NETHERLANDS - The Dutch Association of Industry-wide Pension Funds, Vereniging van Bedrijfstakpensioenfondsen (VB), has reacted to a proposed reform of the third pillar system.
The reform, put forward by politicians from the socialist PvdA and liberal VVD parties, would allow banks to sell supplementary pension products which enable tax payment to be made at a later date. Such products are already sold by insurance companies and the law is intended to break their monopoly in this market.
But a spokeswoman for VB said alternative supplementary products were already widely available from industry-wide VB members in the second pillar.
In a letter to the politicians behind the new initiative, VB stated that the costs of supplementary products currently offered by its members are already low, making the second pillar a viable alternative to reform. “We don’t say it’s uneccessary but we do say don’t push people to buy products in the third pillar when there are possibilities in the second pillar,” she said.
“Our members are delivering products for a better price.”
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point