How Do Dutch Consumers View the “Future Pensions Act”?

The transition to the new pension law, the Future Pensions Act (Wet Toekomst Pensioenen), is redefining the Dutch pension system with a focus on flexibility and sustainability. With the implementation date fast approaching for pension funds, how do Dutch consumers perceive this change?

Through interviews with a virtual audience, we have gained insights into their understanding, emotional responses, and expectations. Here are the key findings.

Limited Understanding Leads to Concern

One of the most striking findings was the limited understanding among participants about how the new law will impact their personal pensions. While many were aware of general concepts—such as the shift to investment-based payouts—most struggled with the details.

This lack of knowledge often led to concern, particularly among older individuals nearing retirement. They expressed worries about the stability and predictability of their pensions and feared the volatility associated with market-dependent payouts. Younger participants, on the other hand, were less concerned as pensions seemed like a distant future for them.

This highlights the urgent need for clear, jargon-free communication from financial institutions. Simplified explanations tailored to individual circumstances can help alleviate these concerns and build trust in the new system.

Mixed Feelings About Risk

The new system places more responsibility on individuals, meaning they will bear greater financial risks. This shift elicited mixed emotions. Some participants viewed it as necessary for long-term sustainability, while others felt uncomfortable or frustrated by the added responsibility.

Freelancers and self-employed individuals were particularly vocal about feeling overwhelmed by the lack of institutional support. They called for tools and guidance to navigate these changes with confidence. Across all groups, there was a consensus that financial institutions must provide more proactive support to facilitate the transition.

Strong Demand for Personalisation

Personal guidance emerged as a key theme. Participants consistently emphasised the need for customised tools—such as dashboards, calculators, and one-on-one consultations—to help them understand their specific pension situations. Communication channel preferences varied by demographic: younger users preferred digital platforms, while older participants favoured face-to-face discussions and printed materials.

Personalised support can significantly enhance engagement and trust, enabling users to make informed decisions. Financial institutions that prioritise flexibility and clear scenarios are likely to see greater user confidence and satisfaction.

Optimism with Reservations

Despite their concerns, some participants saw potential benefits in the new system, such as long-term sustainability and growth opportunities through tailored investments. However, this optimism was tempered by a desire for guarantees, particularly to protect against market volatility.

Clear communication about how risks are managed and how individuals can safeguard themselves against economic downturns can foster cautious optimism. Highlighting success stories or showcasing potential outcomes through interactive tools can further build confidence in the system.

Bridging the Gap

Our findings underscore the need for financial institutions to adopt a multichannel communication strategy that addresses diverse user needs. Simplified messaging, tailored tools, and proactive engagement are essential to bridging the current knowledge gap and building trust. By doing so, institutions can help Dutch consumers navigate this significant transition with greater confidence and clarity.

What is a Virtual Audience?

The insights in this article are based on interviews with a virtual audience. A virtual audience uses synthetic users—digitally created profiles that simulate real consumer behaviour and attitudes—to quickly and efficiently gather rich, diverse insights. This method provides a broader range of perspectives and ensures a comprehensive view of consumer sentiment.

For more information about the findings or to discuss them with the respondents, please contact Stefan Peters at Haystack Consulting.

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