Invaarproblematiek
English translation: issues surrounding the transfer of accrued pension rights
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| 17:52 Jun 18, 2015 |
| Dutch to English translations [PRO] Law/Patents - Human Resources / Pensions | |||||||
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|  Selected response from: Kitty Brussaard Netherlands Local time: 13:48 | ||||||
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| 3 | issues surrounding the transfer of accrued pension rights |
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| invaren |
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| Discussion entries: 2 | |
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Answers
11 days confidence: 
| invaarproblematiek issues surrounding the transfer of accrued pension rights Explanation: At asker's request and to allow for entry of this term into the KudoZ glossary :-). See my reference comment. |
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Reference comments
2 days 11 mins peer agreement (net): +1 |
| Reference: refs Reference information: to make it even more confusing, see e.g.: kasbank.nl: Uit de zaal kwam de vraag in hoeverre bij het invaren van een fonds rekening wordt gehouden met cultuurverschillen, vaak een belangrijk struikelblok bij het samenvoegen van organisaties. = A member of the audience asked to what extent, when a fund is integrated, allowance is made for cultural differences, which are often a major stumbling block when organisations join forces. Een andere overweging voor invaren in plaats van overdracht aan een verzekeraar zijn de lagere kosten voor o.a. vermogensbeheer. = Another consideration behind the decision to integrate into an industry-wide pension fund rather than transferring the fund to an insurer, is the lower costs of asset management. http://www.linguee.com/english-dutch/search?source=auto&quer... -------------------------------------------------- Note added at 2 days25 mins (2015-06-20 18:17:34 GMT) -------------------------------------------------- "… On the other hand it is more complicated for traditional pension schemes. Therefore the choice must be made between converting all accrued pension rights and future accrual to the new pension age (conversion of accrued pensions=>”invaren/omrekenen”). It is also possible to keep the accrued pension rights at the current retirement age and only change the retirement age to 67 for future accrual (cut=>”knippen”). …" (http://arno.uvt.nl/show.cgi?fid=131982 ) -------------------------- ••• "Ghost of pensions past Many changes are taking place in the Dutch pension market, but before the industry can focus on a brighter future, it first has to deal with its demons of the past. After several years of negotiations, the government and social partners finally agreed upon a long-awaited Pension Accord in June 2011. But after the government fell in April this year, the government let go of the agreements made in the Accord and left pension funds once again in the dark on which direction to take. While the move towards a new form of pension provision, the so-called smart DC, is already underway, the problem of the huge deficits remains. So far no solution has been found to facilitate the transfer of old DB rights to smart DC, ‘invaren’ in Dutch, which is seen as essential to overcome the deficits. … One of the changes trustees have to deal with is the communication to members, especially with the new smart DC, ‘invaren’ and many funds needing to cut benefits next year. “From the 70s, we have inherited this informal benchmark of that you get 70 per cent of your last salary as your pension. The question is A) who has officially invented this, and B) is this really a promise. That is the informal benchmark hanging over the market and everything that detracts from that, and that is also how the media report on it, is negative perception,” Van Katwijk explains. …" (http://www.europeanpensions.net/ep/ghost-of-pensions-past.ph... ) -------------------------- ••• "Agreement in principle about pension reforms … At the press conference, Minister Kamp said that he will investigate how already accrued rights will be affected by the new system (the process now commonly referred to in Dutch as ‘invaren’). The draft texts refer to this issue euphemistically as 'a retroactive element'. We would like to point out that the outcome of the Minister’s investigation is extremely important in the reform of contracts at the local level." …" (http://www.towerswatson.com/nl-NL/Insights/IC-Types/Survey-R... ) -------------------------- ••• |
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1 hr peer agreement (net): +2 |
| Reference: invaren Reference information: As reported previously, the social partners’ primary responsibility for the content of supplementary employment pensions has kept them very busy in recent years with efforts to create a new, realistic pension contract – and to amend current nominal contracts – that will be accessible, solidarity-based, sustainable and affordable and will result in adequate pension benefits. The primary features of this new contract were laid down in the Pension Agreement of June 2010 [Pensioenakkoord], with the Labour Foundation reaching agreement on the details in a Memorandum [Uitwerkingsmemorandum] dating from June 2011. (...) For many pension schemes, a transition to the new contract will only go smoothly if not just the new pension accruals can be integrated into the new contract but also the current pension scheme benefits already accrued, and pensions that are already being paid out (“active pensions”). This operation, which is referred to as “collective transfer”, may entail legal risks for pension funds. (...) In May 2012, the Dutch Ministry of Social Affairs and Employment [ministerie van Sociale Zaken en Werkgelegenheid] (SZW) published a report entitled “Collective transfer of accrued pension benefits and pension rights to the new pension contract” [“Collectief invaren van pensioenaanspraken en pensioenrechten in het nieuwe pensioencontract”]. http://www.stvda.nl/en/~/media/files/stvda/talen/engels/2013... n TPV 2014/17 Prof. R. H. Maatman discusses at great length the issue of so-called "invaren" (pension right and entitlement conversion). Maatman takes "invaren" to mean the "conversion of accrued pension rights and entitlements into rights with a different, conditional character". http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2445404 -------------------------------------------------- Note added at 1 hr (2015-06-18 19:37:50 GMT) -------------------------------------------------- invaarproblematiek >> issues surrounding the conversion of accrued pension rights and entitlements??? -------------------------------------------------- Note added at 11 days (2015-06-30 17:24:02 GMT) -------------------------------------------------- @Jacqueline: dank je wel voor je reactie! Ik heb de door jou gekozen vertaling - waar ik me in kan vinden - inmiddels als antwoord ingediend, zodat de term ook in de 'KudoZ-annalen' kan worden bijgeschreven :-) |
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