The Netherlands, like other jurisdictions, face challenges resulting from an aging population, hence the need for the new Wtp.
The Wtp entered into force on 1 July 2023, and a transition period means that social partners, employers and pension providers will have until 1 January 2028 to amend pension schemes.
The aim of the Wtp is to make corporate pensions more sustainable and workers with a company pension scheme will no longer face certainty in how much pension they will receive, as members will pay into individual accounts, with income levels more dependent on investment returns and individual contributions.
