House of Representatives approves Future of Pensions Act
On Thursday 22 December 2022, the House of Representatives approved the Future of Pensions Act. The Future Pensions Act regulates the transition to a new pension system. If the Senate approves the law, pension funds have until 1 January 2027 to adjust the pension scheme. A number of parts of the Act are expected to take effect earlier. One of those components is the abolition of the waiting period for retirement. Another element is lowering the age of entry.
Wait
At the moment StiPP has a waiting period of 8 weeks worked. This means that you do not accrue a pension for the first 8 weeks that you work in the temporary employment sector. This will change in the future. The House of Representatives has approved a proposal that ensures that everyone accrues pension from week 1. There is no longer any waiting time.
However, social partners can choose to introduce a threshold period of up to 8 weeks. This means that you first work for a number of weeks before you are registered with StiPP by your employer. If you are registered after the threshold period, you will still receive the pension from the moment you started working. Do you work less than the threshold period? Then you do not accrue a pension.
Age of entry
Another important part of the Act is the age of entry. He is now 21 years old at StiPP. This will change in the future: then you will (mandatory) accrue pension from the age of 18.
Senate still needs to approve
The Senate will vote on the bill in early 2023. The law is expected to take effect on July 1, 2023.
Social partners will make choices in the coming period
What the new pension system entails and what exactly this means for the pension at StiPP is not yet clear. Social partners will make a number of choices about this in the coming period. We will keep you informed of all developments via the website and the e-newsletter.