Aon Hewitt Overhaul of the Dutch Pension System

De nieuwe Ziektewet en bijbehorende wijzigingen van de WIA hebben grote gevolgen voor werkgevers die veel met tijdelijke krachten werken. Hoe hoger het verzuim, hoe meer premie u straks betaalt. Ook voor u geldt dat het be-lang van verzuim- en schadelastbeheersing nu groter is dan ooit. Hoe staat u ervoor? Hoe kunt u uw risico’s het hoofd bieden? Goed voorbereid zijn is belangrijk. Aon He-witt zet alle belangrijke ontwikkelingen op een rij en biedt u een handreiking om risico’s boven tafel te krijgen. Zodat u die maatregelen kunt treffen die nodig zijn om slim in te spelen op alle veranderingen.

Augustus 2012

Whitepaper

Overhaul of the pension system

White Paper

The pension industry is being reformed. The state pension age and the fiscal standard pension retirement age are rising to 67. At the same time, the Financial Assessment Framework for Pension Funds is also being revised. All these changes in legislation and regulation will impact on organisations and their employees. Employers will have to adapt their pension schemes in line with the changes. Aon Hewitt sets out the main developments and outlines problem-solving approaches, so that you can take the steps required.

April 2013

2 | White Paper: Reform of the pension system | April 2013

Contents:

1 On the eve of ... 3

2 An overview of the changes 3

State pension age to increase 3

Standard pension retirement age to increase 4

Revision of Financial Assessment Framework for Pension Funds 5

3 What does this mean for you? 7

Consequences 7

4 Problem-solving approaches 8

Free choice of standard pension retirement age 8

Definedbenefitpensionschemes 8

Definedcontributionpensionschemes 10

5 Aon’s vision 11

Complete overview 11

What can you do? 11

Aon’s recommendations 11

Contact 12

About Aon (Hewitt) 12


1 On the eve of ...

Old is poor‘Oldage’usedtobesynonymouswith‘poverty’.Becauseifyouweren’tworking,youhadnoincome.In

anagriculturalsociety,theelderlyusedtolivewiththeyoungergenerationsandwerelookedafter.Howe-

ver,thesituationwasdifferentinurbanareaswheretheelderlyusuallydependedoncharity.Thisdidnot

changeuntilthemid-19thcentury.WiththeintroductionofthePovertyActin1854,thegovernmenttook

onresponsibilityforcareforthepoor.

Bytheendofthe19thcentury,someemployerswerebeginningtofeelsimilarlyresponsible.Takeone

blanketmanufacturerinLeiden.In1897,hepaidoutthreeguildersaweektohisformeremployees.Itwas

aroundthistimethatmoreandmoreemployersbegantorealisetheneedforchange.Theyintroduceda

systemofindustrypensionfunds,wherebytheywithheldpartoftheiremployees’wagesinordertopay

themoneyoutoncetheemployeehadreachedacertainage.

The General Old Age Pensions Act and pensionTherewereincreasingcallsforthegovernmenttoensurethatpeoplecouldenjoytheiroldage.Thesoluti-

oncamein1947:theintroductionoftheOldAgePensions(EmergencyProvisions)ActbySocialAffairsmi-

nisteratthetime,WillemDrees.Thiswasfollowedin1959bytheofficialintroductionoftheAOW-the

GeneralOldAgePensionsAct-byministerKoSuurhoff,undertheleadershipofDrees,whobythattime

hadbeenelectedPrimeMinister.

WhiletheEmergencyProvisionsActhadquiteafewrestrictions,theAOWprovidedforeveryonewhohad

livedintheNetherlandsfromtheageof15to65toreceiveabenefit.Asupplementtothisisapensionfa-

cility,viaacollectiveoradefinedcontributionscheme.In1938,around8%ofemployeesaccruedextra

pensionontopoftheAOW;thatpercentageisnowabout90%.

