We have listed the most important questions and answers for you.
Questions & Answers
We answer the most important questions.
Please contact us if you have any questions about the changes.
1. Pension in the Netherlands
The first pillar is the basic pension, the AOW. The AOW is paid by the government. The second pillar is the supplementary pension that you receive
from a pension fund, such as the pension at Pensioenfonds PGB. You build this up during your working life. The third pillar is the voluntary pension.
This includes income provisions that you arrange yourself, such as an annuity or life insurance. In addition to these three pillars there is also an
unofficial fourth pillar which includes saving via a non-fiscal route. For example a savings account, shares or bonds.The AOW is the basic government pension (the first pillar) that you receive if you have lived or worked in the Netherlands. For each year that you
have lived or worked in the Netherlands, you will receive a pension. If you have lived or worked in the Netherlands, you will receive 2% AOW. You will
only receive AOW if you have reached the AOW age. That AOW age depends on your date of birth and therefore is different for everyone. The AOW
benefits of current AOW recipients are paid from taxes and social security premiums that are paid by current workers. This is also called a
'pay-as-you-go system'. This is different from the supplementary pension that you build up with your employer in which you save for your own pension.Many employees in the Netherlands build up a pension in a benefit scheme: a scheme in which the amount of the pension is determined in advance with a certain degree of certainty. In recent years, this certainty has proven to be limited: pensions did not always increase with inflation and were sometimes even reduced. As a result, the purchasing power of these pensions decreased. This means you can buy less with your pension. This has led to less confidence in the current pension system. The system also does not sufficiently reflect developments in the labour market: people are changing jobs more often and there are many flexible workers and self-employed people without staff (zzp'ers). In addition, older employees are currently more expensive compared to younger employees because the pension premiums for young and old differ considerably. This makes it less attractive from a cost perspective to hire older employees. Finally, many people do not know how they are building up a pension. The reform that the government has in mind must lead to a more future-proof pension system that is better aligned with developments in society and the labour market, makes pensions more transparent and personal and offers a greater chance of a pension that remains at the same level for all generations.
Pension is an employment condition and therefore an agreement between the employer and the employee. However, fiscal (and other legal) rules apply in the Netherlands for building up a pension with your employer. Through these (fiscal) rules, saving for your pension is promoted by the government and made possible in an attractive way. As long as the pension is built up within the fiscal framework, you do not (yet) have to pay tax on the accrued pension capital. You only pay tax when the pension is paid out. The (fiscal) rules under which this is possible are determined by the government. Employers, such as Van Oord, must follow these rules. The government believes it is important that as many people as possible build up a pension with their employer, so that people still have sufficient income after their retirement.
The amount of your AOW benefit depends on your living situation. Do you live alone or with a minor child? Then you will receive the AOW for single people. Do you have a spouse, a registered partner or do you live together? Then you will receive the AOW for married/cohabiting people. This is
lower than the AOW for a single person. This is because you can share the costs of living with more people.
The AOW for married couples is 1,580 euros gross per month in 2025. The AOW for single people is 1,081 gross per month.
2. The Future Pensions Act
The new pension system applies to everyone who builds up a pension in the Netherlands. Under the new law, all companies and/or sectors in the
Netherlands are adjusting their pension schemes. This has consequences for everyone who is currently a participant in a pension scheme.
This includes all employees, but also those who have already retired or former colleagues who have not yet retired (the so-called deferred members).
In principle, the Future Pensions Act (Wtp) applies to everyone, including pensioners and former colleagues. An important principle in the new law
is that the accrued pensions are converted into the new scheme. This is called 'invaren'. In the future, there will no longer be a accrued pension,
but a accrued pension capital (a personal pension pot). The accrued pensions in the current scheme become part of your personal pension pot.
The advantage of conversion is that the buffers at Pensioenfonds PGB can be divided among the participants. This is expected to improve your
pension. The exact extent of the effects depends on many factors, including the coverage ratio of Pensioenfonds PGB at the time of the transition.
We can't tell you much about that now. For each participant the consequences will be mapped out later.
