‘Early-bird’ Dutch programmes postpone pension transition plans
The pension funds for pharmacists and librarians had previously stated that they intended to switch to the new Dutch pension system on 1 January 2024, but are now postponing their plans because their administrator, AZL, lacks capacity because of the new pension law’s ongoing delays.
The pension funds for pharmacists and librarians had previously stated that they intended to switch to the new Dutch pension system on 1 January 2024, but are now postponing their plans because their administrator, AZL, lacks capacity because of the new pension law’s ongoing delays.
SPOA wanted to be among the early movers, planning to make the shift to defined contribution on 1 January 2024, but it has adjusted its goals. The pension fund has indicated it wants to wait until the law has been approved by the Senate, which may take months. Currently, it and its administrator, AZL, are negotiating a new, later time.
As some specifics of the new pension law are still being worked out, according to Margreet Teunissen, president of Pensioenfonds Openbare Bibliotheken, AZL will not be able to have the necessary defined contribution admin systems in place in time to make the changeover in 2024.
The Fund for Medical Specialists (SPMS), which was preparing for its transition on 1 January 2025, has now decided that this deadline is too ambitious. The fund stated that APG, the fund’s administrator, “cannot guarantee” a smooth transfer by 1 January 2025. It is now preparing for 1 January 2026.
Depending on Senate approval, the new Dutch defined contribution-based pension system will ultimately go into effect on 1 July of this year. Pension funds, meanwhile, who had indicated they wanted to go over to the new system as soon as possible, are delaying their plans.
10 pension funds, including SPOA and Openbare Apothekers, are still expected to make the switch in 2024, according to pension regulator DNB.
Read more: https://www.ipe.com/news/dutch-early-bird-schemes-delay-pension-transition-plans/10064503.article
