We are moving to a new pension scheme
The Dutch government is working on new legislation to provide sufficient funding for your retirement, and these changes will affect you, too. The House of Representatives and the Senate have agreed to the Future Pensions Act (WTP) which describes the new regulation. The law will take effect on 1 July 2023. The new pension scheme as outlined in the act should be fully implemented by January 1st, 2028. To meet that deadline, unions (representing participants) and employers are currently in negotiations to design the new plan.
The pension fund is not engaged in these discussions, but is well aware and ready to support IFF and her employees with information and advice where needed.
Why is there a need for new legislation?
1. A clear and personalized pension plan
Many people feel that they do not know exactly how much they pay for their pension, and how much they accrue. In the new law, every one builds their pension via a premium scheme. Guidelines have been made to how much you attribute, and how much your employer adds.
2. Pensions may grow faster
Currently, and In a prospering economy, your company pension could grow slower than the market. The new directive implies that your pension grows, or declines with you; if the market is good, you benefit, if the market is in decline, so will your pension.
The new guidelines ensure that changes have less impact when you are close to your retirement age. When you are young, your pension buffer has more time to deal with fluctuations.
3. Your pension grows with you
People are changing jobs, take a break, start anew. The current pensions plans have limited options to build your funds. Under the WTP you wil have a better view of the impact on your personal pension plan.
Timeline
The pension agreement has been concluded and detailed in a draft bill.
The House of Representatives and the Senate have approved the Future Pensions Act.
The new legislation comes into force. IFF and its partners agree on the transition to a new pension scheme. Both sides already started to work together to prepare for the new conditions.
IFF and its partners decide on your new pension scheme.
The new pension scheme is ready and takes effect.
We will keep you informed
There is still much to be worked out and choices to be made. That will take a few more years. As soon as it is clear what impact the changes will have on your pension, we will of course inform you of this.
Would you like to receive updates on important developments towards the new pension scheme? Then provide your email address to receive our digital newsletter with up-to-date information. Log in to MyIFFPension and go to My details to record your email address.
Register your e-mailadressI am not yet receiving a pension and want to know more about what the new rules mean for me
The pension agreement is the agreement that the government, together with employers and trade unions, made in 2019 about the future of our pension system. Since then, the Ministry of Social Affairs and Employment has been working on the new pension rules that have been laid down in the Future Pensions Act.
Our society has changed a great deal in recent years. People live for longer and are less likely to work for one employer their whole lives. The pension system must adapt itself to this. That is why the government, together with employers and trade unions, has concluded a pension agreement with new rules for pensions and AOW (state retirement pension). The Pensions Act has been amended to implement the new rules.
The new pension rules have taken effect on 1 July 2023, but it will take much longer for the pension scheme to be adjusted accordingly. IFF, its partners and the pension fund have a few more years to make the new agreements specific to their own pension scheme and to prepare for their implementation. The introduction must be arranged by 1 January 2028.
For the time being, nothing changes. Your pension accrual and pension benefits will continue under the current pension scheme. Based on the new legislation, IFF and its partners will make new arrangements. Once they have been made, there will be a new pension scheme.
I already receive a pension and want to know more about what the new rules mean for me
Yes, even if you already receive a pension, you will be affected by new rules for your pension. Unfortunately, what these new rules mean for your benefit is not yet known. The employer and employee associations will make agreements about this in the coming years.
No, members cannot do anything personally. The employer and the employee associations make the choice of whether the accrued pension rights and entitlements will fall under the new pension plan. This is also referred to as 'invaren'. All of the regulations surrounding the new pension rules are in the Future Pensions Act. This act does not include an individual right of objection. This means that participants cannot personally choose whether the new rules will apply to their pensions.
It will probably be some time before we can show you what the changes mean for your pension benefit. No later than 1 January 2028, the pension plan will have been adjusted. We understand that this is an uncertain time. In the coming period, the employer and employee associations, in close contact with the pension fund, will determine what the new pension plan will look like. They will ensure a balanced outcome for all (former) participants and pensioners. As soon as choices have been made, you will receive more information about this.