You will then get a clear overview which shows what your pension would be under the current scheme and what your pension is expected to be
under the new scheme.
Employees will no longer be promised a pension amount in the new pension system. A new system will be introduced that will only have one
type of pension scheme: the premium scheme. In such a scheme, each participant builds up a pension capital in their own pension pot. Only a
premium is promised. That premium will be invested. The outcome of those investments is therefore uncertain in advance. Every employee
receives the same premium percentage and gets his own pension pot. So it becomes more transparent. No more promises about benefits,
but everyone will soon have their own pension pot and a linked indication of the pension that you can purchase with it later.
The new law offers two options for the new pension scheme: the flexible premium scheme and the solidarity-based premium scheme.There are many similarities between these two options but the flexible premium scheme offers more individual freedom of choice and is
more transparent, while the solidarity premium scheme has more mandatory elements of collectivity but offers less freedom of choice
than the flexible premium scheme. In our case, Van Oord, in collaboration with the works council, opted for the flexible premium scheme for the
staff-employees and the solidarity-based premium scheme for the fleet. Because in the future pension must be built up in a premium scheme, it is no
longer possible to continue to promise pension accrual in the future as we do now at Pensioenfonds PGB. Participation in the currentscheme will therefore be ended as a result of the new law. Everyone will automatically participate in a premium scheme.
As long as you work, a premium is paid into your 'personal pension pot' every month. The longer you work, the more premium you will pay. These premiums are then invested by the pension fund, with returns being directly credited to your pension pot. The total of all premiums paid and the returns made on them form the pension capital. The pension capital on the retirement date then determines the amount of your benefit. The higher your capital, the higher your monthly pension benefit will be. Your pension capital is also invested after the retirement date. The pension benefit therefore moves in line with market developments.
In addition, the pension fund has arranged a certain degree of protection by spreading the investment results over a period of 5 years. In these situations, benefits generally do not have to be reduced. If you do not want your pension to be invested after your retirement and you participate
in the flexible premium scheme, you can opt for a fixed pension payment. If you pass away before your retirement, your accrued pension capital
will be forfeited to the pension fund, just as is already the case. However, your surviving dependants (partner and any children) will receive a
survivor's pension.An important principle in the Wtp is that the accrued pensions are converted to the new system. This is called 'invaren'. These accrued pensions then become part of your personal pension pot. In the new system, no more reserves (buffers) need to be maintained. If there is a transition, the pension reserves (the buffers) that are with Pensioenfonds PGB are also released. These buffers can then be divided among all participants of Pensioenfonds PGB. This can be done by adding the buffers to the individual pension pots of the various participants.
The starting point for these pensions and pension entitlements is that they will be 'incorporated' into the new system. These accrued pensions will also move along based on the investment results.
With a premium scheme, there is an individual pension pot that moves with the investment results. Such a premium scheme will soon apply to everyone. With a premium scheme, only a pension premium may be promised and no promises are made about an outcome. In that sense, the risk shifts from the employer to the employee. That risk can be both positive and negative. With good investment returns, those positive consequences fully benefit the employees. Currently, the indexation is often not higher than the price inflation. But negative results in such a premium scheme will also affect the accrued pension capitals. In addition, Pensioenfonds PGB incorporates various mechanisms to limit the risk in the payout phase.
You don't have to be an investment expert for the new scheme; the premium is automatically invested for you. The investments are based on your age; as you get older, less risk is automatically taken with your investments. Periodically, you will receive an overview of the development of your pension capital. This gives you the opportunity to take additional measures, outside the pension scheme, if you think that is necessary. All kinds of measures are taken to reduce the risks. Although there are no guarantees about the outcome of your pension, you will not simply lose all your money.
