Dutch politicians have voted to approve the long-awaited new pension legislation that will regulate the transfer of billions of pension assets in the Netherlands.

A motion to amend the Pensions Act and other laws in connection with revision of the pension system was passed in the lower house of parliament late on Thursday with 93 votes in favour and 48 against. 

The new legislation has been years in the making and had been subject to months of debate and negotiations, resulting in seemingly terminal delays. 

The legislation still needs to be approved by the Dutch upper house of parliament and a transition period for pension funds will then take place from July 2023 to January 2027.  The new law will see the long-anticipated switch from a defined benefit (DB) to a defined contribution (DC) system in the Netherlands.

 

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