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Conversion in the Act on Future Pensions, sailing to safe harbour?
By Hans van Meerten & Adrienn Pásztor
This article explores the transformation of rights and entitlements during the transition to a new Dutch pension system within the second pillar for occupational pension schemes. It provides an examination of various national legal challenges such as the contractual basis and retrospective nature of this conversion process, alongside relevant aspects of European law including property rights and effective legal protection under the European Convention on Human Rights (ECHR) and the Charter of Fundamental Rights of the EU (the Charter). The authors argue that additional legal safeguards are necessary to address these issues adequately. This is relevant as the Dutch State, along with Industry-wide pension funds, could be held liable for damages if the conversion process is deemed to contravene EU law or the Charter. Moreover, the Charter may allow for direct claims against pension funds, reflecting its potential horizontal effect. Additionally, Member States could face liability if their judiciary fails to refer preliminary questions to the EU court appropriately. Although primarily focused on the Dutch context, the analysis offers insights applicable to other EU Member States regarding the impact of European law on national pension reforms.
Source SSRN
