New Dutch pension contracts and lessons for other countries

Research output: Contribution to journalArticleScientificpeer-review


This paper summarizes recent developments in Dutch occupational pensions of both the defined contribution and defined benefit (DB) types. A reform of DB schemes is discussed that introduces financial assets as individual entitlements. At the same time, the reformed schemes derive (dis)saving, financial risk management and insurance decisions from the explicit objective of adequate and stable lifelong retirement income. The proposed system also involves an insurance contract pooling longevity risks and possibly collective buffers that share systematic risks with future pension savers. The paper identifies the strengths and weaknesses of the Dutch contract design and draws lessons for other countries.
Original languageEnglish
Pages (from-to)331-346
JournalJournal of Pension Economics & Finance
Issue number3
Publication statusPublished - Jul 2019


  • defined benefit
  • defined contribution
  • variable annuity
  • personal pension


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