Dutch workers willing to invest in pensions

NETHERLANDS – Dutch employees are prepared to invest an additional 6.5 billion euros to reach an acceptable pension level, Swiss Life has said.

The firm has presented the findings at its annual pension day conference in a report called ‘Consumers work and pensions’. The survey covered 1,200 people and was conducted in cooperation with consultancy Samhoud.

Spokesman Eliot Schuchart told IPE that the research has shown that most respondents are unfamiliar with their current pension situation caused by largely personal circumstances, such as divorce, the transfer of parts of their contributions to other arrangements, a shortage of years worked (less than 40 years), bad investment performances and franchise issues.

Around 75% of those interviewed stated that they have no confidence in the current plans of the government – they gave the plans 4.3 out of 10. Pre-pension plans received a rating of 3.4 and VUT 3.5.

Swiss Life found that 85% of all working people are willing to invest additionally to increase their pensions – resulting in a 6.5 billion euros in total. And people were also willing to give up holiday days (39%), or work longer (18%).

A key finding is that most people still intend to stop at an earlier age than the government currently wants, with 74% wanted to stop at 62 years, while only one percent is willing to work beyond 65.

If no other solution, 64% of employees will take part-time work when reaching 62. 32% still wants to take pre-pension at 59, and 18% at 62.

A majority (74%) still expected that they will receive 70% or more of their final salary as a pension, while this is contrary to reality, as 80% of all workers will not realise the 70% norm.

According to Schuchart, Swiss Life will try to take part in the new developments by addressing the specific issues one at a time, by additionally addressing the fact that first of all the respondents need to realise what their particular situation at present is.

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