Now that the new Dutch Future Pensions Act has taken effect, we can well understand that you have questions. We therefore answer the most frequently asked questions about the new pension system.
General
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It may seem illogical that new rules have been applied to one of the best pension systems in the world. Nevertheless, new rules were needed, as the old ones are no longer perfectly suited to the current situation. For instance, people are living longer and no longer work for the same employer all their lives. Also, the old rules made it difficult to increase pensions. That is why the trade unions, employers and the government have jointly agreed on rules more suited to the current situation. This is how we are preserving one of the best pension systems in the world.
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The new rules apply to everyone, even if you are already receiving a pension. The social partners (trade unions and employers’ organisations) reached an agreement on the new rules.
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Trade unions, employers and pension funds have until 1 January 2028 at the latest to switch to the new pension rules, but the switch may also take place earlier. Bpf Koopvaardij switched to the new pension scheme on 1 January 2026.
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Under the new pension system, you will build up pension in a solidarity defined contribution scheme. In this scheme, you will pay a contribution together with your employer and build up pension assets. You can see more clearly what you have contributed as well as your pension assets. When you retire, we calculate how much pension you will receive each month based on your pension assets. You will receive that pension for as long as you live.
A solidarity scheme also means sharing risks together. For example, there will still be an income for your dependants if you pass away. You will also continue to build up pension if you become fully or partially occupationally disabled. We also retain a buffer for unforeseen costs.
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In the new system, we invest all pensions collectively. We did the same in the old system. This means you cannot choose where your pension is invested. We do, however, invest according to age group. That means we take more risks with investments for young people than for pensioners and those nearing retirement. After all, higher risk means a greater chance of a higher return, but there is also a greater risk of lower returns. For pensioners and those nearing retirement, we therefore invest the pension with less risk and ensure that pensions are more stable. After all, they have little or no time to absorb setbacks. We also conduct regular surveys among members and pensioners. That’s how we assess how much risk they are willing to accept with their pension.
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By law, all pensions must be converted to the new pension scheme. A pension fund may deviate from this only if it is established that the switch would be clearly unfavourable for the members. At Bpf Koopvaardij, we chose to convert all pensions. The employees' and employers' organisations in our industry thought this was a good choice for those who build up, have built up or receive pensions. Bpf Koopvaardij agrees.
The amount of your pension
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In recent months, we have carefully converted all pensions to the new scheme. From mid-March up to and including May 2026, you will receive the final calculation of your new pension by letter or email. From the time you receive this letter or email, you can also view your new pension in My Koopvaardij.
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Your pension cannot get used up. As in the old pension system, you will continue to receive a pension for as long as you live. Here’s how it works: when you retire, we calculate the pension you will receive based on your pension assets. In doing so, we assume an average life expectancy. But that does not mean your pension stops when you reach that age. Even if you become older than average, you will continue to receive your pension from us. This is and can be done because Bpf Koopvaardij has a solidarity scheme.
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No, you won’t. We fully understand that you don’t want to be surprised by fluctuations in your income. We therefore adjust pensions no more than once a year, and they remain stable for the rest of the year.
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In the new pension scheme, your pension may increase faster if the economy is performing favourably. That’s because we do not need to keep as much money on hand. If the state of the economy is less favourable, pensions can also go down. The increase or decrease will be smaller if you have retired (or are almost retired). We can also keep pensions stable by means of a buffer for setbacks: the solidarity reserve. We build this up in more favourable times so that we can absorb or mitigate a pension fall in less favourable times. Good to know: we spread out windfalls and setbacks over several years.
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In the pension scheme that applied until 2026, you were entitled to an annual pension amount that we would pay out starting from your retirement date. In order to be able to pay out that promised amount for the rest of your life, we had assets. The amount of the capital required depended on the interest rates and mortality rates that the fund applied. The pension assets that apply to you in the new scheme consist of:
- the assets that go with your entitlement to an annual pension amount;
- subject to certain conditions, supplemented by a compensation amount that depends on your age;
- an increase that depends on the funding ratio at the end of 2025.
The size of the capital, the compensation, and the increase will be finalised in March 2026.
Taking retirement
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Bpf Koopvaardij's new pension scheme is a solidarity defined contribution scheme, which means that, within the scheme, we absorb windfalls and setbacks collectively and share the risks, so that the pensions are more stable. We have now converted all pensions to that new scheme. This also applies to the pensions we were already paying out.
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The new system means that pensions will now move in line with the economy, so decreases can never be completely avoided. The new rules do ensure, however, that the fluctuations will become less significant when you have retired or are nearing retirement. For example, by investing with less risk as you get older. Younger people will have more time to absorb investment setbacks. We can also keep pensions stable by means of a buffer for setbacks: the solidarity reserve. We build this up in more favourable times so that we can absorb or mitigate a pension fall in less favourable times.
