Future Pensions Act and Member Survey

What is the Current Status of the Future Pensions Act?
In early October, Minister Schouten announced that the Future Pensions Act (Wtp) would enter into force six months later than planned, on July 1, 2023. However, SPF still needs to continue making preparations for this, as the new pension scheme introduction needs to be completed by December 31, 2026. That date did not change following the postponement of the effective date to July 1, 2023.

The effective date is followed by a transition period. This is the period in which employers and pension administrators switch from the current to the new pension schemes.
The employer, members, and the pension administrator need to reach agreement regarding the new pension scheme during this period. Agreements about any compensation must be clear by then too.

Debate in the House of Representatives
Those following the news know that there’s a lot of discussion about the introduction of the new pension system. The debate in the House of Representatives seems to be taking longer all the time. There are still a lot of topics about which there are many questions, and, as it is such an extensive and complicated act, with major implications for everyone’s pensions, MPs want to go through the act step by step.

Questions in the House include whether it’s safe to transfer the old pot of pension money into a new system, and the distribution of money across generations is also still unclear. There are also questions about employee input regarding the transition and whether members understand what it all means for them, such as the partner’s pension or the risks of investing.

After the Future Pensions Act has been debated in the House of Representatives, the legislative proposal also needs to be discussed in the Senate. And that takes time too. The act’s entry into force has already been postponed to July 1, 2023. If that date is not met either, members and pensioners will stay longer in the current system.

What Does the New Pension Scheme Mean for Me?
You can read on the SPF website what is known so far about the new pension system and the new pension rules. You can find this under the “Pension Agreement” tile. 

We know that the pension system reform will in any event result in more choices for members. The “lump sum” is such a new legal choice. You can opt to have a part of your accrued pension paid out in one go. This can only be done at the moment you retire. But this new choice has also already been postponed to July 1, 2023. And it seems as though it will be postponed again, probably until January 1, 2024. 

Survey: How do You View Your Pension? 
As indicated, SPF needs to continue with its preparations for the transition to the new pension contract. If we are to prepare this well, we also need to find out your opinion as a member.

That’s why SPF will be conducting a survey in early 2023 into members’ risk appetite as far as their pension is concerned.

What Will the Survey be About?
SPF invests for your pension. The investment results contribute to the size of your pension, which means that the size of your future pension is not certain. Everyone handles this uncertainty differently. We would like to know what you think is important with respect to your pension. Does certainty come first for you? Or do you think it’s okay for the pension fund to take a responsible risk with its investments if this increases the chances of a higher pension? 

Don’t worry; you don’t need to be an expert in pensions and investments to complete the survey. 

Why is this Survey Important?
The outcomes give the Board an idea of how you and other pension fund members view investment risks. This will help us in developing the fund’s investment policy. 

The Survey is Anonymous
An independent agency, IG&H, will be conducting the survey for us to ensure that we achieve the most objective overview possible. Of course, your answers will be treated in the strictest confidence and will be processed anonymously.

We’ll tell you more about this in January.