The new pension law does not come without risks and must therefore be scrapped in its current form. Dozens of pension experts, former administrators and former politicians make this appeal in a letter to the Senate and the House of Representatives.
According to the letter writers, the current high inflation in particular means that the proposed changes are now irresponsible. The complainants believe that the complexity of the pension law is too great. Furthermore, the implementation problems are underestimated.
‘Unwanted situation’
According to the letter writers, it is not only necessary to refrain from implementing the Future Pensions Act as it currently stands, but also to opt for a more stable system with regard to the actuarial interest rate. This means that pension funds will not be forced to take protective measures, which, according to the experts, de facto amounts to speculating on a fall in interest rates.
‘The transition from a collective to an individual pension system in one fell swoop under the current economic and financial circumstances for many participants leads to pension outcomes that are very uncertain. That is an undesirable situation.” In particular, the interest rate sensitivity of the new system is ‘very high’ and the return varies by age. ‘That will lead to a lot of misunderstanding among participants’, according to the letter writers.
Among the letter writers are Elco Brinkman, Herman Wijffels, Eduard Bomhoff and Sylvester Eiffinger. The House of Representatives will debate the system changes tomorrow.
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