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Before the new scheme took effect, we agreed with the social partners on how pensioners will be protected against fluctuations, for example by investing per age group. That means we take more risks with investments for young people than for pensioners and those nearing retirement. In short, the older you get, the lower the risk becomes. We also keep pensions as stable as possible by means of a buffer for setbacks, namely the solidarity reserve. We build this up in more favourable times so that we can absorb or mitigate a pension fall in less favourable times. Good to know: we spread out windfalls and setbacks over several years.
What you can do yourself
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As soon as there is news of interest to you, we will share it on the website and in our newsletter. Are you not receiving this yet? Then please register. You do this via your mail preferences in My Koopvaardij. You can also visit www.pensioenduidelijkheid.nl, a dedicated government site (in Dutch) with news and information about the new pension system.
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All choices for the new scheme have already been made. You can no longer influence the outcome. Do you have any questions regarding decisions made by the Bpf Koopvaardij board in the future? If so, please contact the pension council of Bpf Koopvaardij.
You can exert influence via the trade union or an interest group.
- If you build up pension with Bpf Koopvaardij and want to have a say in the new scheme, register with Nautilus International.
- If you receive pension via Bpf Koopvaardij, or if you previously built up pension at Bpf Koopvaardij, register with an association of pensioners or former merchant navy members.
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The social partners have decided that pensions already built up will be converted. You could not object individually. This is arranged in law.
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All pensions have now been converted. From mid-March, you will receive your final calculation and can view your new pension in My Koopvaardij. You do not need to do anything yourself. However, it is a good idea to check your contact details in My Koopvaardij. And adjust them if they are incorrect.
Pension for your surviving dependants
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It may not be a nice thing to think about, but suppose you pass away. You will want your partner to be able to manage financially. Our pension scheme therefore includes a partner’s pension. Your partner is entitled to this as long as you build up pension with Bpf Koopvaardij. The partner's pension is paid monthly after your passing. What if you pass away before your retirement date? Then this is the amount of the partner's pension:
- Your partner will receive 25% of the salary on which you are building up pension for as long as your partner lives.
- What if you already built up a partner's pension before the effective date of the new pension rules? Then your partner will also receive the partner's pension that you built up.
If you are no longer building up a pension with Koopvaardij but have not yet retired, your partner will only be entitled to the partner's pension that you built up until 2026.
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Our pension scheme includes a partner’s pension. The partner's pension is paid to your partner monthly after you have passed away. What if you pass away after your retirement date? Then your partner will also receive a partner's pension. This then amounts, as standard, to 70% of the occupational retirement pension that you are receiving at that time. You and your partner can also opt for a different division, but you must do that before you retire.
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If you have children, they may receive a benefit from Bpf Koopvaardij if you pass away. Our pension scheme therefore includes an orphan's pension. This is the amount of the orphan's pension for as long as you build up pension with Koopvaardij:
- Your children will receive 10% of the salary on which you are building up pension until they are 25.
- If you already built up an orphan's pension before the effective date of the new pension rules, your children will also receive the orphan's pension that you built up.
If you are no longer building up a pension with Koopvaardij but have not yet retired, your children will be entitled up to the age of 25 to the orphan's pension you have built up until 2026.
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In that case, this is the amount of the orphan's pension in the new scheme:
- Your children will receive 14% of the occupational retirement pension you were receiving at the time until they reach the age of 25.
What if you were already building up orphan's pension before 2026? In that case, we will also convert that pension to the new pension scheme. We will add the amount to the above amount.
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The partner's pension and orphan’s pension that you built up in the old scheme will be transferred to the new pension scheme. They will be added to the surviving dependants’ pension benefit in the new scheme. For more information, read the answers to the questions 'What has been arranged for my partner if I pass away before my retirement date?', ‘What has been arranged for my children if I pass away before my retirement date?’ and ‘What has been arranged for my children if I pass away after my retirement date?’.
Solidarity reserve in the new pension system
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In the new pension scheme, we build up a buffer collectively. This is called the solidarity reserve. We build this up in more favourable times so that we can absorb or mitigate a fall in pension benefits in less favourable times. The solidarity reserve is filled up with a small portion of the income from investments. By far the largest part of the income from investments is intended for members' pension assets.
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In the new pension scheme, your pension can increase more quickly when the economy is doing well. But it can also decrease if things worsen economically. We use the solidarity reserve to absorb financial setbacks when the economy is doing less well. This is how we ensure pensioners' pensions are more stable.
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The solidarity reserve is used to keep pensions stable and absorb financial risks. It therefore helps:
- to avoid having to reduce pensions;
- to reduce the risks for people who are building up a pension, for example by preventing pension assets from becoming temporarily negative;
- by ensuring that there you always have sufficient pension, even if you turn 100.