The Senate will soon vote on the new pension law. The scientific bureau of the CDA is sounding the alarm about this law. According to the think tank, the switch to a new pension system is far too risky.
The think tank calls the pension law ‘a huge gamble on the future’. “This is going to be a disaster, the CDA senators must return this bill,” said staff member Arjen Siegmann.
Financial researcher and advisor Pieter Lakeman is also critical. According to him, the new pension law is an ‘unlawful act of the state’ and ‘a legal monstrosity’.
“Who benefits from the new law? The answer is: financial advisors and commercial pension insurers, Prime Minister Rutte’s circle of friends and relations. If something like that happened in a third world country, the turnips would be cooked,” Lakeman writes in a post on LinkedIn.
Because the pension funds were hardly allowed to apply indexation in the past 15 years, huge secret reserves have been built up that have been converted into pension provisions with a calculation trick and have therefore become invisible, Lakeman notes.
Due to the use of a low actuarial interest rate that was prohibited by the EU, secret reserves of 400 billion euros were created. These are now owned by pensioners, but the new law will deprive them of those hundreds of billions.
This is not only unlawful on the part of the State towards its citizens, but also contrary to the Constitution, Lakeman emphasises.
When the law is adopted by the Senate and King Willem-Alexander signs it, the State would not only have been unlawful towards millions of citizens with this expropriation without compensation, but may also have complied with the offense description of the crime of fraud and/or embezzlement, he says.