Supplementary pensions and other workforce insurance plans are traditionally based on a pensionable age of 65. Due to the increase in the statutory pensionable age, a mismatch arises in many existing plans between the retirement age in the supplementary plan and the point at which employees can actually retire and start receiving their pension.
This can have implications for, among other things:
- Supplementary pension plans
- Death cover
- Disability insurance
As an employer, unless you make adjustments your employees could face an income or protection gap in the final years of their careers.
Adjusting supplementary employee plans is more than a technical update. It is relevant to broader HR themes such as long-term fitness for work, talent retention and employer branding. Employees today expect clarity about their future, including in the area of pensions and protection.
By adapting your employee insurance properly to take account of a pensionable age of 67, you will demonstrate as an employer that you are proactively considering the reality of longer careers. At the same time, this offers opportunities to review existing plans: is the current cover adapted to the needs of an older workforce?
Vanbreda supports companies at every step of this process. We start with a thorough analysis of existing workforce plans and identify where adjustments are desirable or necessary. We then advise on possible scenarios: extending retirement ages, adapting insurance cover or optimising costs and communication.
At the same time, we offer guidance on implementation and communication to employees, so that changes are explained clearly, correctly and transparently. With our expertise in employee benefits, we can provide solutions that are legally sound, financially manageable and people-oriented.
The rise in the pensionable age to 67 isn’t a distant prospect, but a reality that companies should prepare for today. Do you want to know if your supplementary employee plans reflect this development? Contact your Employee Benefits Account Manager at Vanbreda Risk & Benefits. Together, we can ensure that your employee benefits are ready for the future – and for your employees.
