What is the status of the pension agreement (pensioenakkoord)? An update!

7 April 2021

The pension agreement. You hear a lot about it, yet it still seems a long way off. What has happened since the last update in July 2020? And what do these developments mean for your pension at Mars Pension Fund? Time for an update.


In July last year, we informed you about the pension agreement that the government and social partners had concluded. Then, in December, the Minister of Social Affairs published proposals for the legal texts, so that pension funds and other organizations could comment on them. And that's good, because it means this can rightly be called a truly democratic process! 

Once the minister has collected all the comments, he will go back to the drawing board to work everything out. Then he will introduce the bill in the House of Representatives and subsequently in the Senate. When exactly he will do that is impossible to say, because the elections on March 17 will also play a role in this. 

The minister would still like the law to take effect on January 1, 2022. The intention is that the changes will take effect for all participants in a pension plan in the Netherlands no later than January 1, 2026.

What is in the Future Pensions Act?

There are a few key questions that the new law provides insight into::

  1. How will the new pension contracts work? 
  2. What will the transition to the new pension contracts look like? 
  3. How will the old pensions transfer to the new contracts? ('catching up')
  4. What will the partner's pension look like? 

My pension

Your pension is (or was) not your only employment benefit. But it may well be one of the most important, and in any case the most expensive! So we are serious about your pension.

Mars has started a project to assess future changes and create an action plan. But the law is not yet final, and the transition is still a long way off. Therefore, it may be quite a while before we have more clarity. And before it's clear what the law means for your pension at Mars Pension Fund.

We expect the change to affect all groups of members. Possibly even if you are already receiving a pension or have left Mars. You can count on the Mars Pension Fund board to balance the interests of all members. In the meantime, the current arrangements will continue to apply and we will keep you informed of developments through these newsletters and the website. 

Transition period

The period between January 1, 2022 and January 1, 2026 is a transition period. During this period, social partners and pension funds will take decisions on how they want to switch to the new pension system. 

The financial rules that pension funds must comply with differ in the current and the new system. It may therefore happen that a pension fund has to take measures under the current system that would not be necessary under the new system. 

For example: under the current system, a pension fund must have a minimum coverage ratio of 104%. If a pension fund has been below this level for a long time, the fund must reduce its pensions. In the new system, that limit is lower. This is mainly because the new pension plans are defined contribution plans. This means that there is no longer a pension of which the amount is fixed in advance. 

For Mars Pensioenfonds, these transitional rules are less relevant. Our financial situation is not bad, and there is no question of lowering it. Of course, the board of the pension fund is investigating whether these new rules could have other advantages for Mars Pensioenfonds.

What will my retirement look like in the future?

We don't know that at this point. In fact, we are only at the beginning of this big change now. So Mars still has to work everything out properly and then the pension fund can move forward with that. Therefore, it may take some time before more details become clear. Because at the moment, even the legal texts are not yet final. We will of course keep you informed of developments through our newsletters and website.