in the world, was first taken a decade ago.

It was at this time that the decision was made because the aging population puts more pressure on the current pension system and pension funds have to pay more people longer. For expats, there are the following conditions before considering a pension plan. For example, in 2017, the maximum salary for business-related pensions is EUR 103,317. For expatriates, pension insurance coverage could be legally covered as a “pension” or rather as an “insurance” and be forced to move with the expatriate to any new country or stay in a country. The transfer of pension capital from one Dutch pension scheme to another country is only possible if, in the following country, the pension scheme has the same costly requirements as the Dutch pension scheme.