Part of the new pension system is the option to receive a portion of the pension capital as a lump sum. The Minister for Poverty Policy, Participation, and Pensions has informed the Second Chamber that the commencement date of the lump sum option is postponed to July 1, 2024. Earlier, she had indicated that January 1, 2024, was considered a feasible commencement date.
After the approval of both Chambers for the lump sum option, pension administrators need at least six to nine months to inform participants. The Second Chamber has agreed to a request to discuss the lump sum revision bill plenarily just before or right after the summer recess. This leaves less than six months for timely participant notification. This means that the intended commencement date of January 1, 2024, is no longer achievable.
The final date of commencement depends on the progress of the parliamentary process.
Source: Ministry of Social Affairs and Employment | publication | 2023-0000395573 | 04-07-2023