After announcing that they wanted to make the transition to the new Dutch pension system at the earliest opportunity on 1 January 2024, the pension funds for librarians and pharmacists are now delaying their plans because their administrator AZL has a lack of capacity due to the repeated delays to the new pension law.
The new defined contribution (DC)-based Dutch pension system is set to finally come into force on 1 July this year, pending Senate approval. But pension funds that had signalled they wanted to make the transition to the new system as fast as possible, are delaying their plans to do so.
SPOA, the pension fund for pharmacists, and Pensioenfonds Openbare Bibliotheken, the fund for librarians, now say their planned transition date of 1 January 2024 is no longer tenable.
SPMS, the fund for medical specialists that originally wanted to make the transition on 1 January 2025, is taking a year extra.
Pension regulator DNB still maintains that 10 pension funds, including SPOA and Openbare Apothekers, plan to make the transition in 2024.
Openbare Bibiliotheken
Margreet Teunissen, the president of Pensioenfonds Openbare Bibliotheken, said its administrator AZL will not manage to get in place the necessary DC admin systems in time to make the transition in 2024 as some details of the new pension law are yet to be worked out.
Despite the delay, there is still enough room for a timely transition, assured Teunissen.
“By the summer we want to have finalised our transition plan, the new arrangement and our implementation plan so AZL can implement the arrangement in its system and send everything to regulator DNB in time,” she added.
SPOA
SPOA also aspired to be among the early movers, planning to make the transition to DC on 1 January 2024, but it has tempered its ambitions.
The fund now says it wants to wait until the law has been approved by the Senate, which could take months. It is currently discussing a new, later date with its administrator, also AZL.
SPMS
SPMS, the fund for medical specialists, was planning for 1 January 2025 for its transition, but has also concluded this date is now too ambitious.
The fund noted its administrator APG “cannot guarantee” a timely transition for 1 January 2025. It is now gearing up for 1 January 2026.
For the original article, go to Pensioen Pro
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