Major changesAndnow,morethanhalfacenturyaftertheintroductionof‘thecrownjewelofthewelfarestate’,major

changesareinthepipeline.Thestatepensionageisbeingincreasedforthefirsttimeandmanychanges

arebeingintroducedwithregardtopensions.TheFinancialAssessmentFrameworkisbeingrevised;ac-

crualratesarebeingloweredandfiscalscalesarebeingadjusted.Weareontheeveofanumberofmajor

changeswhichwillhaveconsequencesforemployersandemployeesalike.

2 An overview of the changes

State pension age to increase

Theincreasetothestatepensionagehardlycomesasasurprise.TheAOW-theso-calledfirstpillarof

pension-hasbeenthesubjectofdiscussionforawhile.Thestatepensionagehasnotbeenchangedsince

itwassetat65in1957.

Changeisneedednow,however,torespondtothesignificantincreaseinlifeexpectancy.Figuresfrom

StatisticsNetherlands(CBS)showthatmenbornin1957hadalifeexpectancyof71,whilethosebornin

2011hadalifeexpectancyof79.Women’slifeexpectancyincreasedfrom74tonearly83inthesameperi-

od.Thisallmeanslongerentitlementtoanold-agepensionandsoaringgovernmentexpenditure.


Thereisanotherreasontoincreasethestatepensionage.Theratioofworkingpeople(thepremium-

payingshareofthepopulation)topensioners(old-agepensionrecipients)haschangedsubstantiallyandis

settochangeevenmoreinthenearfutureduetotheageingofthepopulationanddeclineinthenumber

ofyoungpeopleinthepopulation.Inotherwords:therearefewerworkingpeopleinproportiontothe

numberofpensionerscollectinganold-agepension.Theratioiscurrentlyfourworkingpeopletoone

non-workingperson.Thepicturein30years’timewillbeverydifferent:twoworkingpeopletoeveryone

non-workingperson.

Inshort,thereisonlyonewaytokeepthestatepensionaffordableinthefuturetoo:wemustcarryon

workinglonger.TheVAPAct(RaisingoftheStatePensionAgeandStandardPensionRetirementAgeAct)

hasnowbeenadoptedbythegovernmentinTheHague.Thestatepensionagewillbegraduallyincre-

ased,startingin2013.Firstbyonemonthperyear,laterinlargerincrements.In2019,thestatepension

agewillbe66years,in2023itwillbe67.From2024onwardsthisagewillbelinkedtolifeexpectancy.

IntheCoalitionAgreement,theVVDandPvdApartieshaveagreedthattheywillacceleratethisprocess

evenmore.Ifparliamentagrees,thestatepensionagewillbe66asearlyas2018and67in2021.

Standard pension retirement age to increase

TheVAPActalsohasconsequencesforsupplementarypensionsinwhatisreferredtoasthesecondpillar.

Heretootheissueoflifeexpectancyplaysarole:pensionshavetobepaidoutforalongerperiodthan

previouslyestimated.Furthermorepremiumsarecurrentlysohigh-onaveragewealreadyworkonedaya

weekforourpension-thatafurtherincreaseinpremiumchargesthreatenstobecomeunaffordable.

Thelawalsoprovidesforthefiscalpensionagetobeincreased,alongwiththestatepensionage.The

accrualofyourpensionreceivesfavourabletaxtreatment.However,InlandRevenuedoessetlimitstohow

muchpensionyoumayaccrue.Asof1January2014,thefiscalpensionagewillberaisedto67yearsinone

go.Thegovernmentis‘forcing’thisbyadjustingthefiscalframeworks,meaningthatthemaximumaccrual

ratesfora‘pure’pensionscheme,afinalsalaryoraveragesalaryscheme,willbereduced.Theseadjust-

mentsalsohaveanimpactonthemaximumfiscalpremiumscalesfordefinedcontributionschemes.