Your pension capital will indeed move with the financial markets. Pensioenfonds PGB will periodically inform you about the amount of your pension pot. When you are already retired, your pension payment may vary in amount per year. But by spreading the investment results over a period of
5 years, Pensioenfonds PGB is attempting to avoid a reduction of your pension benefit. If you receive pension from the flexible premium scheme,
you can also opt for a fixed pension benefit after retirement. If you are receiving pension from the solidarity-based premium scheme, a reduction of your pension is avoided by the usage of an extra buffer, the solidarity-reserve.If you decide to change employers in the future, you may participate in a pension scheme with your new employer. If so, you can choose to transfer the pension (capital) already accrued with Van Oord to the pension scheme of your new employer; that pension will then be transferred 1-on-1 and there will be no recalculation based on the then applicable exchange rate or interest. So 1000 euros of accrued pension in the premium scheme with us is then also 1000 euros of pension in the premium scheme with your new employer. The pension scheme with your new employer then determines the rules for your pension pot.
In principle, there is currently no pension obligation in the Netherlands; an employer is not obliged to offer its employees a pension scheme, but if it does, that scheme applies to all employees and you are obliged to participate in the pension scheme. The government would like everyone to build up a pension with an employer in order to ensure that they still have sufficient income after retirement.
In the new scheme, there is not only a pension for you, but also a benefit for your partner if you pass away: the partner pension. This is already the case now, but the rules are going to change. If you pass away while you are still working (i.e. before you retire), your partner will receive a benefit for life. This benefit amounts to 35% of the pensionable income in the staf-scheme and 50% in the fleet-scheme. The orphan's pension is 15% of the pensionable income in the staf-scheme and 10% in the fleet-scheme. The orphans's pension is paid until your potential children reach the age of 25.
3. The new pension scheme
The flexible premium scheme is a premium scheme in which each participant has his/her own pension pot. The pension in the pension pot
is invested but you have the choice to take more or less risk with your investments. You then choose a different investment profile.Pensioenfonds PGB provides income after retirement: your pension. You will receive this pension for as long as you live. That applies now, but also
in the future. And if you are completely unable to work due to disability, your pension accrual will continue. If you pass away, before or after
retirement. Then your partner will receive a partner pension from Pensioenfonds PGB. Your children will receive an orphan's pension.
Within the flexible premium scheme, your pension money is invested for you. You do not have the option to make investment choices yourself
but you can choose a different investment profile (also called Lifecycle) where you take more or less risk. You also choose, just
as now, you can decide from what age you want to receive your pension and you can make pension choices when you start receiving your pension.The employer is legally obliged to draw up a transition plan. The transition plan is an important source of information in this process. The transition plan must include all choices, considerations and calculations that underlie the agreements made. It contains the justification for why the relevant implementation of the new pension scheme and the transitional measures were chosen and why there is a balanced transition to this. It provides insight into the coherence between the various choices and explains how Van Oord arrived at this decision.
The longer you work, the more pension you build up. In addition, the value of your already built up pension is in principle retained. If the built up value is converted to the new pension scheme ('invaren'), this applies not only to your already built up pension but also to all pensions already in effect. Retiring earlier does not prevent this. There may also be other reasons for you to retire earlier. If you would like to discuss this possibility, please contact Pensioenfonds PGB.
Currently you build up a certain amount of pension each year. In the future, you will no longer build up a pension, but your own pension capital – also called a 'pension pot'. This capital consists of premiums paid in by you and Van Oord and of investment returns. The premiums are invested based on your age. This means that more risk is taken for young people, because they still have a longer period to build up a pension. The closer you get to your retirement age, the less risk is taken. If you want to take less or more risk, you can choose a different investment profile. This does not apply to current fleet employees. In the pension scheme for the fleet, it is not possible to choose a different investment profile.
The total pension premium will remain at the same level. This also applies to the participant's own premium. In principle, this will therefore not affect your net monthly income. Van Oord and you together contribute 27.9% of the pension base for your pension. You pay 7% of your pension base yourself, just like now. Van Oord pays the rest.
Part of this premium is used to pay for various insurances such as the partner and orphan pension if you pass away before the retirement date, and the costs for the implementation of the scheme. 24% of your pension base is ultimately invested for you.
No, there is no compensation. Van Oord and the works council have concluded on the basis of extensive calculations and analyses that employees will not be worse off in the expected scenario.
