The timetable for the reforms moving supplemental pension accruals in the Netherlands to some type of flat rate defined contribution basis, as described in our earlier Global News Brief: Netherlands: Draft pension legislation released for consultation, has been delayed. Due to the large number of technical points raised during the public consultation, the government will submit draft legislation in early 2022 rather than this summer. It appears that the main content of the reforms will not change, and support remains strong among the social partners.
Given the complexities involved with such sweeping reforms, some delays in the legislative timetable were almost inevitable; however, the substance of the reforms remains known. We expect that most multinational companies will not delay their efforts to plan for and adopt the changes, and will maintain implementation targets of between January 1, 2023, and January 1, 2026. This summer, the Labour Foundation, the Association of Insurers and the Pension Federation will publish a transition manual (in the form of an information platform) to provide parties with helpful information for the purpose of the transition.