Now that the new Dutch Future Pensions Act has taken effect, we can well understand that you have questions. We therefore answer the most frequently asked questions about the new pension system.
General
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It may seem illogical to change one of the best pension systems in the world. However, new rules are needed, while preserving those that are good. This is because the current rules no longer match the present situation. For instance, people are living longer and no longer work for the same employer all their lives. In addition, the current rules make it difficult to increase pensions.
That is why the trade unions, employers and the government have agreed on rules more suited to the current situation. This is how we are preserving one of the best pension systems in the world.
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The new rules apply to everyone, even if you have already retired. Whether your pension will be converted to a pension under the new rules depends on the agreements made by the social partners (trade unions and employers' organisations).
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Trade unions, employers and pension funds have until 1 January 2028 at the latest to switch to the new pension rules. But the switch may also take place earlier. Bpf Koopvaardij plans to switch to the new pension rules on 1 January 2026.
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In the new pension system, there are 2 types of schemes. In the solidarity scheme, we absorb windfalls and setbacks together, investments are made collectively and pensions are more stable. In the flexible scheme, you have more influence on the risks involved in investing your pension.
Bpf Koopvaardij will have a solidarity contribution scheme. This is in line with the principle that we manage pensions together and share risks together.
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In the solidarity scheme, all pension assets are invested collectively, as they are now. There is no individual investment profile. However, we will invest by age group. This way, we ensure that young people can take more risk than those nearing retirement and pensioners. We will conduct regular surveys among members and pensioners. In this way we determine how much risk they are willing to take with their pensions.
The amount of your pension
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What the new rules will mean for the amount of your pension is impossible to say for now. This does not just depend on the choices still to be made by the social partners. It also depends on the financial situation at the time of switching. So a reliable calculation per member cannot be made until we introduce the rules for pensions. You will receive a preliminary estimate just before the switch.
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You can be confident that you will continue to receive a pension for as long as you live. That has been agreed under the new rules. Together, we ensure there is always a pension for you, no matter how old you become.
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No, we fully understand that you do not want to be surprised by fluctuations in your income. We therefore adjust pensions no more than once a year and they remain stable for the rest of the year.
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Because we need to keep less money available, your pension can increase more quickly when the economy is doing well. In less favourable times, it may also decrease. However, the fluctuations will be less if you are retired or nearing retirement. Moreover, we can absorb or mitigate setbacks in several ways. For example, by absorbing deficits in less favourable years with reserves from more favourable years (the 'solidarity reserve').
Taking retirement
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In the new pension scheme, Bpf Koopvaardij will have a solidarity-based premium scheme. This will allow us to absorb windfalls and setbacks within the pension scheme together, share the risks and make pensions more stable. We also convert all pensions to a pension according to the new pension scheme. This also applies to the pensions we already pay out. When converting, nothing is lost. We accurately calculate the value of the pension you receive.
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As pensions move in line with the economy, falls can never be completely avoided. The new rules do however ensure that the fluctuations become less significant when you have retired or are nearing retirement. For example, by investing with less risk as you get older. This is because young people have more time to absorb investment setbacks. We can also keep pensions stable using a buffer for setbacks: the solidarity reserve. We build this up in more favourable times so that we can absorb or mitigate a pension fall in less favourable times.
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Before the new scheme comes into force, we will make agreements with the social partners on how pensioners will be protected against fluctuations. For example, by making less risky investments for pensioners than for young people, who have more time to absorb setbacks. Or with the use of a buffer for setbacks: the solidarity reserve. We build this up in good times, so that we can absorb or mitigate a decline in pension in bad times.
What social partners do
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The social partners are making agreements on a pension scheme that best suits our members. In doing so, all interests are carefully considered.
What you can do yourself
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As soon as there is news of interest to you, we will share it on the website and in our newsletterAre you not receiving this yet? Then please register. You do this via your mail preferences in My Koopvaardij. You can also visit www.pensioenduidelijkheid.nl, a dedicated government site (in Dutch) with news and information about the new pension system.
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Employers’ organisations and trade unions make the arrangements for the new pension scheme. You can exercise influence via the union or an interest group.
- If you build up pension with Bpf Koopvaardij and want to have a say in the new scheme, we recommend considering membership in Nautilus International.
- If you receive pension via Bpf Koopvaardij, or if you previously built up pension at Bpf Koopvaardij, register with an association of pensioners or former merchant navy members and inform them of their rights to be heard. Social partners are legally obliged to submit the agreed arrangements to these associations and to request their opinion. However, conditions are attached to this right to be heard.
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No, you cannot object individually. The social partners will decide whether to convert pensions that have already been built up. You cannot object individually. This is arranged in law. You can, however, influence the choices through a trade union or interest group.
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As soon as it is clear when your pension will be adjusted, you will be notified by us automatically. You do not need to do anything yourself. However, it is a good idea to check your contact details in My Koopvaardij and adjust then if they are not correct.
Pension for your surviving dependants
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It may not be a nice thing to think about, but suppose you pass away? You will want your partner to be able to manage financially. Our pension scheme therefore includes a partner’s pension. Your partner is entitled to this as long as you build up pension with Bpf Koopvaardij. The partner's pension is paid monthly after your death. What if you pass away before your retirement date? Then this is the amount of the partner's pension:
- Your partner will receive 25% of the salary on which you are building up pension for as long as your partner lives.
- What if you already built up a partner's pension before the effective date of the new pension rules? Then your partner will also receive the partner's pension that you built up.
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Our pension scheme includes a partner’s pension. The partner's pension is paid to your partner monthly after your death. What if you pass away after your retirement date? Then your partner will also receive a partner's pension. This then amounts, as standard, to 70% of the occupational retirement pension that you are receiving at that time. You and your partner can also opt for a different division, but you must do that before you retire.
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If you have children, they may receive a benefit from Bpf Koopvaardij if you pass away. Our pension scheme therefore includes an orphan's pension. Your children are entitled to this as long as you build up pension with Bpf Koopvaardij.
What if you pass away before your retirement date?
Then this is the amount of the orphan's pension in the new scheme:- Your children will receive 10% of the salary on which you are building up pension until they are 25.
- What if you already built up an orphan's pension before the effective date of the new pension rules? Then your children will also receive the orphan's pension that you built up.
What if you pass away after you’ve retired?
Then your children will also receive an orphan's pension. This amounts to 14% of the occupational retirement pension that you are receiving at that time. Your children will receive this until they are 25 years old.
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The partner’s and orphan’s pension that you are building up in the current pension scheme will be transferred to the new scheme. It will be added to the surviving dependants’ pension benefit in the new scheme. You can find more about this in the answers to the questions "What has been arranged for my partner if I pass away before my retirement date?" and "What has been arranged for my children?".