Within Van Oord there is a pension committee that, with the support of an external actuary, advises the Executive Committee on pension issues. The chairman of the works council is also part of the pension committee. The pension committee has discussed in various consultations what the consequences of the new law are for the existing pension scheme and has had extensive analyses made. This has led to the conclusion that the
flexible premium scheme best suits the employees at Van Oord. All agreements are in the transition plan that is currently being reviewed by
Pensioenfonds PGB.The government has determined rules on how the pension should be divided so that the division is as fair as possible for all groups. On this government website, the government explains exactly how this works. Pensioenfonds PGB follows these rules. De Nederlandsche Bank (DNB) supervises this.
When designing the new pension scheme, Van Oord and the works council have taken the following principles into account, among others:
used:
• participants in the new pension scheme may not be worse off in the expected scenario;
• the pensions of retirees must be maintained as much as possible on the moment of the transition in the expected scenario;
• good coverage in the event of death remains important.
• The new law states that the pensions in the current pension scheme must be transferred to the new one pension system.
• Based on the calculations, it is expected that the pension will be higher if the pensions are included compared to if the
pensions are left behind in the current scheme.• Implementing one pension plan is cheaper than implementing two plans.
• It will be clearer and more understandable for you if you can see at a glance what you have built up with the pension fund.
4. Questions for pensioners & former colleagues
In the new pension system, there will no longer be a guaranteed pension promised. There will be a new system that has only one type of pension
scheme: the premium scheme. In such a scheme, each member will have their own pension pot. That pension pot will be invested. The outcome of those
investments is therefore uncertain in advance.In principle, the Future Pensions Act (Wtp) applies to everyone, including pensioners and former colleagues. A key principle in the new law is
that accrued pensions will be converted to the new system. This is referred to as ‘invaren’. Soon, there will no longer be an accrued pension but an
accrued pension capital (a personal pension pot). The accrued pensions in the current scheme will become part of your personal pension pot. The
advantage of this conversion is that the buffers at Pensioenfonds PGB can be distributed among the participants. This is expected to improve your
pension. Exactly how big the effects will be depends on many factors, including the coverage ratio of Pensioenfonds PGB at the time of the transition.
We can't tell you much about this yet. For each participant, the consequences will be mapped out soon. You will then receive a clear overview showing
what your pension would be under the current scheme and what your pension is expected to be under the new scheme.A key principle in the Wtp is that accrued pensions are converted to the new system. This is called ‘invaren’. Those accrued pensions then become part of your personal pension pot. In the new system, no reserves (buffers) need to be maintained. If the pensions are converted, the pension reserves (buffers) held by Pensionfonds PGB will also be released. These buffers can then be distributed to all members of Pensionfonds PGB. This can be done by adding the buffers to the individual pension pots of the various participants. This will likely increase your pension.
The risk will also shift for pensioners and deferred members in case of conversion. Under the new system, pensions will move more in line with investment performance. When the economy is doing well, pensions can be increased more quickly. Now that increase is often capped at price indexation. But pensions can also go down when the economy is bad. Several mechanisms can be built in by the pension fund to mitigate that risk. For instance, in the solidarity contribution scheme (for the fleet) there is an extra buffer, the solidarity reserve, to absorb setbacks.
If you receive a pension from the flexible contribution scheme, you can choose to convert your pension into a fixed, guaranteed, pension at the time of transition. That pension then no longer increases or decreases. It offers security but the downside is that it also no longer increases to compensate for inflation. If you participate in the solidarity premium scheme, you do not have this choice.
When designing the new pension scheme, Van Oord and the works council have taken the following principles into account, among others:
used:
• participants in the new pension scheme may not be worse off in the expected scenario;
• the pensions of retirees must be maintained as much as possible on the moment of the transition in the expected scenario;
• good coverage in the event of death remains important.
The new pension legislation affects not only employees but also pensioners and former employees (known as deferred members). This is unique; normally legal changes only apply to the future, but the new pension legislation also affects the pensions of non-active members. It is not allowed to distinguish between the different types of participants. So in case of conversion, then the pensions of pensioners and deferred members will also be affected. That is why the interests of pensioners and deferred members have also been included in the discussions on the future of pensions at Van Oord.