The Dutch fund for the care and welfare sector Pensioenfonds Zorg en Welzijn (PFZW) has raised concerns around the New Social Contract's (NSC) proposed changes to the Dutch Future Pensions Act (Wtp).

The political party recently shared a report, Working towards a future-proof pension, which outlined its plans to improve the transition to the new system, following concerns that pension members themselves have not been given a say in the transition of their accrued pensions.

In addition to this, on behalf of NSC, MPs Agnes Joseph and Pieter Omtzigt, together with Farmer-Citizen Movement (BBB) MP, Henk Vermeer, tabled an amendment, which would give participants a collective right of consent on the transition of their pensions to the new system.

However, PFZW said that it is "highly undesirable" to question the rules of the game at this stage of the transition to the new scheme, arguing that this proposal is at odds with the principles in the Pension Agreement and is also "extremely complicated and expensive".

In addition to this, it warned that the proposed changes could "unnecessarily hinder" a good and careful transition to the new pension scheme, which is not in the interest of savers.

PFZW is currently planning to switch to the new pension scheme on 1 January 2026, following years of preparation, and careful consideration, including consulting with members. Given this, it argued that a delay is not in the best interest of its members.

"After all, it means that our participants will only be able to benefit from the new pension scheme at a later time. For example, being able to increase pensions more quickly than is currently the case," PFZW stated.

"The uncertainty that delay brings does not help our participants and employers affiliated with us either."

The fund continued: "The legislation was thought about and discussed at length. Changing the 'rules of the game' again at this stage is difficult to reconcile with consistent implementation of government decisions and legislation. The additional complexity and higher costs are unfavourable for our participants.

"That is why PFZW finds this proposal unacceptable at this stage."

The Dutch Federation of Pension Funds also previously said it was “deeply dismayed” by proposed amendments, warning that the proposed changes “effectively demolish” the Wtp, and that the plans are “unworkable and unaffordable”.

The Dutch Lower House is set to debate the Wtp again later this week, on 29 January.

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