Year State pension age under current legislation State pension age under coalition agreement

2013 65 + 1 month 65 + 1 month

2014 65 + 2 month 65 + 2 month

2015 65 + 3 month 65 + 3 month

2016 65 + 5 month 65 + 6 month

2017 65 + 7 month 65 + 9 month

2018 65 + 9 month 66

2019 66 66 + 4 month

2020 66 + 3 month 66 + 8 month

2021 66 + 6 month 67

2022 66 + 9 month

2023 67


Definedbenefit

Forso-calleddefinedbenefitpensionschemes,wherethebenefitissetinadvance,themaximumaccrual

ratesforaveragesalaryschemeswillbeloweredfrom2.25%to2.15%asof1January.Afurthercutto

1.75%ofthepensionbasewillprobablyfollowon1January2015.ThishasbeenagreedintheCoalition

AgreementandwasrecentlyincorporatedintheWitteveen2015legislativeproposal.Thislegislative

proposal-alsoreferredtoinformallyastheWitteveenframework-providesforlimitsonthetax-friendly

treatmentofpensionaccrualintheNetherlands.

Itisalsoexpectedthatpensionaccrualwithfavourabletaxtreatmentwillthenonlybepossiblefor

incomesofupto100,000euros.Forfinalsalaryschemes,thelawmeansareductionofthemaximum

accrualratefrom2.0%to1.9%in2014andpossiblyafurtherreductionto1.55%in2015.

Definedcontribution

From1January2014,adifferentfiscallimitwillalsoapplytothedefinedcontributionschemes,whereby

theindividualemployeepaysapremiumforindividualendowmentinsurancewithapensionclause.In

otherwords,anadjustmentoftheWitteveenframework.Theriseinthestandardpensionretirementage

to67andthecorrespondingreductioninpensionaccrualby0.1%meanthatvirtuallyalldefinedcontribu-

tionscalesmustbeadjusted.Newscaleswerethereforepublishedattheendof2012showingthefollo-

wing changes:

• Netscalesbasedonanaveragesalarypensionwith2.15%annualaccrual(waspreviously2.25%)

• Expansionofthescalestoincludetheagebracketof65to66

• Updateofthemortalitytable

Thenewstandardpensionretirementageonlyappliestonewpensionagreements.Fromnowon,these

willbecalculatedwithreferencetothenewretirementage.However,theoldagreementswillalso

continuetoexist.Inpractice,thatmeansthatinfutureanemployeehaveapensionwithdifferent

retirementdates:onepartwillstartpayingoutfromtheageof65,theotherfromtheageof67.

Thisimpliesamismatchbetweenthestartdateofthestatepensionontheonehandandthestandard

pensionretirementageontheother,evenasidefromtheultimatedecisionforastandardpension

retirementageof65or67.Inchapter4wereturntothepossibilitiesforrepairingthisandtheadvantages

anddisadvantagesinherentinthechoices.

Reform of Financial Assessment Framework for Pension Funds

Asstated,muchmoreischangingintermsofpensions.Besidestheincreaseinthestatepensionageand

standardpensionretirementage,thenewFinancialAssessmentFrameworkforPensionFunds(FTK)is

expectedtobeintroducedon1January2015.TheFTKispartofthePensionsActwhichlaysdownthelegal

financialrequirementsforpensionfunds.

MinisterHenkKampofSocialAffairsandEmployment(SZW)hopesthereformoftheFTKwillmake

supplementarypensions“moretransparentandbetterabletowithstandfinancialshocks”,hesaysinaletter

totheLowerHouse.ThenewFTKstipulatesamongotherthingsthatfundsmustclearlycommunicatethe

inancialrisksandtheconsequencesforthepurchasingpowerofthepension.Participantsareentitledtoa

realisticpicture,alsoinrelationtowhetherthepensionisfullyindexedornot.Thestatutoryframework

thereforeensuresthatthecontractstakebetteraccountofthefinancingrequiredforindexation.


Nominal or real contract

Thegovernmentseemedtooptforasinglecomprehensivenewassessmentframework,withroomfortwo

typesofpensioncontract:the(existing)nominalcontractandthe(new)realcontract.BecauseoftheSocial

Agreementconcludedbetweenthegovernmentandsocialpartners,theexactdetailsoftheFTKarestill

unclear.

