With the Future Pensions Act (Wet toekomst pensioenen), social partners and pension funds have been made responsible for implementing the pension system reform. Existing pension schemes must be converted into the new solidarity-based or flexible defined contribution schemes no later than 1 January 2028.
The accrued individual pension entitlements to the collective pension assets (the pension fund assets) must be converted into individual pension capital accounts. This process is referred to as invaren (the transfer of accrued rights into the new system).
This Genoteerd examines the allocation of these pension fund assets and the role of social partners and pension funds in that process. An unbalanced allocation, constituting a breach of the applicable legal standard, may give rise to liability for damages towards affected parties. For that reason, the central legal question addressed in this contribution is: When does an allocation of pension fund assets qualify as unbalanced? Attention is also paid to the extent to which historical indexation deficits under the old pension system should be considered when allocating pension fund assets under the new system.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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