Changing jobs could cost you thousands in retirement benefits.
Workers in the Netherlands who change jobs in 2026 risk losing thousands of euros in pension compensation due to the ongoing transition to a new pension system.
The warning comes from pension experts, funds, and the Autoriteit Financiële Markten (AFM), with the issue now under review by the Tweede Kamer. Authorities are concerned that many workers may not fully understand how job changes could affect their eligibility for compensation during the reform period.
The key problem lies in timing. Workers only qualify for compensation if they are actively contributing to a pension fund at the moment that fund switches to the new system. Those who change jobs and move between funds during this staggered rollout may miss compensation in both their previous and new pension schemes.
So far, around 30 pension funds have already transitioned, covering more than half of participants. However, many others will not switch until later this year, in 2027, or by 2028. This uneven timeline creates a gap where workers switching jobs could fall between systems and lose their entitlement.
The compensation is designed to offset structural changes in the pension model, where younger workers previously contributed more to support older generations. As this system is phased out, mid-career workers are expected to lose future benefits and are therefore entitled to financial compensation when their fund transitions.
Estimates from pension adviser Aon show that the amounts can be significant. A 40-year-old earning €48,000 could receive between €7,000 and €11,000, while a 50-year-old earning €72,000 might be entitled to €22,000 to €41,000. The exact figures vary depending on the pension fund, age, and income level.
Workers who are no longer actively contributing to a pension fund—known as “sleepers”—are not eligible for compensation. Similarly, those who move to a fund that has already completed its transition may miss out entirely, even if they were previously building pension rights elsewhere.
An example highlights the risk: an employee moving from ABP, which is expected to transition in 2027, to PFZW, which has already switched, would lose compensation in both funds. With millions of participants involved and around 8.5 million “sleepers” in the Netherlands, the potential impact is widespread.
Despite efforts by pension funds to inform workers through campaigns and guidance, regulators remain concerned that communication is not clear enough. The AFM has urged the sector to better explain how job changes affect pension rights, especially during this critical transition period.
The issue has also reached political debate, with discussions expected between lawmakers and Social Affairs Minister Vijlbrief. Authorities are calling for clearer communication to ensure workers can make informed decisions and avoid unexpected financial losses.