The Netherlands is overhauling its €1.8tn pension system in a sweeping shift from guaranteed payouts to individual investment accounts, a change that could increase payments for up to 11mn savers according to its backers.
Funds with assets accounting for almost a third of the country’s pension system will switch in January from a defined benefit to a defined contribution system, where income fluctuates depending on the performance of the fund.
The transition follows more than 10 years of planning and is designed to make the Netherlands’ pension system sustainable for decades to come as its population ages.
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