Minister gives pension funds breathing space ahead of reforms

DutchNews, November 19, 2019

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As expected, social affairs minister Wouter Koolmees has taken steps to ensure most pension funds do not have to make cuts next year, two years ahead of a total overhaul of the system. 

The minister has agreed to give pension funds more time to boost their assets to the recommended levels. This means the big four funds, including the giant civil service fund ABP, will be safe from cuts next year. 

However, some 600,000 pensioners may still face lower payouts because their funds will still be below the new limit, Koolmees told MPs. Without intervention, eight million pensioners would have had lower corporate pensions. 

Two big opposition parties had threatened to withdraw their support for pension system reforms unless the minister took action.