As the most expensive fringe benefit, pensions and pension schemes ought to be of huge interest to both employers and employees. Despite this, pensions often tend to be neglected by both parties, often at great financial cost.
The new Pensions Act (Pensioenwet), which came into force on 1 January 2007, has given a facelift to Dutch pension law, which is now clearer and better adapted to the needs of today. The Pensions Act stresses the status of pensions as a term of employment and lays down certain rules that employers are obliged to observe when inviting staff to subscribe to a pension scheme. For example, staff must be informed at the start of their employment as to whether they are members of a pension scheme, and if so, what conditions apply to their membership. The Pensions Act also sets out certain rules on the situation that arises in relation to pension rights when an employee’s contract of employment is terminated.
As pension rights also play an important role when the control of a company is transferred to a new owner, they also need to be taken into careful consideration during negotiations on mergers and acquisitions. The same applies to the transfer of accrued benefits, the amendment of pension schemes that are already in operation (something which is not generally possible) and the status of staff who reach retirement age.
What can we do for you?
Regardless of whether you are an employer or an employee, we can assist you by giving you advice on, and taking action to resolve, any problems involving pension-related aspects of employment law.