🇳🇱 Occupational Pension in the Netherlands

There are three pillars of pensions in the Netherlands:

  • The General Old Age Pension (AOW): This is the state pension and the employee will contribute to it through social security.
  • The occupational pension: This is a pension that is accrued through the employer and employee (where applicable).
  • Private pension schemes: These are funded by voluntary employee contributions through annuities or bank savings and insurances.

In addition to facilitating the state pension, Oyster provides a mandatory occupational pension for its employees. This article aims to provide insight into the occupational pension benefit available to our Team Members in the Netherlands.

Benefit provider

Oyster works with the top insurance provider in the Netherlands called Nationale Nederlanden, to administer the occupational pension scheme.

Benefits package 

There are 3 categories within the Occupational Pension Policy with Nationale Nederlanden:

  • Persoonlijk Pensioen Plan - Personal Pension Plan
  • Verzuimpakket Werkgever - Absence Package
  • WGA Hiaat Aanvullingszekerheid Uitgebreid - WGA Gap Insurance

Summary of Benefits 

You can get more insights into your pension offering on Oyster's mypensioninsight page for the Netherlands.

  1. Persoonlijk Pensioen Plan - Personal Pension Plan
    • This is a defined contribution plan.
      • The defined contribution rate is 15.7% (for 2023).
      • It is an employer cost.
    • There are additional components on top of the contribution premium of 15.7%. These are:
Component What it means Statutory or Optional Employer/Employee Cost
Partner Pension A contribution towards your partner’s pension fund such that if you pass away before you retire, your partner will receive a partner pension.

We now have an undefined partnership partner pension model. This means that all employees would receive a contribution to a partner pension fund even if they do not have a partner.

The partner's pension is calculated based on the total number of years of service an employee could make.

Partner Pension = The maximum number of years of service X 1.16% X pension base.

The pension base = pensionable salary - state pension offset.
State pension offset is €16,322 (for 2023)

The premium is therefore different for each employee and cannot be expressed as a fixed percentage.

Note: This is a risk-based insurance which means that it will be cancelled once the employee’s membership in the pension scheme ends. Also, if the employee does not have a partner or child upon death, the money will never be utilised.
Statutory Employer cost
Orphan’s Pension

Temporary payment to children following the passing away of the employee.

The children will be entitled to this pension only if the employee is still a member of the pension scheme upon death. 


Your children will receive this pension benefit until the end of the month in which they reach the age of 18.


Children who are disabled or who are students will receive this pension until the end of the month in which they turn 27.

Orphan’s Pension = 0.232% X Pension base X Maximum pensionable years.

Note: This is also a risk-based insurance which means that it will be cancelled once the employee’s membership in the pension scheme ends. Also, if there is no child upon death, the money will not be used. It is not accrued.

Statutory Employer cost
ANW Gap Pension This is a temporary pension payment to a partner until they reach the required age to receive a state pension.

This is on an opt-in basis. If you require this, then you must pay for it yourself. It would be processed through payroll.

The sum insured is €17,859 (it increases annually). The premium is dependent on the age and gender of the employee and so it is a unique cost per employee.
Optional Employee cost
  1. Verzuimpakket Werkgever - Absence Package
    • In the Netherlands, a Team Member is statutorily eligible to sick pay for up to two years.
    • In the first 13 weeks of sickness, you would be paid according to the sick leave policy chosen by your employer.
    • The Absence package is a sickness insurance to replace earnings lost due to long-term illness and this kicks off from the 14th week of sickness.
    • These are the components of this insurance:
Component What it means Statutory or Optional Employer/Employee Cost
Sick leave insurance

With this, Team Members have access to sick pay according to the policy below: 

  • First year at 100% of salary after a 13-week waiting period with a salary cap of EUR 125k.
  • Second year at 70% of salary with a salary cap of EUR 125k. Employer contribution to this is 1.4% in 2023.

Employer contribution to this is 1.4% in 2023.

Optional but we provide this. Employer cost
Occupational Health and Safety Services This service provides employees access to a company doctor (Arbodienst).

We work with Zorg van de Zaak.
Statutory Employer cost
  1. WGA Hiaat Aanvullingszekerheid Uitgebreid - WGA Gap (Disability) Insurance 
    • Under the State’s Labour Capacity Act (WIA) if an employee is still not (fully) at work after two years of illness and is also at least 35% incapacitated for work, they will receive a benefit under two schemes:
      • Return to work Partially Disabled (WGA)
      • Income provision for the Fully Disabled (IVA)
    • The WGA Gap Insurance is an insurance used to minimize an employee’s loss of income in the event of a long-term disability. It is used to supplement the WGA benefit received from the State. The insurer supplements the employee's income up to a maximum of 70% of the social security salary, up to a cap of €66,956.
    • It is applicable if an employee is still not (fully) at work after two years of illness and is also at least 35% incapacitated for work.
    • This is an Employer cost calculated as 0.411% x total social security wage (up to €66,956).
    • It is not statutory but we offer this insurance.

Enrollment process

This process is handled by Oyster. Once your employment contract is signed you will be registered to the occupational pension.

Our insurance broker will reach out to you directly to ask you if you would like to opt-in to the ANW-Gap pension.

Coverage Brochures

FAQs

Pension contributions

Can I contribute to the occupational pension scheme?

Unfortunately, no. This is only open to employer contributions.

Should you wish to contribute to a pension, it is advisable to open a private pension scheme.

 

Access

How long does it take to be enrolled into the pension scheme?

It usually takes less than 48hrs.

How can I view my insurance enrollment status?

You can view your enrollment status for all benefits on the Oyster platform.

You will also receive an email confirmation and login details from Nationale Nederlanden within 4 weeks.

How do I log into the insurance platform?

You should receive information on how to log in to the my.nn platform via email.

Nationale Nederlanden platform.

Where can I find my policy details?

These would be on the NN platform and website.

Where can I learn more about my Occupational Pension?

You can get more insights into your pension offering on Oyster's mypensioninsight page for the Netherlands.

How can I opt out?

You cannot choose to opt-out of the occupational pension.

You can only opt-out of the ANW-Gap pension.

 

Claims and reimbursement

How do I report Sick Leave?

You report your sick leave on the Oyster platform through the Time Off tool.

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