Tosummarise,withthenominalcontractsindexationiscontingentontheparticularpensionfund’sfinancial

position.Thefundcanonlyuseareductionofaccruedentitlementsandbenefitsasamanagementinstru-

mentinthemostextremecase.Withtherealcontract,pensionentitlementsandbenefitsareautomatically

indexedeachyear.

Bymeansofanannualfeasibilitytest,pensionfundsmustdemonstratethatthepensionambitionpromisedis

realisticandfeasible.Thetechniquesofthistestarebasedonthecurrentcontinuityanalysis.Theoutcomes

ofthisfeasibilitytestformthebasisforcommunicationwithparticipantsonthepurchasingpowerandrisks

oftheirpension.

Incalculatingthecostsoffutureindexation,fundsmaytakeintoaccountpartoftheexpectedreturnontheir

investments.Furthermore,withbothnominalandrealcontracts,theymaydeterminethefundingratiosfor

anaverageof12months.Amorestableinterestratewillbeusedforcalculationsforthelongerterm.The

governmenthopesthiswillpreventtheneedfordrasticmeasuresastheresultofsuddenfluctuationsinthe

fundingratio.

TheSocialAgreement

InApril2013,thegovernmentandsocialpartnersconcludedaSocialAgreementwhichalsocontains

agreementsaffectingthenewregulationsconcerningpensions.Thesocialpartnerswantmorestabilityin

thepensionsystem.Theyarguethatpartiesmustberequiredto‘incorporate’theexistingentitlementsin

thenewcontract,whichwouldbesubjecttocleargroundrulesmonitoredbyDeNederlandscheBank.

Thesocialpartnersalsowantthepossibilitiesformakingthenotionalinterestratemorestabletobe

studied.Theywanttopreventtherigidseparationbetweenthenominalandrealframework,whichcould

causethestricternominalcontracttodisappear.Forthetransitionalyearof2014,thesocialpartnerswant

additional measures to prevent a reduction of the nominal value of pensions and premium increases as a

resultofpolicyregulations.Theaimofthisisto‘getinlane’yforthenewcontractasof1January2015.

Thedetailsofthesepointsmustbefinalisedbefore1June2013.


3 What does this mean for you?

Consequences

Thechangesinlegislationandregulationsinrelationtopensionshaveagreatimpacton(large)organisations

andtheiremployees.TheruleslaiddowninTheHaguemaymeanchangestothepensionscheme.

Employerswillatleasthavetodeterminewhethertheirpensionschemeisexcessive.Ifso,theywillhaveto

amendthescheme.However,thedecisiontheymakegoesbeyondsimplyamendingthepensionscheme.

ThisdecisionalsohasanimpactonbenefitsundertheUnemploymentInsuranceAct(WW)orWorkand

Income(CapacityforWork)Act(WIA).Afterall,dependingonthedecision,therecouldbeacaseof

concurrenceandthereforeareductioninbenefitfortheemployeeorformeremployee.Employerswhose

employeepensionschemesareadministeredbyaninsurerwillalsofaceadministrativeandcontractual

restrictionsfrominsurers.

Butthechangesalsomeanopportunitiesforemployers.Intheeventofapossiblechangetothestandard

pensionretirementage,theycanpushdownpremiumcosts.Thereisalsoacertain‘momentum’for

discussingthepensionschemeinabroadersense.

Thechangesandchoicesfacingemployersrequireknowledgeandexpertiseonthenewpension

legislationandregulations.Becausetherearealsorisks.Thepensionpremium‘freedup’couldbecome

thesubjectofnegotiationsonemploymentconditionsandcouldbeusedforotherpurposes,suchas

highersalariesforexample.Foremployees,thenewlegislationandregulationsmeanthattheyarebeing

encouragedbynumerousfiscalmeasurestocontinueworkinglonger.

Doesthepensionschemefallwithinfiscalframeworkasof1January2014?

