A plea for a combination of Dutch Solidarity and British Freedom in pensions

Retirement on a DC pension – similarities, differences and improvements in NL and UK

By Gijs Cremers and Hannah English

HANNAH ENGLISH is Senior Consultant at Hymans Robertson in London.   GIJS CREMERS is partner at Sprenkels, Amsterdam.  

Both in The Netherlands and the UK, workplace pensions have been transitioning from Defined Benefit (DB) schemes, towards Defined Contribution (DC) schemes. As a result, members of a scheme will directly bear the risk regarding their income after retirement. The way the transition from DB to DCis handled in both countries varies. The Dutch pension system attempts to mitigate some of the risk to members, using a collective ‘solidarity’ system, whereas the British pension system allows members to make more flexible individual choices.

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This article represents the opinion of the authors, and not necessarily the opinion of the AAE.

This article was published in The European Actuary No. 33 – March 2023