The Dutch Authority for the Financial Markets (AFM) has published its “Sector in beeld Pensioenen 2025” snapshot, drawing on 2023 data from pension administrators to describe the Dutch pensions landscape as the transition to contribution-based arrangements begins under the Wet toekomst pensioenen (Wtp). Against a backdrop where benefit-based arrangements still dominate and pension fund consolidation continues, the AFM flags partner pensions, transition-related complaints, and the presentation of scenario amounts as priority attention areas. On partner pensions, the AFM notes that the Wtp materially changes design by making partner pension on death before retirement age standardly risk-based, meaning cover applies only while the participant remains employed and lapses on leaving employment or at retirement. It warns this could increase the group that becomes financially vulnerable after leaving employment and expects administrators to inform participants clearly about the risks and available mitigants, such as additional insurance or voluntary continuation of partner pension after leaving employment. On complaints, more than one third of complaints received in 2023 related to the transition and participant information, with a visible spike around the parliamentary debate on the Wtp, which the AFM treats as a potential precursor to complaint volumes around the actual conversion moment (“invaren”); administrators are expected to resolve complaints correctly and within a reasonable timeframe even during peak loads. The AFM also reports that 90% of pension administrators now have a correction policy and expects those without one to draft and publish it soon. On scenario amounts, information collected for the first time shows that the spread between “good weather” and “bad weather” scenarios varies significantly by contract type and age and can be especially large for younger participants in contribution-based arrangements; because scenario amounts are calculated using the Uniform Calculation Methodology (URM) and scenario sets supplied by De Nederlandsche Bank (DNB), the AFM stresses that these figures need context to avoid unrealistic expectations, particularly when old-system and new-system amounts are compared during the transition, and reiterates the sector agreement to provide personal explanations for high scenario amounts shown on transition overviews.
Dutch Authority for the Financial Markets 2025-05-16
Dutch Authority for the Financial Markets identifies partner pension, complaints handling and scenario amounts as key transition risks in Pensions sector snapshot 2025
The Dutch Authority for the Financial Markets (AFM) released its "Sector in beeld Pensioenen 2025" report, highlighting key issues as the Dutch pension system transitions to contribution-based arrangements under the Wet toekomst pensioenen (Wtp). The AFM emphasizes the need for clear communication on risk-based partner pensions and urges administrators to address transition-related complaints effectively. Additionally, the AFM notes significant variability in scenario amounts and stresses the importance of contextualizing these figures to manage expectations.