Change to pension scheme required

Amendment of pension scheme with standard pension

retirement age of 65 maintained

Amendment of pension scheme with increase to standard pension

retirementage(forexample,67)

Breakwithaccruedentitlements

Conversion of accrued entitlements

Change to pension scheme notfiscallyrequired


4 Problem-solving approaches

Free choice of standard pension retirement age

Theriseinthestatepensionage-atwhateverpacethisoccurs-isapoliticaldecisionandthereforea

reality.Theriseofthestandardpensionretirementageleavesmorescopeforindividualchoices.Asstated:

thenewstandardpensionretirementageof67onlyappliestonewpensionagreements.Thisimpliesa

mismatchbetweenthestartdateofthestatepensionontheonehandandthestandardpension

retirementageontheother.Employersarefreetodecidehowtheydealwiththat.

Defined benefit pension schemes

Forpensionschemeswherebythebenefitissetinadvance–thesetendtobetheaverageandfinalsalary

schemes-thefollowingpossibilitiesseemthemostrealistic:

1) Maintainingthestandardpensionretirementageof65

2) Increasingthestandardpensionretirementageto67from1January2014,wherebythepension

entitlementsaccrueduntil31December2013continuetobebasedonastandardpension

retirementageof65.

3) Increasingthestandardpensionretirementageto67from1January2014,wherebythepension

entitlementsaccrueduntil31December2013arecollectivelyrecalculatedonthebasisofa

standardpensionretirementageof67.

Maintainingthestandardpensionretirementage

Basedonthecurrentregulations,itispossibletomaintainthestandardpensionretirementageof65.An

important precondition applies however that the new pension scheme as a whole must fall within the new

fiscalframeworks.Maintainingthestandardpensionretirementageof65meansthattheearlierstarting

agewillhavetobecompensated.Thiscanbedonebyusingalowerratethanthemaximumaccrualrate

permittedunderfiscalregulations.Increasingtheoffsettoabovetheminimalfiscaloffsetisanotheroption.

However,animportantpointofattentionisthatthefiscallimitscitedearlierpertaintothesituationasof1

January2014.TheCoalitionAgreementstipulatesthatthefiscallimits-andbyextensiontheaccrualrates-

willprobablybereducedevenfurtherfrom2015.ThishassincebeenincludedintheWitteveen2015le-

gislativeproposal.

Advantages:• Nomajorchangesintermsofadministration

• No conversion of accrued pensions required

• Limitedchangestolegaldocuments

• Communication with participants relatively simple

• Tiesinwellwithaccruedpre-pension

• No conversion of accrued entitlements required

Disadvantages:• Requirement to continue working in order to postpone pension after age of 65

• Concurrencewithsocialsecuritybenefitsandthereforereductionofthebenefits

• Mismatchbetweenstatepensionageandpossibledismissalage

• Terminationofriskcoveratageof65isatoddswithWGBL(EqualTreatmentAct)

• Thisisatemporarysolution;changesmayonceagainbeneededasof1January2015


Increasingstandardpensionretirementageto67,accruedentitlementsremain

Itisalsopossibletoincreasethestandardpensionretirementageto67.Inthatcase,from1January2014

theaccrualwillbebasedonretirementat67.

Advantages:• Tiesinwithacceptablefiscalstandardpensionretirementagefrom2014

• Morefiscallatitudebasedonaccrualrates

• Moremotivationamongemployeestocontinueworkinglonger

• Requirement to continue working only for entitlements accrued in the past (unless conversion occurs)

• Concurrencewithbenefitsongroundsofsocialfacilitiesonlyforentitlementsaccruedinthepast

(unless conversion occurs)

Disadvantages:• Moreextensivechangestolegaldocuments

• Communicationwithparticipantsmoredifficultduetothedifferencebetweenaccruedandnewen-

titlements.However,thePensionsActdoesnotprohibitcommunicatingaboutasinglepensionage

• Requireschangestoadministrationsystem,highone-offcosts

• Mismatchwithstatepensionageremains

Increasingstandardpensionretirementageto67,accruedentitlementsconverted

A third option is to convert the entitlements already accrued with a retirement age of 65 for everyone

collectivelytoanentitlementat67.Thiswouldresultinasituationsimilartotheprevioussituation.According

tostatesecretaryforSocialAffairsandEmployment,JettaKlijnsma,acollectiveconversionwouldbeseenasa

collectivevaluetransferongroundsofthePensionsAct.

