Netherlands gives green light to major overhaul of private pension sector

The Dutch Senate on Tuesday night (31 May) finally approved the reform of the current state of pensions to a defined contribution system, 16 years after the idea was first considered.   The new law, which will come into effect in 2028, was backed by the four coalition parties plus the PvdA, GroenLinks and fundamentalist Protestant group SGP, and was passed by 46 votes to 27, Dutch News reported. The yes vote came despite a last-minute objection from three constitutional law professors, who said that as the law will impact on parliamentarians' pensions, it should be passed by a two-thi...