The government website (04.07.2020) The cabinet and social partners have reached final agreement on the details of the pension agreement. The new system will be more transparent. Workers and retirees gain a clearer insight into the accumulated assets. It also provides a realistic expectation and offers more prospects for a high-purchasing pension. The pension entitlements from the current system will be abandoned, thus eliminating the need for the use of actuarial interest and funding ratios. As a result, pensions and benefits can move faster with the state of the economy than is currently the case. Not everything will change, however. Many good things from the old system will be retained, such as solidarity, collective investment and the current mandatory participation. The new rules will apply to all pensions. Pension funds must transfer to the new system by 1 January 2026 at the latest.
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