Michiel Hogerhuis, Group HR Director of Accell Group, talks about the European bicycle manufacturer's employment policy and HR's role in enhancing the synergy between teams in multiple countries. As soon as the pension reform is mentioned, he has a strong desire to get people to take action. ‘The system change has such significant consequences that no one can afford not to engage with the subject.’

The introduction of the new pension plan has major implications for all stakeholders. Pension funds, benefits agencies, employers and employees all have to get to grips with the new legislation. ING pension fund director Peter van Meel sees open ends: ‘Many things will soon be arranged in a logical way. But the problem runs deeper than that.’

Under the new Dutch pension system, employees will need to reflect on their future financial position more closely than they currently do. What is needed to actually encourage them to take action and properly guide them in their decisions? Folkert Pama, Director of Pensions at insurance company a.s.r.: ‘We have to ensure that people know exactly what their decision involves. That requires a lot of communication.’

Professor Fieke van der Lecq, pension market expert, does understand that executives are taking a “wait-and-see” approach to the new pension system, but: 'I can advise every CFO and CHRO to go ahead and get informed.' That also goes for non-executive directors, who do not appear to have a good enough feel for the subject matter.

As it currently stands, the new Dutch Pension Act will come into effect in 2023. Companies and organizations must have adapted their pension plans to the rules of the new system within four years. That seems far away, and there are still uncertainties. Nevertheless, there is every reason to take control at once. CFOs and CHROs are the right people to take on an initiating role together, argues Rajish Sagoenie, Partner and Actuary AG of consulting firm Milliman Pensioenen, Management Scope’s latest expert partner.