Advantages:• Communication with participants is simpler

• Participantsarebetterabletoassesstheirownpensionsituation(asingleretirementdate)

• Future administration is simpler and therefore cheaper

• Noconcurrenceofpensionandsocialsecuritybenefitsuptostatepensionage

Disadvantages:• Participantsmayobjecttothecollectivetransferoftheirpensionentitlements.Besidestheactive

participants,theoccupationallydisabledparticipantsandparticipantswhoaregrantedawaiver

ofpremiummustalsobetakenintoaccount

• Thismaybeneutralfortheparticipantatthemomentofconversion,butinthefutureadifference

couldariseintheeventofanytrade-ininordertohavebenefitpaymentsstartonthe(earlier)

originalstartdate.Afterall,thefutureratesforflexibilisationhavenotyetbeenset

• Highone-offtransitioncosts

Thechanginglawsandregulationsalsopromptquestionsconcerningothergroupsbesidesworking

peopleandpensioners.Theseinclude:

• Participants who have taken pre-pension

• Participantswithanearlyretirementbenefit

• ParticipantswithanoccupationaldisabilitypensionorSurvivingDependantsActshortfallpension

(temporary partner’s pension) which has started payment


Thebenefittheyreceivewillstoponthefirstdayofthemonthinwhichtheyturn65andnomoneyis

reservedtocontinuethisbenefituntilthenewstatepensionage.Thiswillresultinatemporaryfallinincome.

Defined contribution pension schemes

Thenewregulationsalsohaveconsequencesforthedefinedcontributionschemes,wherebytheindividual

employeepaysapremiumforindividualendowmentinsurancewithapensionclause.Asdescribedin

chapter2,thechangesinthefiscalframeworkalsohaveanimpactonthedefinedcontributionscales.

Attheendof2012,newscaleswerepublishedbasedonanaveragesalarypensionwith2.15%annual

accrual.Thescaleswerealsoexpandedtoincludeanagebracketfor65to66andthemortalitytables

wereupdated.

Only‘old’scalesthatremainbelowthe‘new’scalesforallagebracketscanstillbeusedin2014.The

definedcontributionmayamounttoamaximum86%ofthe‘old’scale,unlessthereiscompensationvia

theoffsetorthepensionablesalary.TheTaxandCustomsAdministrationtestswhetherthereisanyexcess

withrespecttothefiscalregulations.Maintainingthe‘old’scalesmayactuallybeatoddswiththeequal

treatmentlegislation.

Besidestheregular4%scales,scalesarealsoavailablewhichassumeanotionalinterestrateof3%.A3%

scalehashighermaximumaccrualratesthana4%scaleandcanthereforebeasolutionforcompensating

thelowerpensionaccrual.Aconditionforusinga3%scaleisthatthepensionpromisemustremainwithin

thefiscallimits.Theconditionsforthistesthavebeenrelaxedsince2013.Atestisonlyrequiredifcertain

so-called‘events’occur,suchasatransferofvalue,terminationofthepartnerrelationshiporthestartof

paymentofthepension.Thecurrentsalarymaysubsequentlybeusedasthebasisforthistest(finalsalary

test)andthehistoricalsalarynolongerneedstobeconsidered.Anysurplusrevertstothepension

administrator.


5 Aon’s vision

Complete overview

Thecomingperiodwillbecharacterisedbymajorchanges,whichcouldoccurinrapidsuccession.Thefiscal

possibilitieswillbecomeevenmorelimitedandtheSocialAgreementwillpromptindividuallegislative

proposals.Thesecouldallhaveconsequencesforyourpensionscheme.

