Dutch cabinet to limit support for pension build-up

NETHERLANDS - The Dutch cabinet has unveiled proposals to limit the fiscal support for the build-up of a pension on incomes of over €185,000.

Contributions for a higher pension are still allowed but should be treated as other assets by the taxman, the cabinet said.

This measure is meant to take effect on 1 January 2009. "Existing pension claims for over €185,000 before this date, will be respected," the government stressed.

The umbrella organisations of pension funds and insurers have criticised the cabinet plan. "The tax income it will generate now, will actually be needed to cover the future costs of population ageing," they stated.

"Moreover, the plan is an extra and expensive measure for all pension providers, which runs counter to the promised reduction of red tape."

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