NETHERLANDS – Fortis Bank will switch its full pre-pension contributions to the new ‘levensloop’, or life course, scheme from 1 January.

In addition the bank and the unions also agreed on a new pension scheme for new employees. However, a Fortis spokesman refused to give further details.

The changes are part of a new two-yearly collective labour agreement, or CAO, which applies to all of Fortis’ 8,000 workers in the Netherlands.

Fortis agreed to deposit 3.5% of its employees’ annual salaries into their levensloop schemes. In addition, it will contribute an extra 3.5% for those aged over 40 and 11.5% for those over 50, which will allow them to retire at 62, the FNV Bondgenoten trade union announced.

“The levensloop scheme can offer an important contribution to the vitality of our workers and organisation”, said Fortis chairman Kees Beuving.