Pensions
The Dutch pension landscape is currently undergoing an unprecedented overhaul. Almost all sectors and businesses will have to amend their pension schemes by 1 January 2028. Never before has the Netherlands seen an operation such as this.
Our renowned and multifaceted Pensions Team provides outstanding legal assistance for complex pension issues of today and tomorrow. Our customised solutions transcend traditional pension advice for pension providers, employers and asset managers alike. As a full-service firm, we are well-equipped to assemble multidisciplinary teams to approach every pension issue from various legal perspectives.
The future of pensions act
The introduction of the Future of Pensions Act (Wet toekomst pensioenen) marked a historic milestone in the reform of the Dutch pension system. This Act, which entered into force on 1 July 2023, addresses the challenges of rising life expectancy, the aftermath of the financial crisis and persistently low interest rates. At the same time, the job market is also in serious flux as employees change jobs more frequently and the number of self-employed individuals has increased significantly.
Pension disputes
The pension transition gives rise to new questions of law – a source of potential conflict. The Council of State and the Council for the Judiciary have been warning of a possible boom in pension litigation since the transition began. In any event, it is likely that the transition will raise new questions of law, inherently leading to disputes. Our team of experts can assist you in various disputes, including disputes over administration agreements, pension services agreements, issues of indexation (or lapse of indexation), creation of obligations and pension scheme changes.
Class actions against funds
Introduced on 1 January 2020, the Settling of Large-Scale Losses or Damage (Class Actions) Act (Wet afwikkeling massaschade in collectieve actie, or WAMCA) allows damages claims to be filed for a large group of persons. The Act has led to many dozens of class actions. Houthoff has extensive experience handling such cases. Our expertise enables us to help pension providers anticipate potential legal challenges arising from the pension transition. It is essential for pension providers to consider various scenarios in their decision-making and to be prepared for possible class actions.
Supreme Court litigation on pensions
In pension litigation, the stakes are generally high. Unsurprisingly, cases frequently do not end with the first judgment but are followed by appeals before the Court of Appeal and the Supreme Court. Our team not only has the expertise and experience to help devise a strategy that anticipates a possible Supreme Court appeal when litigating at the Court of Appeal stage, but also regularly conduct proceedings on various pension issues before the Supreme Court.
Pension as a term of employment
The Dutch pension landscape will face an unprecedented challenge in the coming years, as nearly every pension scheme will have to be aligned with the new pension system. Is your organisation prepared for this? This transition affects the core of your HR policy and terms of employment. Pension is not just any scheme – after the salary, it is one of the most important terms of employment that also greatly impacts your employees and your organisation. The changes will entail complex issues, from change processes to negotiations with works councils.
Do not wait until the last minute to amend your pension scheme. Contact Anouk Boutens today for an exploratory talk. Together, we will ensure that your pension scheme will be future-proof while taking the best interests of your organisation and employees at heart.
Advice on pension fund asset management
We have particular expertise in asset management advice. Oscar van Angeren and his team advise pension funds and other clients on every aspect of pension funds' asset management.
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Advised ASR Nederland N.V. (a.s.r.) on the acquisition of a 50% interest from Brand New Day in Brand New Day Premiepensioeninstelling N.V. (BND PPI) and the sale of a.s.r.'s 10% interest in Brand New Day Houdstermaatschappij N.V. for a total amount of EUR 51 million.
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Houthoff advised Stichting Bedrijfspensioenfonds voor het Bakkersbedrijf (Bpf Bakkers), a Dutch pension fund managing assets of approximately EUR 3.5 billion, on the appointment of NN Investment Partners as their new integrated fiduciary asset manager. This transaction involved the preparation and negotiations of a fiduciary management agreement under Dutch law based on Bpf Bakker's own template.
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Houthoff advised Stichting Pensioenfonds Campina, a Dutch pension fund, on the renewal of its contractual relationship with Deutsche Investment Management Americas Inc., RREEF America L.L.C. (both subsidiaries of Deutsche Bank AG) and Goldman Sachs Asset Management International. This work included the preparation and negotiation of a complex Dutch law asset management agreement based on the pension fund's own template.
Pensions in relation to M&A and Transactions in the pension sector
We are frequently called in to handle the pension aspects of M&A transactions, including advising on transfers of undertakings and pension schemes.
In addition, we are observing a rise in transactions in the pension sector itself, mostly driven by tightened regulations and stricter supervision of pension providers. These developments increase the number of complex pension transactions in this sector, including mergers, liquidations, group transfer payments, buyouts and portfolio transfers.
These processes require in-depth knowledge of the industry and extensive legal expertise in various areas, including restructurings, pension law, individual and collective employment law and financial law. Houthoff helps its clients bring these complex transactions to a successful close, focusing specifically on the pension perspective.
Employee participation and pension aspects
We are closely involved in the employee participation aspects of pension matters, including the works council's role in mergers and acquisitions, group transfer payments and pension scheme changes.
Why choose Houthoff?
- Specialised multidisciplinary Pensions Team with in-depth knowledge
- Seamless collaboration with our Dispute Resolution Team of 80+ lawyers
- Flexible scaling-up or scaling-down of expertise
- Strategic approach focused on your interests
- Experience in litigation and arbitration
At Houthoff, your success is key. We work closely together with you to achieve the best possible result, combining our thorough understanding of the pension sector with our broad legal expertise. Let us guide you through the new pension reality and help you build a solid future for your organisation and stakeholders.
