> NEW PENSIONSYSTEM
A lot has changed in our society in recent years. People are living longer. There are fewer people in work and more people in retirement. And we no longer work for one employer all our lives. That is why a new pension system is needed. In this system, pensions will increase quicker if the economy is performing well and will decrease if the economy is performing more poorly. It will also become clearer how much you contribute and how much pension capital you build up. You can read more about the new pension system at www.koopvaardij.nl/pensioenakkoord.
Heading for a new pension system
Are pensions boring? Not in times like these. A new pension system is being introduced. Add to that the coronavirus crisis, which is causing uncertainty on the financial markets. For Remko Kloos, chairman of Bpf Koopvaardij, there is a lot of work to be done.
Remko Kloos has not been chairman for that long: since April 2020. In fact he started in the middle of the first lockdown. “That was a baptism of fire, definitely. Share prices plummeted dramatically. As a result, our funding ratio was in jeopardy. We took immediate action, which limited the damage. All in all, I think we did well.” But we are not yet in safe waters, says Remko. “The coronavirus situation remains uncertain. Will there be another wave? How is the vaccination programme doing? The crystal ball is very cloudy. That is why we have a conservative policy: no flights of fancy, no big risks.” The current funding ratio is hovering around 115%. Good news, according to Remko. Because, he says, the pension fund is there for the members. “That is what we do it for, we manage billions of euros of pension money for them. That is an enormous responsibility.” Towards a new system Another important topic on Remko's ‘to do’ list is the new pension system. There is an outline agreement (see box). This agreement is now being converted into all kinds of legislation. The legislative process is likely to be completed by the end of 2022. Meanwhile, the pension fund can get to work on the transition to the new pension system. The process, which will take several years, involves many parties. In other words it's complex: how do you end up with a new pension scheme that fits in with this new system? Remko: “We have carried out extensive planning to ensure that we reach our goal in time. The process consists of a number of phases. We start by making an inventory. Where are we now? What are the goals and wishes of all stakeholders, including our members? And are there any show stoppers: situations in which we cannot proceed?” Negotiation The next steps are the analysis and decision phases. This is where the social partners become involved. They determine the content of a new pension scheme. “The trade unions and the employers' organisations will negotiate the new pension scheme. They may have different preferences about its content, so those will be tough discussions, I expect. It is our job to support them. We will provide them with a lot of knowledge and information, so they can make a decision based on facts and not on emotion. Furthermore, they will probably have many questions, such as: what are the financial consequences of pension plan A or of decision B? We will calculate all that for them.” Read more >
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