NETHERLANDS - Over two-thirds of Dutch workers are either completely or partially unaware of how much they will earn when they retire, a survey by the government-sponsored platform for financial awareness CentiQ revealed.
Findings show 66% of respondents have no clue about their accrued pension income. Another 15% are informed about their pension income and know whether it will be sufficient or not. However, the survey said they would not know what other options are available to them to complement those savings.
Seven per cent would know how much they will receive but not if those payments will be sufficient.
The results did not come as a surprise to stakeholders. The Dutch Association of Industry-wide Pension Funds (VB) press officer Gert Kloosterboer said: "Both the pension sector and the government are aware of this issue. We are working together with the other stakeholders to implement a pension register through which workers will be able to consult online their accrued rights in terms of pension payments."
He added in the Netherlands there are many other sources from which workers can find out what their accrued rights are.
Dutch Association for Pension Interests (NBP) chairman Kees de Lange said: "In the past people could afford to be ignorant about their pensions, because things seemed to be going well enough.
"However, since the economic crisis it has become abundantly clear that many pension funds are governed by incompetence, that the government has shown itself to be unreliable, that the investment policies of many pension funds are far from flawless, and that the trust of the Dutch population in the financial institutions is at an all time low. Under those circumstances it is definitely unwise not to be very pension conscious."
CentiQ includes more than 40 partners from the Dutch government, the financial sector, consumer organisations and universities. Its objective is to find ways to strengthen the consumer's position in financial matters and improve the country's financial capability.
This week's edition of Professional Pensions is out now.
Ben Gunnee reflects on 2018 and talks about the Fiduciary Management trends to keep an eye on in 2019
Lloyds Banking Group secured 630,000 new pension customers last year, according to its 2018 annual results.
Guy Opperman has rejected calls to speed up changes to auto-enrolment (AE) despite increasing pressure to boost contribution rates and overall savings pots.