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Pension accrual and retirement scheme

Working together to increase awareness about retirement

Often research shows us how limited the interest of most Dutch citizens is when it concerns their retirement. Usually, when it concerns money matters for the future, the interest level drops dramatically.

Whereas, it really does become more important to know what you can expect to receive for retirement if you stop working. For this reason there lies a clear task ahead to raise the awareness about retirement with employers, consultants and retirement experts. How are we going to get things together among each other?

New rules for pension accrual have large impact

On January1, 2015 the government rules for retirement accrual were modified considerably. This means that among the changes, the AOW- retirement age accelerated upward, and that Dutch citizens can now build-up less retirement income through their employers retirement programs. Everyone employed will get to experience this, but the impact differs by age group. It is therefore important for everyone to know what the consequences are and what can be done to build up a sufficient retirement income.

Employer plays important role

Employers play an important role at increasing the retirement awareness of employees. For example by clearly explaining to their employees how their retirement scheme has been built and how they can follow their own pension accrual. As advisers we support our customers in this effort.

Retirement expert Edgar Gilijamse clarifies this: “To help employers to provide information to their employees concerning their collective retirement scheme, we add the most important information in “pensioenupdates” (retirement updates), which appear as soon as there is news to report. These updates are intended for all employees who take part in the collective retirement scheme.

Making the retirement scheme more comprehensible.

Another way to raise the awareness of the participants in the retirement scheme is to concretely show them how much retirement equity they have built up and how much they can expect after reaching their retirement age.

The yearly published UPO facts and the website mijnpensioenoverzicht.nl can also play an important role in this respect. Dutch citizens in general hardly look at this information. If the client is agreeable we go a step further. Edgar notes: “At the commencement of the regulation, and at important modifications, we make a summary of the retirement scheme in understandable language. Moreover every participant gets a personal review and financial retirement update. Thus the client knows what he or she can expect and what he or she can do to improve their pension accrual”.

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Jan Zwiers
Duidelijk en no nonsense pensioenadvies.
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