The law amendment was mentioned in a planning letter for 2018, which Minister of Social Affairs Wouter Koolmees and State Secretary Tamara van Ark sent to the Netherlands’ House of Commons.
The Netherlands will have to align the Dutch Pensions Act, its act concerning compulsory membership of occupational pension funds and its Financial Supervision Act (WFT) on several points with the amended IORP Directive.
The previous government sent the Commons an overview of articles to be changed in spring last year, before the Netherlands’ general election. According to the list the impact will be minor. The concrete translation into law will follow in the next quarter. The proposal has been sent to the Council of State (RvS) before being put before parliament.
There are currently two other legislative proposals waiting to be dealt with at the Dutch House of Commons. The first allows for the merger of mandatory industry-wide pension funds with a ringfenced equity base for each of the merger partners. The Dutch pension industry heavily objected to the proposal in its current form.
The second legislative proposal was a draft initiative from MP Martin van Rooijen of 50Plus, the Dutch political party for the elderly, to amend the discount rate for liabilities in order to stop pension funds from having to cut benefits.
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