NETHERLANDS - The Pension Federation has called on the Dutch parliament to allow the postponement of additional pension benefits for five years after the official retirement age while, waiving the requirement of continuous employment.
Currently, fiscal rules require direct benefits payments after the official retirement age.
According to the Pension Federation, this complicates financial planning for employees, as they can delay the benefits from their state pension AOW without strings attached.
It also claimed existing fiscal rules for the payment of benefits from additional pensions had increased pension funds’ administration costs.
The Pension Federation asked that parliament allow for a single guidance age in pension plans to increase “clarity and simplicity” for both participants and pension funds
Parliament has decided to increase the retirement age from 65 to 66 in 2020 and to 67 in 2025, whereas several pension schemes are anticipating a retirement age of, for example, 62.
To prevent any disadvantage from this harmonisation for participants, the conversion must lead to “actuarially neutral” pension claims, the Pension Federation said.
In other news, pension investor Syntrus Achmea said the €8.6bn pension fund for the agricultural sector (BPL) had renewed its contract for fiduciary asset management and the management of its 22.8% property portfolio.
In December, BPL replaced Syntrus Achmea as its pensions administrator with Aegon subsidiary TKP.