The Dutch House of Representative began debating the Future Pensions Act yesterday (12 September), in line with expectations for the new rules to be come into force from January 2023.

The act includes a package of new pension rules that aim to lay the foundations for an updated pension system, which will shift focus from defined benefit (DB) to defined contribution (DC) style pensions.

The rules are expected to come into effect from 2023, although pension funds, social partners and pension providers will have until 1 January 2027 to adapt pension schemes to the new legislation.

The act will also face debate in the Dutch Senate after being passed in the House of Representatives.

However, Dutch pension asset manager, APG, pointed out that while the coalition has a majority in the House of Representatives, and is therefore expected to pass the law, the coalition has no majority in the Senate.

In light of this, APG stressed that it will be important for other parties to vote in favour of the law, pointing out that there are concerns over the "very comprehensive" proposals, with many members of parliament finding the matter complex and requesting more information.

If the Senate does not pass the act, the government will have to decide whether it will opt for an adjusted legislative proposal, which would then have to return to the House of Representatives.

According to APG, that would mean the implementation of the law will more than likely be postponed.

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