All markets evolve in response to changing needs and new trends. The insurance industry is no exception. In the second episode of our ‘Succes Verzekerd’ podcast, we welcome pension consultancy expert Saskia Defreyne to the microphone. Saskia has a strong reputation in the field of advice on supplementary pensions and an extensive knowledge of the insurance industry and pension funds.
The original recording of this videopodcast is available in Dutch.
How do you incorporate a supplementary pension into your remuneration policy?
In addition to the statutory pension and any industry pension, as an employer you can provide a supplementary pension for your employees. A supplementary pension isn’t an instant cash benefit: it’s a long-term benefit which will of course only be paid out when the employee retires. From a tax viewpoint, its more favourable treatment makes it more attractive for both employee and employer than a pay rise.
Whether you will receive a nice nest egg when you retire depends on the company you work for.
As an employer, you regularly consider the remuneration principles you want to apply within your company. Have you also thought about implementing these principles in your supplementary pension plan?
The first step is to work out what your company stands for. Are you a caring employer, are you more cost-driven or is your focus on free choice and autonomy for your employees? Opting clearly for one of the many possible remuneration principles provides a firm basis for your supplementary pension plan, but also makes it easier to communicate on this subject to your employees.
Adjust your pension scheme to reflect your remuneration principle
A supplementary pension plan is a collective benefit that you arrange for all your employees. Which insurance solution suits your organisation best depends largely on your company’s risk appetite. How do you choose between Branch 21 and Branch 23?
The type of pension plan you arrange as an employer also determines the cost. Should you go for a plan with a fixed contribution per month or a certain percentage on the salary? Or does a cash balance plan seem a more suitable form of pension commitment? Whatever you decide, a customised approach is advisable. You should also always take account of existing plans and any past guarantees by which insurers are still bound.
Businesses are increasingly outsourcing the management of their pension plan to a specialist partner. There are two main reasons for this: the fact that this is quite a complex area, and the frequent changes to government regulations.
At Vanbreda Risk & Benefits we can give you advice and guidance in this area. On this page you can read more about our in-house expertise that is available to you and the actuarial services we offer.
So are there trends in the field of supplementary pensions? There certainly are! And by responding to them, you can stand out from your competitors.
source: PensioPlus young people’s survey 2021
50% of young people are willing to forgo salary to build up more supplementary pension.
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