Key Benefits:
Law of 17 December 2014 amending the Pensions Act, the Compulsory Occupational Pension Scheme and the Law on the Application of the Entry and Adjustment Act to adapt the Financial Review Framework for Pension Funds (Law adjustment) financial framework)
We Willem-Alexander, at the grace of God, King of the Netherlands, Prince of Orange-Nassau, etc. etc. etc.
Allen, who will see or hear these, saluut! do n' t know:
In this regard, we have taken the view that it is desirable to adapt the financial framework for pension funds;
It is true that we, the Department of Consultative Affairs of the Council of State, and with the mean consultations of the States-General, have found and understand the same as We approve and understand:
1 A long-term recovery plan as referred to in Article 138 of the Pension Act or Article 133 of the statutory occupational pension scheme or a short-term recovery plan as referred to in Article 140 of the Pension Act or Article 135 of the Compulsory Occupational Pension Scheme Act , as these articles were in place before the date of entry into force of the Article I, Section P , then Article II, Part N , expires at the time of entry into force of Article I, Section P, or Article II, Section N. A reduction in pension claims and pension rights based on the short-term recovery plan, the effect of which will be carried out after the time of entry into force will still be implemented in accordance with the short-term recovery plan.
2 A pension fund or occupational pension fund is set at the time of the entry into force of the pension scheme. Article I, Section P , then Article II, Part N , fixed or fulfilled at or under the Article 132 of the Pension Act or Article 127 of the statutory occupational pension scheme Act requirements according to the policy coverage rate at the end of the calendar quarter prior to this time.
3 A pension fund or occupational pension fund which at the time of the entry into force of Article I, Section P , then Article II, Part N , does not meet the at or under Article 132 of the Pension Act or Article 127 of the statutory occupational pension scheme Act requirements, shall, by way of derogation from Article 138, 2nd paragraph, of the Pension Act or Article 133, second paragraph, of the compulsory occupational pension scheme Act , within six months, a recovery plan. By way of derogation from the sixth paragraph of Article 138 of the Pensions Act, or Article 133 (6) of the statutory occupational pension scheme Act, this recovery plan shall take place within nine months at the latest.
4 At the time of the entry into force of Article I, Section O , then Article II, Part M , existing pension fund or occupational pension fund meets no later than six months after this date Article 137, 1st paragraph, of the Pension Act or Article 132, first paragraph, of the compulsory occupational pension scheme Act .
5 The Implementing Agreement or the implementing rules of a at the time of entry into force of Article I, Section B , then Article II (B) , existing pension fund or occupational pension fund shall comply with this law no later than six months after the date of entry into force of Article 1 (B) or Article II (B) (B).
6 The actuarial and operating technical note of one at the time of the entry into force of Article I, part W , then Article II, Part U , existing pension fund or occupational pension fund meets no later than six months after this date Article 145 of the Pension Act or Article 140 of the compulsory occupational pension scheme Act .
The articles of this Law shall enter into force on a date to be fixed by Royal Decree, which may be determined differently for the various articles or parts of such articles.
This law is cited as: Law adjustment financial review framework.
Burdens and orders that it will be placed in the Official Gazette and that all ministries, authorities, colleges and public servants who so far as to do so will keep their hands on the precise execution.
Entry
Wassenaar, 17 December 2014
William-Alexander
The Secretary of State for Social Affairs and Employment,
J. Klindma
Published the twenty-fourth of December 2014The Minister for Security and Justice,
I. W. Opstelten