Aonmonitorstheentirearena.Ithastheknowledgerequiredtoassistwiththeseissuesanddecisions.Aon

alsohastheoverviewthatmostinsurersandpensionadministratorsarelacking.Thankstothisposition,Aon

hasimportantinformationonthecurrentstateofaffairsattheinsurers:whocanofferwhatwhenitcomesto

the changes?

Inordertokeepitsoverviewuptodate,AonusesWorldClassBrooking,anextensivedatabasecontainingall

thetermsandconditionsandoffersfromtheinsurers.Aon’sclientconsultantsalsocloselymonitorthemarket

andcurrentlegislationandregulations.

What can you do?

Theriseinthestatepensionageandstandardpensionretirementageandotherlegislativeamendments

haveanimpactonbusinesses.Asanemployer,youarefacedwithdecidinghowtodealwiththechanges.

Thiscanbedoneon3‘levels’:

1) Focus on legal introduction

Youonlymakethenecessarychanges.

2)Recalibrationofpensionscheme

Youundertakeafundamentalrecalibrationofthestartingpointsofyourpensionscheme,suchasthe

substantivepromises,premiumdevelopmentandriskallocation.

3)Recalibrationofpensionscheme

You use the increase in the pension age and the ageing of the population as an opportunity to not only

tacklethepensiondossier,buttoviewthisintermsofyourpersonnelpolicyasawholeandtherelated

employmentconditions.Continuingworkinglongerisnotjustapensionissue.

Aon’s recommendations

Aonadvisesthatyoutakestockofallthechangesyouarefacingingoodtime.Thismeansyoucantake

timelyactiontoo.Thefollowingstepscanbetakeninthisrespect:

• Takestockofwhetheryourpensionschemeisexcessive

• Ifso,chartoutalltheoptions,includingtheiradvantagesanddisadvantages.Takeintoaccountthe

changestakingeffectasof1January2014,aswellasthepoliticalplansfor1January2015.

• Obtaininsightintowhatsolutionsyourinsurerorpensionadministratorcanoffer

• Start the process of developing a new pension scheme on time

• Useexpertsupportintalkswithyourinsurerorpensionadministrator

7975-ENG-W

hiteP-V1

Over Aon (Hewitt)AonHewittisworldwidemarketleaderinsolutionsforHumanResourcesManagement.

Thecompanyadvisesorganisationsonsolvingcomplexissuesintheareasofemployment

conditions,talentmanagementandtherelatedfinancialchallenges.AonHewittdesigns,

implements,communicatesandmanagesawiderangeofsolutionsrelatingtohuman

capital,pensions,investmentmanagement,healthcare,remuneration,insuranceandtalent

management.AonHewittthusbooststhereturnonorganisations’mostimportantcapital:

theiremployees.Thecompanyemploysover29,000professionalsin90countries.

AonHewittispartofinsurancebrokerandriskadviserAonplc,London,UK.Theworldwide

Aonnetworkincludesapproximately600officesinover120countriesandhasmorethan

62,000employees.Moreinformation:www.aonhewitt.com.

©2013AonHewitt

Allrightsreserved.Nopartofthisreportmaybereproduced,storedinanautomateddata

fileorpublished,inanyformormannerwhatsoever,electronically,mechanically,by

photocopying,recordingoranyothermanner,withouttheadvancewrittenpermissionof

AonHewitt.

Firstedition,April2013.

Contact

Drs. F.H.P. Driessen

FrankDriessenisChiefCommercialOfficer(CCO)ofAonHewittNederland.Heis

responsibleforpensionandinvestmentconsultancyandsalesinthemarketfor

pensionfunds,internationalcompaniesandtheSMEsector.AsChiefActuaryand

PrincipalClientConsultant,healsoadvisesclientsondesigning,implementing

andfinancingpensionschemes,de-riskingpensionrisks,M&Aprocessesand

negotiationswithinsurers.

FrankDriessen M+31 (0)6 129 918 85

E [email protected]

www.aon.nl

Aon Hewitt Overhaul of the Dutch Pension System

Economy & Finance

Transcript of Aon Hewitt Overhaul of the Dutch Pension System